CHARLESTON, W.Va. — City Holding Company (“City”) (Nasdaq: CHCO), the parent company of City National Bank of West Virginia, announced this week the concurrent signing of two separate definitive merger agreements.
Under one agreement, City will acquire Poage Bankshares, Inc., (“Poage”) (Nasdaq: PBSK), the parent company of Town Square Bank, Ashland, Kentucky; under the other agreement, City will acquire Farmers Deposit Bancorp, Inc. (“Farmers Deposit”), the parent company of Farmers Deposit Bank, Cynthiana, Kentucky.
Upon completion of the Poage merger, the subsidiary bank of Poage and will merge into City National Bank of West Virginia. Upon completion of the Farmers Deposit merger, the subsidiary bank of Farmers Deposit and will merge into City National Bank of West Virginia.
Based upon financial data as of March 31, 2018, the combined company will have $4.8 billion in assets, deposits of $3.9 billion, and gross loans of $3.5 billion, bolstering City’s presence in the Huntington-Ashland and Lexington, Kentucky MSAs. “Our leadership recognized these partnerships as strategic next steps for enhancing our market presence throughout Kentucky and we are fortunate to be making this move forward,” remarked Charles R. (Skip) Hageboeck, President & Chief Executive Officer of City. Both the Poage and Farmers Deposit merger are expected to close in the fourth quarter of 2018, pending customary closing conditions, including receipt of required regulatory approvals and the approval by the shareholders of Poage and Farmers Deposit.
Each of the Poage and Farmers Deposit merger agreements have been unanimously approved by the City board of directors. The Poage board of directors has unanimously approved the Poage merger agreement, and the Farmers Deposit board of directors has unanimously approved the Farmers Deposit agreement. Neither the Poage transaction nor the Farmers Deposit transaction is conditional upon the other.
City Holding Company, headquartered in Charleston, West Virginia is a financial holding company which owns City National Bank of West Virginia. City provides a full range of consumer and commercial banking services to individuals, businesses and industries through its 86 branches across West Virginia, Virginia, Kentucky and Ohio. As of March 31, 2018, City had $4.2 billion in total assets, $3.4 billion in deposits, and $3.1 billion in gross loans. For additional information, locations, and hours of operation, please visit www.bankatcity.com.