City Holding Co., the parent company of City National Bank of West Virginia, announced it has completed its acquisition of Citizens Commerce Bancshares Inc., the parent company of Citizens Commerce Bank, headquartered in Versailles, Kentucky.
The acquisition became effective as of the close of business on March 10 and was structured as a stock transaction valued at approximately $62.1 million, or $15.37 per share of Citizens common stock, with each share of Citizens common stock being exchanged for 0.1666 shares of City common stock.
City and Citizens first announced that they had entered into an agreement to merge on Oct. 18, 2022. The acquisition of Citizens included the merger of Citizens Commerce Bank into City National Bank of West Virginia.
Based upon financial data as of Dec. 31, 2022, the combined company will have $6.2 billion in assets, deposits of $5.2 billion, and gross loans of $3.9 billion.
“We are very happy to welcome the staff and customers of Citizens into the City family,” Charles “Skip” Hageboeck, president and chief executive officer of City, said in the announcement. “From the perspective of Citizens customers, they will continue to see the same people who have been serving them, and also will have access to enhanced products and services. We have been able to retain more employees than originally anticipated, with approximately one dozen administrative and operational staff from Citizens that are now filling open positions that existed at City.
City’s dedication to remain a community-focused bank means that our commitment to the local communities will continue to be quite strong.”
Piper Sandler & Co. served as financial advisor and Dinsmore & Shohl LLP served as legal counsel to City in this transaction. Forvis Capital Advisors LLC served as financial advisor and Wyatt, Tarrant & Combs LLP served as legal counsel to Citizens. Hovde Group LLC issued a fairness opinion to the board of Citizens.
Fred Pace is the business reporter for The Herald-Dispatch. Follow him at Facebook.com/FredPaceHD and via Twitter @FredPaceHD.
