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Mergers & Acquisitions
M&A History<< Return to Mergers & Acquisitions
Deal Overview
Buyer: City Holding Company
Actual Acquirer: City National Bank of West Virginia
Target: Classic Bancshares, Inc.
Deal Type: Bank & Thrift Company
Agreement Date12/29/2004
Announcement Date12/29/2004
Announced Deal Value ($M)77.35
Completion Date5/20/2005
Announced Deal Value Per Share ($)46.50
Consideration Breakout
Cash ($M)18.3
Common Stock ($M)52.8
Common Stock Issued1,580,034
Deal Pricing Ratios
Price / Book (%)178.3166.9
Price / Tangible Book (%)231.6210.1
Price / Earnings (x)17.717.0
Price / Deposits (%)31.9329.41
Price / Assets (%)22.7620.57
Tangible Book Premium/ Deposits (%)24.2219.07
Deal Terms
Description of Consideration
City Holding issued 0.9624 share and paid $11.08 in cash for each share of Classic Bancshares.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)49,400
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)2,300
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.9624
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)4,400
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRBC Capital Markets Corp.
SellerYesKeefe Bruyette & Woods Inc.

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBarnes & Thornburg LLP
SellerYesLuse Gorman PC

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