LEXINGTON, KY – City Holding Company’s wholly-owned subsidiary City National Bank of West Virginia has reached an agreement to acquire three American Founders Bank branches in Lexington, Ky.
City National and AFB anticipate the acquisition will be completed in the third quarter of 2015, pending regulatory approval and the completion of other closing conditions. AFB’s President, Bill Craycraft, a veteran Lexington banker, will serve as City National’s Market President in Lexington.
“The Lexington market is clearly one of the best markets in this region of the country,” said City CEO Skip Hageboeck. “We have had an interest in expanding into this area for a long time and are excited to become a part of the Lexington community. We look forward to partnering with Bill and his experienced team at AFB. AFB’s success in the Lexington market is the result of their strong focus on customers, and AFB has clearly established itself as a leading commercial lender within this dynamic market. We believe City’s own emphasis on community-based banking, combined with our ability to bring additional products and services to both retail and business customers of AFB, makes this an excellent opportunity for both organizations.”
Craycraft said, “Upon closing this transaction AFB’s Lexington customers will have access to the broad products and services that City provides. City has a reputation as one of the best-run banks in the country, and enjoys success that is grounded in their roots as a true community-focused bank. In addition, City’s size will enable our team to serve larger companies in the region.”
The acquisition will expand City National’s presence to 11 branches in Kentucky, in addition to 74 branches in West Virginia, Virginia and Ohio.
AFB is a locally owned bank founded in 2001 and headquartered in Lexington.