STAUNTON, Va.--(BUSINESS WIRE)--City National Bank announced today the resignation of Norman C. “Butch” Smiley III, market president for Virginia, effective May 17, 2013. Smiley was previously the president of Community Financial Corporation, which was acquired by City National in January.
“We sincerely appreciate Butch’s service during the successful integration of our two organizations, and we value his many years of service to this community. He guided Community Bank through the most difficult economic conditions in the bank’s history. Butch is a well-known figure in the Staunton area, and we are disappointed that he has resigned from City National,” said Charles R. Hageboeck, chief executive officer and president of City Holding Company.
“City is a class act and I’m glad they’re here in Virginia. I’ve enjoyed working with the City professionals to strengthen banking services for our clients. I’m leaving a great team in place to serve our customers, and I am excited to begin contemplating a new direction for my career,” said Smiley, who plans to retire from banking.
Smiley will be honored at City Holding Company’s 2013 annual meeting, which will be held in Staunton later this month.
About City National Bank
City Holding Company (NASDAQ:CHCO), a $3.4 billion bank holding company headquartered in Charleston, West Virginia, has 83 locations throughout West Virginia, Virginia, Kentucky and Ohio. The bank is a strong, full-service community bank offering a range of checking and savings products for both consumer and business customers. City National was ranked in the top 10 of the Best Banks in America in its peer group by Bank Director Magazine (3rd Quarter 2012) and over the last 5 years City had the 5th highest average ROA for all public banks over 1 billion. Founded in 1957, City Holding today employs approximately 930 professionals.
Forward-Looking Information
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 could have adverse legal actions of a material nature; (4) the Company may face competitive loss of customers; (5) the Company may be unable to manage its expense levels; (6) the Company may have difficulty retaining key employees; (7) 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; (8) changes in general economic conditions and increased competition could adversely affect the Company’s operating results; (9) 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; (10) the Company may experience difficulties growing loan and deposit balances; (11) the current economic environment poses significant challenges for us and could adversely affect our financial condition and results of operations; (12) continued deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions resulting in either actual losses or other than temporary impairments on such investments; (13) the effects of the Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) recently adopted by the United States Congress and (14) the integration of the operations of City Holding and Community Financial may be more difficult than anticipated. Forward-looking statements made herein reflect management’s expectations as of the date such statements are made. 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.