City Holding Co. has agreed to pay $11.9 million for a Southern California thrift, which would be its first acquisition outside its West Virginia home.
The Charleston-based banking company, which has $1.5 billion of assets, would pay 1.55 times book value for Del Amo Savings Bank, Torrance. The deal is expected to close in the first quarter. "With our technology, we don't feel that distance is a hindrance to doing business anywhere in the United States," said Steven J. Day, president and chief executive officer of City Holding.