City Holding Board OKs 1 Mln Share Repurchase Plan

(RTTNews) - City Holding Co. (CHCO) said Thursday that its board has authorized the company to buy back up to 1 million of its common shares, or about 7% of outstanding shares, in open market transactions at prices that are accretive to the earnings per share of continuing shareholders.

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 As part of its authorization, the company rescinded the previous share repurchase plan approved in July 2011. During the third quarter through September 24, 2014, the company had repurchased about 237,000 shares under the July 2011 plan.

The company currently has 15.4 million outstanding common shares.

"As of September 24, 2014, 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," said Charles Hageboeck, President & CEO of City Holding.