City Holding Co. in Charleston, West Virginia, agreed to acquire Citizens Commerce Bancshares in Versailles, Kentucky.
The all-stock deal, valued at $61 million, is expected to close in the first quarter of 2023. Citizens' $336 million-asset subsidiary bank would merge into City Holding's City National Bank of West Virginia.
The $6.2 billion-asset City Holding said the acquisition would bolster its presence in the Lexington metropolitan area.
"Our leadership recognized this strategic partnership to enhance our market presence" in Kentucky's second-most populated city, Charles Hageboeck, president and CEO of City Holding, said in a press release issued after markets closed Tuesday.
Piper Sandler served as financial advisor and Dinsmore & Shohl served as legal counsel to City Holding.
Forvis Capital Advisors served as financial advisor and Wyatt, Tarrant & Combs served as legal counsel to Citizens. Hovde Group issued a fairness opinion to the board of Citizens.
