Business
City Holding Company Announces Approval of Stock Repurchase Plan
CHARLESTON, W.V.--(BUSINESS WIRE)-- City Holding Company, “the Company” (NASDAQ:CHCO), a $6.2 billion bank holding company headquartered in Charleston, today
About this update from City Holding Company
[{"type":"text","content":" CHARLESTON, W.V.--(BUSINESS WIRE)--\nCity Holding Company, “the Company” (NASDAQ:CHCO), a $6.2 billion bank holding company headquartered in Charleston, today announced that the board authorized the Company to buy back up to 1,000,000 of its common shares (approximately 7% of outstanding shares) in open market transactions at prices that are accretive to the earnings per share of continuing shareholders. Management may commence or suspend purchases at any time or from time-to-time based on market and business conditions and without prior notice. No time limit has been placed on the duration of the share repurchase program. As part of its authorization, the Company rescinded the previous share repurchase plan approved May 25, 2022. Through January 31, 2024, the Company repurchased 849,681 shares under the May 2022 plan.\n\n\n\"As of January 31, 2024, the Company was very well capitalized and capital continues to grow due to our exceptional earnings. As a result, we view this repurchase plan as part of an ongoing strategy to build value for our stockholders while maintaining appropriate capital levels,” stated Charles R. Hageboeck, President & CEO. The Company currently has 14.8 million outstanding common shares. Repurchase of the Company's stock is subject to availability of the stock and may be discontinued at any time.\n\n\nCity Holding Company is the parent company of City National Bank of West Virginia. City National operates 98 branches across West Virginia, Kentucky, Virginia and Ohio.\n\n\nForward-Looking Information\n\n\nThis news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements express only management’s beliefs regarding future results or events and are subject to inherent uncertainty, risks, and changes in circumstances, many of which are outside of management’s control. Uncertainty, risks, changes in circumstances and other factors could cause the Company’s actual results to differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December ...