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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: Community Financial Corporation
Deal Type: Bank & Thrift Company
Agreement Date8/2/2012
Announcement Date8/2/2012
Announced Deal Value ($M)24.97
Completion Date1/10/2013
Announced Deal Value Per Share ($)5.73
Consideration Breakout
Cash ($M)12.7
Common Stock ($M)27.7
Common Stock Issued767,000
Deal Pricing Ratios
Price / Book (%)65.870.8
Price / Tangible Book (%)65.870.8
Price / Earnings (x)23.920.5
Price / Deposits (%)6.987.71
Price / Assets (%)5.165.94
Tangible Book Premium/ Deposits (%)(4.09)(3.37)
Deal Terms
Description of Consideration
City Holding Co. exchanged 0.1753 shares of its common stock to acquire each outstanding share of Community Financial Corp. City Holding Co. also paid approximately $12.7 million for Community Financial Corp.'s borrowings under the U.S. Troubled Asset Relief Program (TARP).
Accounting MethodAcquisition
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)8,271
Estimated Cost Savings (%)30.00
Estimated Cost Savings ($000)5,698
Est. Restructuring Charges ($000)8,462
Maximum Termination Fee ($000)1,200
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.1753
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)2,711
Additional Deal Information
Est. Cost
Est. Cost
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesKeefe Bruyette & Woods Inc.
SellerYesScott & Stringfellow LLC

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesJackson Kelly PLLC
SellerYesSilver Freedman Taff & Tiernan

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