City Holding Company Acquires Del Amo Savings Bank, FSB
Friday April 3, 1:00 pm Eastern Time
Company Press Release
SOURCE: City Holding Company
CROSS LANES, W.Va., April 3 /PRNewswire/ -- City Holding Company (Nasdaq: CHCO - news) announced that it had
completed the acquisition of Del Amo Savings Bank, FSB, Torrance, California. As part of the transaction, Del Amo became
the wholly owned subsidiary of City Holding.
Steven J. Day, President and Chief Executive Officer of City Holding Company, said, ''Through this acquisition, City Holding
Company continues to diversify and expand its product lines and customer base to enhance shareholder value and provide the
financial services that our customers desire. The acquisition of Del Amo further strengthens our presence in California and will
allow City Holding to be more competitive in the loan origination business that we have formed in Southern California.'' ''Our
affiliation with City Holding Company represents an opportunity for Del Amo to continue the growth of business,'' said
Nicholas Barakonski, President of Del Amo.
City Holding will issue approximately 253,000 shares of its common stock in exchange for the outstanding shares of Del Amo
common stock. Following the exchange, City Holding will have approximately 6.7 million shares of common stock outstanding.
The addition of Del Amo increases City Holding's total assets and deposits to $1.4 billion and $1.1 billion, respectively.
Del Amo Savings Bank, FSB is a Federal savings bank providing deposit, loan and commercial banking services in Torrance
and Lomita, California. The Bank operates two offices. At December 31, 1997, the Bank had assets of $114.6 million,
deposits of $101.3 million, and shareholders' equity of $6.9 million. The Bank serves approximately 7,000 customers in its
market area. Its lending activities focus on meeting the needs of its market area by offering residential mortgage loans, equity
lines of credit, consumer loans, automobile loans, and business loans to local individuals and businesses.
City Holding Company is the parent company of The City National Bank of Charleston and its banking divisions, Peoples
National Bank, First State Bank & Trust, The Bank of Ripley, Home National Bank of Sutton, Blue Ridge Bank, Peoples
State Bank, The First National Bank of Hinton, Merchants National Bank [OTC BB:MCHT - news] and The Old National
Bank of Huntington which currently operate 43 banking offices in the state of West Virginia; City Financial Corporation, a full
service brokerage company in Charleston, West Virginia; City Mortgage Services (a division of City National Bank) an
originator and servicer of junior lien and related loans; First Allegiance Financial Corporation and City Credit Services
(divisions of The City National Bank of Charleston), which are originators of junior lien mortgages for securitization, or sale to
independent third parties, headquartered in Irvine, CA; RMI, Ltd. (a division of City National Bank) an insurance agency
offering a full range of insurance products and services, including employee benefit programs, key person programs, benefits
consulting services, property and casualty insurance, retirement plans and deferred compensation plans, to select corporate
associations and individual clients, and Jarrett-Aim Communications (a division of City National Bank) a printing company and
direct mail service provider.
SOURCE: City Holding Company |
