As of 30 April 2012, Virginia Savings owned $133m in assets, $120m in deposits, and manages five banking branches in Northwestern Virginia.
The merger, approved by relevant regulatory agencies as well as Virginia Savings’ shareholders, brings the number of banking offices to 73 in West Virginia, Kentucky, Virginia, and Ohio as well as $2.9bn in assets.
City’s president and chief executive officer, Skip Hageboeck said that the markets were immediately adjacent to West Virginia’s Eastern Panhandle where already a strong branch network is maintained.
Commenting on the integration with Cit, Virginia Savings president Michael Funk said like Virginia Savings, City National has a strong commitment to the communities it serves while benefitting customers from enhancements to products and services that a larger bank can offer.
