City Holding Co (CHCO) Announces Approval of 1M Share Stock Repurchase Plan
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City Holding Company, “the Company” (NASDAQ: CHCO), a $5.8 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 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 As part of its authorization, the Company rescinded the previous share repurchase plan approved February 27, 2019. Through March 31, 2021, the Company repurchased 908,701 shares under the February 2019 plan.
"As of March 31, 2021, 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 15.6 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 94 branches across West Virginia, Kentucky, Virginia and Ohio.
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