City Holding Co. to acquire Virginia Savings Bancorp
- November 14, 2011
City Holding Co. of West Virginia has signed a definitive merger agreement to acquire Virginia Savings Bancorp Inc.
Virginia Savings Bank, based in Front Royal, has five branches in the northwestern part of Virginia. The acquisition will expand City Holding’s branch network from West Virginia into northwestern Virginia.
The acquisition is pending regulatory approvals and is expected to be completed by the first quarter of 2012.
“Our shareholders will benefit from City’s financial strength, and our customers will benefit from enhancements to products and services that a larger bank can offer,” said Michael Funk, president of Virginia Savings Bank. “We are excited about combining our business with City National.”