Classic Bancshares, Inc. Shareholders Approve Merger With City Holding Company
2005年5月17日 - 6:21AM
PRニュース・ワイアー (英語)
Classic Bancshares, Inc. Shareholders Approve Merger With City
Holding Company CHARLESTON, W.Va., May 16 /PRNewswire-FirstCall/ --
City Holding Company, "City" (NASDAQ:CHCO) and Classic Bancshares,
Inc., "Classic" (NASDAQ:CLAS) have jointly announced that Classic's
shareholders approved the merger with City at Classic's special
shareholders meeting held today. The consummation of City's
acquisition of Classic and the merger of Classic's affiliate,
Classic Bank, with and into City's affiliate, City National Bank of
West Virginia is expected to be completed on May 20, 2005. The
merger, which was announced in December 2004, received the approval
of all required regulatory agencies in April 2005. With the
completion of the acquisition of Classic, City will grow to $2.6
billion in assets and will become the largest commercial banking
franchise in the Huntington/Ashland MSA with $361 million in
deposits, 13 branches and 14 ATMs. Classic, and its subsidiary,
Classic Bank, will add $330 million in assets and 10 branches to
the combined franchise, which will now operate 66 offices in West
Virginia, Kentucky and Ohio. Under the terms of the transaction,
Classic shareholders will receive 0.9624 shares of City common
stock and $11.08 in cash for each share of Classic stock owned by
them. The stock-and-cash transaction is valued at $78.4 million and
will be accounted for under the purchase method of accounting.
City's President and Chief Executive Officer, Skip Hageboeck,
stated, "We are pleased to welcome Classic's excellent staff,
customers and shareholders into the City family. Employees at both
City and Classic have worked diligently to ensure that this
business integration was conducted prudently, promptly and in the
most mutually beneficial manner for our organizations and our
customers. We congratulate and thank everyone whose excellent work
has contributed to this effort." David Barbour, President and Chief
Executive Officer of Classic, added, "We are excited to be joining
City. 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. We
look forward to our future as one strong community bank dedicated
to serving the best interests of shareholders, customers, employees
and communities." Forward-Looking Information This news release
contains certain forward-looking statements that are included
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such information involves risks and
uncertainties that could result in the Company's actual results
differing from those projected in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those discussed in such forward-looking statements
include, but are not limited to, (1) the Company may incur
additional loan loss provision due to negative credit quality
trends in the future that may lead to a deterioration of asset
quality; (2) the Company may not continue to experience significant
recoveries of previously charged-off loans and the Company may
incur increased charge-offs in the future; (3) the Company may
experience increases in the default rates on previously securitized
loans that would result in impairment losses, (4) the Company could
have adverse legal actions of a material nature, (5) the Company
may face competitive loss of customers, (6) the Company may be
unable to manage its expense levels, (7) the Company may have
difficulty retaining key employees, (8) changes in the interest
rate environment may have results on the Company's operations
materially different from those anticipated by the Company's market
risk management functions, (9) changes in general economic
conditions and increased competition could adversely affect the
Company's operating results, (10) changes in other regulations and
government policies affecting bank holding companies and their
subsidiaries, including changes in monetary policies, could
negatively impact the Company's operating results, and (11) the
Company may experience difficulties growing loan and deposit
balances. Forward-looking statements made herein reflect
management's expectations as of the date such statements are made.
Such information is provided to assist stockholders and potential
investors in understanding current and anticipated financial
operations of the Company and is included pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances that
arise after the date such statements are made. DATASOURCE: City
Holding Company CONTACT: Charles R. Hageboeck, President and Chief
Executive Officer of City Holding Company, +1-304-769-1102 Web
site: http://www.cityholding.com/
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