Classic Bancshares (NASDAQ:CLAS)
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City Holding Company and Classic Bancshares, Inc. Announce
Approval
CHARLESTON, W.Va., April 5 /PRNewswire-FirstCall/ -- City Holding Company
(Cross Lanes, West Virginia) (NASDAQ:CHCO) and Classic Bancshares, Inc.
(Ashland, Kentucky) (NASDAQ:CLAS) announced today they have received all
required regulatory approvals of their pending merger. The governing agencies
of the Office of Comptroller of Currency (OCC) and the Kentucky Department of
Financial Institutions issued their approvals on April 1, 2005. The U.S.
Securities and Exchange Commission approved the transaction on March 26, 2005.
The special shareholder meeting of Classic Bancshares is scheduled for May 16,
2005, at 4:00 pm, at Park Place Auditorium, Ashland, Kentucky. If approved by
shareholders, the closing and complete Business Integration will be finalized
on May 20, 2005.
"We are very pleased that Classic and City Holdings have formed a tremendous
Business Partnership," stated Skip Hageboeck, President and Chief Executive
Officer of City. "Classic is the perfect institution to enable us to
strengthen our retail and business presence in the Huntington-Ashland MSA and
surrounding areas. We look forward to working with the staff at Classic to
grow in the markets of Boyd, Greenup, Carter and Johnson Counties, Kentucky and
Lawrence County, Ohio."
The merger of City and Classic solidifies City's market share in the important
Huntington-Ashland MSA. City currently is the fourth largest banking
institution in the MSA while Classic is the 11th largest. On a combined basis,
City will become the largest banking franchise in this $3.5 billion market with
deposits of $361 million, 14 branches and 15 ATMs.
"We are thrilled to be joining such an excellent organization," said David B.
Barbour, President and Chief Executive Officer of Classic. "City has a solid
track record of delivering quality services and products to its customers while
achieving extraordinary results for its shareholders. Their culture completely
fits our community banking model and we share the same core values of
dedication to our customers, employees and community."
DATASOURCE: City Holding Company
CONTACT: Charles Hageboeck, Chief Executive Officer and President of
City Holding Company, +1-304-769-1102
Web site: http://www.cityholding.com/