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CITY HOLDING COMPANY, THROUGH ITS WHOLLY OWNED SUBSIDIARY BLUE RIDGE BANK, ANNOUNCES SHENANDOAH FEDERAL TRANSACTION

 CHARLESTON, W.Va., Oct. 16 /PRNewswire/ -- Blue Ridge Bank announced today that it was successful in its bid for the $45.1 million in deposits of the former Shenandoah Federal Savings Association held by the Resolution Trust Corporation.
 In the transaction, Blue Ridge Bank will be receiving cash, less a $3.3 million deposit premium, and $245,000 in share loans. Blue Ridge Bank will be acquiring no loans, other than the share loans, in the transaction.
 Blue Ridge Bank will be assuming deposits in four counties (Berkeley, Jefferson, Morgan and Grant) in northeastern West Virginia. These counties represent four of West Virginia's 10 fastest-growing counties, with average household incomes significantly higher than the average for the State of West Virginia.
 Blue Ridge Bank President, Victor A. Roberts Jr. said that he "was looking forward to working with the staff and customers of the former Shenandoah Federal Savings Association. Our new Shenandoah Federal customers should feel right at home with Blue Ridge Bank because these two organizations shared a hometown banking philosophy. I pledge that all of Blue Ridge Bank's staff will work to make this transaction as easy as possible and will strive to give our new customers the friendly and efficient service that they were accustomed to."
 "We believe that the addition of the Shenandoah Federal deposits materially adds to our franchise," noted Steven J. Day, president and chief executive officer of City Holding Company (NASDAQ-NMS: CHCO). "The markets are several of West Virginia's fastest-growing and most prosperous. By entering with Shenandoah we meet our strategic objective of building a presence in these markets without a great deal of expense."
 Financially City Holding expects the transaction to be slightly accretive to earnings per share by 1995. As part of the transaction, City Holding will have the option to acquire three owned branch facilities of Shenandoah Federal at 93 percent of appraised value. Additionally, the company will have the option to accept the leases on two additional branch facilities.
 City Holding Company is a bank holding company operating eight banking subsidiaries with a total of 22 branches in the State of West Virginia. At June 30, 1993, the company had $555.1 million in total assets, $481.5 million in deposits and $45.1 million in total equity. Pro forma for the Shenandoah Federal transaction, City Holding would have had $599.7 million in total assets at June 30, 1993.
 -0- 10/16/93
 /CONTACT: Steven J. Day, president and chief executive officer, of City Holding Company, 304-926-3330, or Victor A. Roberts Jr., president, of Blue Ridge Bank, 304-264-4500/
 (CHCO)


CO: Blue Ridge Bank; Shenandoah Federal Savings Association; City
 Holding Company ST: West Virginia IN: FIN SU:


CD-KC -- PGSA001 -- 3054 10/16/93 09:01 EDT
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Publication:PR Newswire
Date:Oct 16, 1993
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