City Holding Co 8-K, filed Jan 22, 2020
City Holding Co (CHCO)
8-K
2020-01-22
For: 2020-01-22
View Original
Added on
April 11, 2026
About this 8-K
City Holding Co filed this 8-K on January 22, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 22, 2020
(Exact Name of Registrant as Specified in its Charter)
Commission File Number: 0-11733
(State or Other Jurisdiction of | (I.R.S. Employer |
Incorporation or Organization) | Identification No.) |
(Address of Principal Executive Offices, Including Zip Code)
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) | |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |
Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |
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Section 8 - Other Events
Item 8.01 Other Events.
On January 22, 2020, City Holding Company (“Company”), parent company of City National Bank of West Virginia (“Bank”), issued a news release, attached as Exhibit 99.1, announcing that the Bank had entered into an agreement to sell 86,605 shares of Visa Inc. Class B common stock at a pre-tax gain of approximately $17.8 million on January 17, 2020.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.
Dated: January 22, 2020 | City Holding Company |
By: | /s/ David L. Bumgarner |
David L. Bumgarner | |
Executive Vice President & Chief Financial Officer | |
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Exhibit 99.1
NEWS RELEASE
For Immediate Release
January 22, 2020
For Further Information Contact:
Charles R. Hageboeck, Chief Executive Officer and President
(304) 769-1102
City Holding Company Announces Pre-Tax Gain of
$17.8 Million on Sale of Visa Inc. Class B Shares
Charleston, West Virginia – City Holding Company (“Company” or “City”) (NASDAQ:CHCO), a $5.0 billion bank holding company headquartered in Charleston, West Virginia, and parent company of City National Bank of West Virginia (“Bank”), today announced that the Bank had entered into an agreement to sell 86,605 shares of Visa Inc. Class B common stock at a pre-tax gain of approximately $17.8 million on January 17, 2020.
In March 2008, City National Bank received approximately 150,000 shares of Visa U.S.A., Inc. as part of its membership interest. Approximately 63,000 shares were redeemed as part of Visa’s initial public offering in 2008 and 86,605 shares were held as Visa Class B shares. The carrying value of the Visa Class B shares on the Company’s balance sheet was $0, as the Bank had no historical cost basis in the shares. This transaction is expected to settle in January 2020 and will be reported as a gain in the Company’s first quarter 2020 results.