Merger expenses drive City Holding earnings down in 2012 - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Merger expenses drive City Holding earnings down in 2012

Posted: Updated:
  • BusinessBusinessMore>>

  • Beware of rental property scam making the rounds, Morrisey advises

    Beware of rental property scam making the rounds, Morrisey advises

    Monday, April 21 2014 9:57 AM EDT2014-04-21 13:57:37 GMT
    Scammers are posting fake rental advertisements on Craigslist and other classified rental sites for properties that might not exist, aren't  available or are owned by someone else. 
    Attorney General Patrick Morrisey said scammers are posting fake rental advertisements on Craigslist and other classified rental sites for properties that might not exist, aren't  available or are owned by someone else. 
  • Felman Production, USW negotiate contract modification

    Felman Production, USW negotiate contract modification

    Monday, April 21 2014 9:38 AM EDT2014-04-21 13:38:42 GMT
    Members of the local union lobbied the PSC in Charleston in December to lower Felman's electricity rates.Members of the local union lobbied the PSC in Charleston in December to lower Felman's electricity rates.
    Felman Production's silicomanganese facility in New Haven operated in the red for at least three years before being idled in July 2013.
    Felman Production and the United Steelworkers of America have reached agreement on contract modifications for workers at the company's silicomanganese plant in New Haven, Chief Executive Officer Mordechai "Motti" Korf said.
  • Tamarack GM stepping down

    Tamarack GM stepping down

    Monday, April 21 2014 8:00 AM EDT2014-04-21 12:00:23 GMT
    The general manager at Tamarack has announced her retirement, effective June 14.
    The general manager at Tamarack has announced her retirement, effective June 14.

City Holding Co. earnings dropped about 4.3 percent in 2012 in part because of mer-related expenses, but fourth-quarter earnings were up nearly 13 percent.

The company on Jan. 29 reported net income of $38.9 million in 2012, down from $40.7 million in 2011. Fourth quarter net income was $10.9 million, up from 9.7 percent in 2011.

Merger-related expenses totaled about $4.7 million.

"The acquisition of Virginia Savings Bancorp marked our first acquisition in seven years, and earlier this month, we completed our acquisition of Community Financial Corp. With these acquisitions, City now has total assets of $3.4 billion, and 15 branch locations in Virginia. We look forward to continuing the development of our presence in Virginia," CEO Charles Hageboeck said in the quarterly earnings release.

As of Dec. 31, City National had total assets of about $2.9 billion, up from $2.8 billion a year earlier.

City Holding is the parent company of City National Bank, which has 83 banking offices in West Virginia, Virginia, Kentucky, and Ohio