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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: Virginia Savings Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date11/14/2011
Announcement Date11/14/2011
Announced Deal Value ($M)13.19
Completion Date5/31/2012
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)4.7
Common Stock ($M)7.7
Common Stock Issued240,000
Deal Pricing Ratios
Price / Book (%)109.5101.8
Price / Tangible Book (%)109.5101.8
Price / Earnings (x)25.229.0
Price / Deposits (%)11.4110.27
Price / Assets (%)10.319.29
Tangible Book Premium/ Deposits (%)1.140.21
Deal Terms
Description of Consideration
City Holding Co. paid $4.7 million in cash and issued 240,000 shares of its common stock to acquire all of the outstanding common shares of Virginia Savings Bancorp Inc. Subject to 60% of the consideration was paid in common stock. Target financials are for Virginia Savings Bank FSB.
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)8,240
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)3,231
Maximum Termination Fee ($000)650
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)1,273
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesScott & Stringfellow LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesJackson Kelly PLLC

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