City National Bank to Open New Wal-Mart Supercenter Banking Office in Putnam County
20 September 2006 - 2:00AM
PR Newswire (US)
Hurricane, West Virginia location will expand City-Wal-Mart
partnership to six branches CHARLESTON, W.Va., Sept. 19
/PRNewswire-FirstCall/ -- City Holding Company, "the Company"
(NASDAQ:CHCO), a $2.5 billion bank holding company headquartered in
Charleston, today announced it has signed an agreement with
Wal-Mart to provide banking services in the new Wal-Mart
Supercenter planned for Hurricane, West Virginia. The Bank will
open the new branch in conjunction with the opening of the new
Wal-Mart facility, scheduled for late summer 2007. The new branch
is expected to create at least four new jobs within the company.
According to Tim Quinlan, Senior Vice President - Retail, "We are
excited about our expanding partnership with Wal-Mart. We have been
very pleased with the performance of our first four Wal-Mart
branches and now have two under development. While we already have
one of the best branch banking networks in West Virginia, City
National continues to look for opportunities to optimize customer
convenience and accessibility. The Hurricane location will
compliment our delivery system in the fast-growing Putnam County
market." City National Bank currently operates banking centers in
Wal-Mart Supercenters in Barboursville, South Charleston, and
Sophia, West Virginia, and Ashland, Kentucky. The Company will open
a branch in Wal-Mart's new Ripley, West Virginia Supercenter, which
is currently under construction, during the first quarter of 2007.
"Our experience tells us customers appreciate the convenience of
the Wal- Mart branches," Quinlan said. "Wal-Mart has tremendous
exposure and high traffic counts, which give us considerable
opportunity for new checking and home equity relationships. The
Hurricane location will also help us fill out our delivery channel
in the important Putnam County-Charleston MSA market. City will
lease 650 square feet in the facility, providing full service
banking that includes depository and loan services." City Holding
Company is the parent company of City National Bank of West
Virginia. City National operates 67 branches across West Virginia,
Eastern Kentucky and Southern Ohio. Forward-Looking Information
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 that would result in
impairment losses or lower the yield on such loans; (4) the Company
may continue to benefit from strong recovery efforts on previously
securitized loans resulting in improved yields on these assets; (5)
the Company could have adverse legal actions of a material nature;
(6) the Company may face competitive loss of customers; (7) the
Company may be unable to manage its expense levels; (8) the Company
may have difficulty retaining key employees; (9) 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; (10) changes in general
economic conditions and increased competition could adversely
affect the Company's operating results; (11) 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 (12) 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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