American Founders Bank Inc. has sold three Lexington branches to City National Bank of West Virginia, City National’s parent company has announced.
City Holding Company said City National will pay premiums on deposits and loan balances totaling about $6.4 million. It said the acquisition will give City National 11 branches across Kentucky, in addition to another 74 in Ohio, Virginia and West Virginia.
“The Lexington market is clearly one of the best markets in this region of the country. We have had an interest in expanding into this area for a long time and are excited to become a part of the Lexington community.” City National CEO Skip Hageboeck said in a statement.
AFB President Bill Craycraft will serve as market president for City National in Lexington, Hageboeck said.