City Holding seeks approval for stock issue - Clarksburg, Morgantown: News, Sports, Weather

City Holding seeks approval for stock issue

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City Holding Co. has filed papers with the Securities and Exchange Commission for authorization to issue up to $100 million in common stock.

The documents were filed Jan. 2.

City Holding CEO Charles "Skip" Hageboeck said the authorization would replace one that has expired. City Holding Co. wants the authority to issue and sell stock in a matter if days if it needs to raise cash quickly for an acquisition. Otherwise, filing the paperwork with the SEC and receiving approval could take up to four months, he said.

Having such authority in hand is common in the banking industry, Hageboeck said.

City Holding Co. is the parent company of City National Bank.