- City Holding ( NASDAQ: CHCO ) said Tuesday it will acquire Citizens Commerce Bancshares ( OTCPK:CCVS ) for $61M, or $15.43 per share, to strength its presence in Lexington, Kentucky MSA.
- Citizens Commerce ( OTCPK:CCVS ) shareholders will receive 0.1666 CHCO stock for each outstanding CCVS share.
- Based on financial data as of Sept. 30, the combined firm will have $6.2B in assets, $5.3B in deposits, and gross loans of $3.9B.
- Once the deal closes, Citizens Commerce's ( OTCPK:CCVS ) unit Citizens Commerce Bank will merge into City National Bank of West Virginia.
- The deal is expected to close in Q1 2023.
- City Holding ( CHCO ) also reported Q3 results above estimates .
For further details see:
City Holding to acquire Citizens Commerce Bancshares for $61M