U.S. Markets open in 1 hr 58 mins

W.Va.'s City Holding to acquire Va. bank company

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.