City Holding expanding in Virginia
CHARLESTON, W.Va. -- City Holding Co. announced Friday that it will acquire Community Financial Corp. and its subsidiary Community Bank.
The merger will expand City Holding's presence in Virginia, where nine Community branches operate along the Interstate 81 corridor in western Virginia and there are two branches in Virginia Beach.
City recently acquired Virginia Savings Bank, which is headquartered in Front Royal, Va. Virginia Savings Bank had assets of $130 million and Community has assets of $500 million.
City, headquartered in Cross Lanes, is the parent company of City National Bank. The bank has 73 locations throughout West Virginia, Kentucky, Virginia and Ohio.
The transition should be finished early next year. "City has admired the Community franchise for some time. Community has a solid retail deposit franchise, operates in markets with higher growth rates than City's core markets, and has established itself as a significant commercial lender in both the Staunton and Virginia Beach markets," said City CEO and President Charles R. Hageboeck in a news release.