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City Holding reports record income

Jan. 30, 2014 @ 07:10 AM

CHARLESTON — City Hold­ing Co. has reported record net income for 2013. Charleston­based City Holding said Tuesday that it earned $48.7 million, or $3.06 per share for the 12 months ending Dec. 31. The parent of City National Bank earned $38.9 mil­lion, or $2.61 per share, in 2012.

City Holding completed its acquisition of Virginia Savings Bank in the second quarter of 2012 and Virginia-based Community Financial Corp. in the first quarter of 2013. The company says its 2013 results include $5.5 million in merger­related expenses.

City Holding reported net fourth-quarter income of $13.7 million, or 86 cents per share, compared with $10.9 million, or 73 cents per share, for the 2012 period. City Holding, with total assets of $3.4 billion, operates 82 branches in West Virginia, Kentucky, Ohio and Virginia.

Kroger closes Harris Teeter buy

MATTHEWS, N.C. — The country’s largest traditional supermarket operator says it’s completed its purchase of regional grocer Harris Teeter Supermarkets Inc.

Cincinnati-based Kroger Co. said Wednesday the agreement to pay Harris Teeter sharehold­ers $49.38 per share closed Tuesday. Harris Teeter Chair­man and CEO Thomas Dickson is retiring. Matthews-based Harris Teeter has more than 200 stores in eight southeastern and mid-Atlantic states, includ­ing Delaware, Florida, Maryland and Washington, D.C., where Kroger did not have a presence.

The combined company will operate more than 2,600 super­markets and employ 370,000 people across 34 states and the District of Columbia.

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