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City Holding Company (CHCO) has successfully completed the acquisition of Citizens Commerce Bancshares, Inc. (CCVS), effective March 10, 2023. The transaction, valued at approximately $62.1 million, involves an exchange ratio of 0.1666 shares of City common stock for each share of Citizens common stock. With this merger, the combined entity will have total assets of $6.2 billion, $5.2 billion in deposits, and $3.9 billion in gross loans, enhancing City’s footprint in the Lexington, Kentucky MSA. The acquisition aims to maintain community focus while providing Citizens' customers with improved services.
City Holding Company (CHCO) has announced a definitive merger agreement to acquire Citizens Commerce Bancshares, Inc. (CCVS) for an aggregate deal value of $61.0 million. The transaction is expected to close in Q1 2023, pending regulatory approvals. Post-merger, the combined assets will total $6.2 billion, with $5.3 billion in deposits and $3.9 billion in gross loans, significantly enhancing City’s presence in Lexington, Kentucky. Citizens shareholders will receive 0.1666 shares of City common stock for each Citizens share, valued at approximately $15.43 per share based on recent stock prices.
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