City Holding Company Announces Approval of Stock Repurchase Plan
23 August 2007 - 5:37AM
PR Newswire (US)
CHARLESTON, W.Va., Aug. 22 /PRNewswire-FirstCall/ -- City Holding
Company, "the Company" (NASDAQ:CHCO), a $2.5 billion bank holding
company headquartered in Charleston, today announced that the board
authorized the Company to buy back up to 1,000,000 of its common
shares (approximately 6% of outstanding shares) in open market
transactions, in block trades or otherwise at prices that are
accretive to the earnings per share of continuing shareholders.
Management may commence or suspend purchases at any time or from
time-to-time based on market and business conditions and without
prior notice. No time limit has been placed on the duration of the
share repurchase program. As part of its authorization, the Company
rescinded the previous share repurchase plan approved in December
2006. As of August 21, 2007, the Company had purchased in excess of
900,000 shares under the December 2006 plan. "As of August 21,
2007, the Company was very well capitalized and capital continues
to grow due to our exceptional earnings. As a result, we view this
repurchase plan as part of an ongoing strategy to build value for
our stockholders while maintaining appropriate capital levels,"
stated Charles R. Hageboeck, President & CEO. The Company
currently has 16.65 million outstanding common shares. Repurchase
of the Company's stock is subject to availability of the stock and
may be discontinued at any time." City Holding Company is the
parent company of City National Bank of West Virginia. City
National operates 68 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: Charles R. Hageboeck, President & CEO
of City Holding Company, +1-304-769-1102 Web site:
http://www.cityholding.com/
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