CHARLESTON, W.Va., June 1, 2012 /PRNewswire/ -- City Holding Company, "City" (NASDAQ: CHCO) is pleased to announce that it has completed the acquisition of Virginia Savings Bancorp, parent company of Virginia Savings Bank. As of April 30, 2012, Virginia Savings has $133 million in assets, $120 million in deposits, and operates 5 banking offices in Northwestern Virginia. The merger, which was announced in November 2011, received the approval of all required regulatory agencies in May 2012 and Virginia Savings' shareholders on May 10, 2012. With the acquisition of Virginia Savings, City grows to $2.9 billion in assets and operates 73 banking offices in West Virginia, Kentucky, Virginia, and Ohio.
City's President and Chief Executive Officer, Skip Hageboeck, stated, "We are very excited about our new opportunities for growth in the State of Virginia and in particular the communities of Front Royal, Winchester, Strasburg, Woodstock and Stephens City. These markets are immediately adjacent to West Virginia's Eastern Panhandle where we already maintain a strong branch network. It is a pleasure to welcome Virginia Savings Bank's excellent staff, customers and shareholders into the City family. We are thankful for the excellent work and dedication of both Virginia Savings and City's staff in ensuring a smooth and successful business combination."
Michael Funk, President of Virginia Savings, added, "The successful completion of our business combination with City is great news for Virginia Savings Bank customers, employees and shareholders. City is a high performing banking company and has a solid record of achieving extraordinary results for its shareholders while delivering quality products and services to its customers. Like Virginia Savings, City National has a strong commitment to the communities it serves and our customers will benefit from enhancements to products and services that a larger bank can offer."
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