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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City Holding Company
Target: Summit State Bank
Deal Type: Bank & Thrift Company
Agreement Date9/20/1999
Announcement Date9/20/1999
Announced Deal Value ($M)19.00
Completion Date4/26/2000
Announced Deal Value Per Share ($)11.28
Deal Pricing Ratios
Price / Book (%)105.7NA
Price / Tangible Book (%)147.9NA
Price / Earnings (x)NANA
Price / Deposits (%)11.99NA
Price / Assets (%)9.82NA
Tangible Book Premium/ Deposits (%)4.86NA
Deal Terms
Description of Consideration
City Holding would have exchanged 0.55 shares of stock for each Summit share held.
Accounting MethodPooling of Interests
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesBaxter Fentriss & Company
SellerYesChaffe & Associates Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesGibson Dunn & Crutcher LLP
SellerYesBingham McCutchen LLP

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