CHARLESTON, W.Va. (AP) -- City Holding Co. has agreed to acquire Virginia-based Community Financial Corp.
City Holding said the stock-based deal is worth about $26.1 million, or $6 per share for Community, based on the company's closing stock price on July 27.
Staunton, Va.-based Community Financial has assets of $500 million. Community Financial and its Community Bank subsidiary operate nine bank branches along the I-81 corridor in western Virginia and two branches in Virginia Beach, Va.
City Holding, the parent of City National Bank, completed its acquisition of Front Royal, Va.-based Virginia Savings Bancorp on June 1.
Charleston-based City Holding has $2.9 billion in assets and operates 73 branches in West Virginia, Kentucky, Ohio and Virginia.
