City Holding in West Virginia buying Kentucky bank


City Holding Co. in Charleston, West Virginia, agreed to acquire Citizens Commerce Bancshares in Versailles, Kentucky.

The all-stock deal, valued at $61 million, is expected to close in the first quarter of 2023. Citizens’ $336 million-asset subsidiary bank would merge into City Holding’s City National Bank of West Virginia.

The $6.2 billion-asset City Holding said the acquisition would bolster its presence in the Lexington metropolitan area.

City Holding Co. in West Virginia plans to acquire Citizens Commerce Bancshares in Versailles, Kentucky, in a deal valued at $61 million.

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“Our leadership recognized this strategic partnership to enhance our market presence” in Kentucky’s second-most populated city, Charles Hageboeck, president and CEO of City Holding, said in a press release issued after markets closed Tuesday.

Piper Sandler served as financial advisor and Dinsmore & Shohl served as legal counsel to City Holding.

Forvis Capital Advisors served as financial advisor and Wyatt, Tarrant & Combs served as legal counsel to Citizens. Hovde Group issued a fairness opinion to the board of Citizens.


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