City Holding completes Va. acquisition - WTRF 7 News Sports Weather - Wheeling Steubenville

City Holding completes Va. acquisition

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  • BusinessBusiness

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City Holding Co. announced Jan. 11 that it had completed the acquisition of Community Financial Corp. of Staunton, Va., and its wholly owned subsidiary, Community Bank effective Jan. 10.

In connection with the acquisition, City repaid Community's borrowings under the U.S. Troubled Asset Relief Program (TARP) of $12.6 million on Jan. 9. The merger, which was announced in August 2012, received the approval of all required regulatory agencies in December and Community's shareholders on Jan. 8.

With the acquisition of Community Bank, City grows to $3.4 billion in assets and operates 84 banking offices in West Virginia, Virginia, Kentucky, and Ohio.