City Holding Company Announces Director's Resignation
August 01 2005 - 5:47PM
PR Newswire (US)
City Holding Company Announces Director's Resignation CHARLESTON,
W.Va., Aug. 1 /PRNewswire-FirstCall/ -- City Holding Company, "the
Company" (NASDAQ:CHCO), a $2.5 billion bank holding company
headquartered in Charleston, today announced that its Chairman,
Gerald R. Francis, resigned from the Board of Directors effective
August 1, 2005. Mr. Francis served as President & CEO of City
Holding Company from January 2001 thru January 31, 2005 and has
served as Chairman of the Board since June of 2001. 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. In announcing his decision, Mr. Francis stated, "It was
always my intention to provide continuity during the period of
transition from my leadership to City's new management team.
However, I no longer reside in West Virginia, and my
responsibilities as CEO of Hasten Bancshares deserve and require my
full time attention. Since leaving the role of President & CEO
of City, the Company has demonstrated that it remains a highly
profitable franchise, and I have tremendous confidence in the Board
and the new management team to maintain City's successful
franchise. I believe that there is no better time than the present
for me to step aside." Ned Payne, Lead Outside Director, stated,
"Jerry led a tremendously successful turn-around at City Holding
Company between 2001 and 2003. I know that I speak for the whole
board when I say that we appreciate Jerry's dedication in
continuing to serve as Chairman during the new management's
transition period. It is my belief that the Board has full
confidence in the leadership of the bank's management and that we
are all excited about the Company's financial condition, prospects,
and current direction. We all wish Jerry well in his future
endeavors." Charles Hageboeck, President & CEO, stated, "The
Board of Directors of City has demonstrated that it is focused on
creating shareholder value and maintaining a safe and sound banking
franchise for the benefit of customers, employees and shareholders
alike. Throughout what were some difficult years, the Board
demonstrated remarkable determination and cohesiveness in their
desire to resolve the problems which the Company confronted in
2000. As a result, I would anticipate no difficulty in selecting an
outside director to serve in the position of Chairman of the Board
following Jerry's resignation. The Governance Committee is
scheduled to meet on August 9th to nominate a candidate to serve as
Chairman. Until a new chairman is elected by the full board of
directors in August, the Company's Vice-Chairman, Sam Bowling, will
have the responsibility of leading the Company's Board. While we
will all miss seeing Jerry on a regular basis, I have an incredible
team of talented bankers leading City and the Company will not miss
a beat." 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: Charles R.
Hageboeck, President & CEO of City Holding Company,
+1-304-769-1102 Web site: http://www.cityholding.com/
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