City Holding in Charleston, W.Va., has agreed to buy Citizens Commerce Bancshares in Versailles, Ky.
The $5.9 billion-asset City said in a press release that it will pay $61 million in stock for the $354 million-asset Citizens. The deal is expected to close in the first quarter.
Citizens has five branches, $319 million of deposits and $262 million of loans.
“Our leadership recognized this strategic partnership to enhance our market presence in the Lexington, Ky., area and we are excited to be adding the Citizens franchise to our Lexington footprint,” Skip Hageboeck, City’s president and CEO, said in the release.
Piper Sandler and Dinsmore & Shohl advised City. Forvis Capital Advisors and Wyatt, Tarrant & Combs advised Citizens. Hovde Group issued a fairness opinion to the board of Citizens.