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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: Old National Bank of Huntington
Deal Type: Bank & Thrift Company
Agreement Date5/16/1996
Announcement Date5/16/1996
Announced Deal Value ($M)9.90
Completion Date1/24/1997
Announced Deal Value Per Share ($)NA
Consideration Breakout
Common Stock ($M)14.6
Common Stock Issued481,000
Deal Pricing Ratios
Price / Book (%)249.2358.5
Price / Tangible Book (%)249.2358.5
Price / Earnings (x)28.9NM
Price / Deposits (%)28.6429.63
Price / Assets (%)25.3127.03
Tangible Book Premium/ Deposits (%)19.6724.08
Deal Terms
Description of Consideration
Old National shareholders received approximately 481,000 shares of City Holding common stock for all outstanding shares. The number of shares issued was adjusted upwards for a 10% CHCO stock dividend ann'd in Nov. 96.
Accounting MethodPooling of Interests
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)0
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)6.4133
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NM
Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name

Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesHunton & Williams LLP
SellerYesWoods Rogers PLC

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