City Holding Company Elects New Chairman
01 September 2005 - 7:09AM
PR Newswire (US)
CHARLESTON, W.Va., Aug. 31 /PRNewswire-FirstCall/ -- City Holding
Company, "the Company" (NASDAQ:CHCO), a $2.5 billion bank holding
company headquartered in Charleston, today announced the election
of Edward M. (Ned) Payne III as chairman. Mr. Payne (69) succeeds
Gerald R. (Jerry) Francis, who resigned as chairman and director of
the Company on August 1, 2005. Mr. Payne has served as a director
of the Company or its predecessor banks* since 1964 and lead
outside director since January 2004. An attorney, Payne is
president of several land management enterprises, including Piney
Land Company, McCreery Coal Land Company, James T. McCreery Co.,
Hilton Head Equity Mgmt. Co., Inc., Combahee Investment Corp.,
Pinecrest Development Corporation, and River Hills Land Company,
LLP. He also serves Off Counsel with the firm of File, Payne
Scherer & File. A life-long native of Beckley, West Virginia,
Mr. Payne is active in numerous community and statewide
organizations including the WV Bar Association; Beckley Rotary
Club; past president of the WV Golf Association; past president of
the Raleigh County Bar Association; member of the West Virginia
House of Delegates from 1964-1968; past president of the Beckley
Area Foundation; and former member of the Institutional Board of
Advisors of Marshall University. Mr. Payne's great grandfather,
John W. McCreery, was one of the original founders of the Bank of
Raleigh -- one of the many community banks that were subsequently
consolidated under City Holding Company. Mr. Francis served as
president & CEO of City Holding Company from January 2001 thru
January 31, 2005 and served as chairman of the board from June 2001
until August 1, 2005. Mr. Francis resigned as president & CEO
of City Holding Company effective January 31st, 2005 in order to
become CEO of Hasten Bancshares, a privately held commercial bank
headquartered in Indianapolis, Indiana. City Holding Company is the
parent company of City National Bank. The Bank's 67 branch
locations across West Virginia, Eastern Kentucky and Southern Ohio
provide full-service banking to retail and commercial customers. *
On December 31, 1998, the merger of Horizon Bancorp, Inc. into City
Holding Company was consummated and certain directors of Horizon
became directors of City Holding Company. This 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. Such information involves risks and
uncertainties that could result in the Company's actual results
differing from those projected in the forward-looking statements.
Important factors that could cause actual results to differ
materially from those discussed in such forward-looking statements
include, but are not limited to, (1) the Company may incur
additional loan loss provision due to negative credit quality
trends in the future that may lead to a deterioration of asset
quality; (2) the Company may incur increased charge-offs in the
future; (3) the Company may experience increases in the default
rates on previously securitized loans causing the yields on these
assets to decline; (4) the Company could have adverse legal actions
of a material nature; (5) the Company may face competitive loss of
customers; (6) the Company may be unable to manage its expense
levels; (7) the Company may have difficulty retaining key
employees; (8) changes in the interest rate environment may have
results on the Company's operations materially different from those
anticipated by the Company's market risk management functions; (9)
changes in general economic conditions and increased competition
could adversely affect the Company's operating results; (10)
changes in other regulations and government policies affecting bank
holding companies and their subsidiaries, including changes in
monetary policies, could negatively impact the Company's operating
results; and (11) the Company may experience difficulties growing
loan and deposit balances. Forward-looking statements made herein
reflect management's expectations as of the date such statements
are made. Such information is provided to assist stockholders and
potential investors in understanding current and anticipated
financial operations of the Company and is included pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances that
arise after the date such statements are made. DATASOURCE: City
Holding Company CONTACT: Craig Stilwell, Executive Vice President
of City Holding Company, +1-304-769-1113 Web site:
http://www.cityholding.com/
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