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): May 15, 2000
CITY HOLDING COMPANY
(Exact name of registrant as specified in its charter)
West Virginia 0-17733 55-0619957
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(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation or organization) Identification Number)
25 Gatewater Road
Charleston, West Virginia, 25313
(Address of principal executive officers)
(304) 769-1100
(Registrant's telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
Item 5. Other Events
Attached hereto as Exhibit 99 is a news release issued on May 15, 2000, by
City Holding Company ("the Company") announcing its second quarter 2000 dividend
of eight cents per share payable on June 15, 2000 to shareholders of record as
of June 1, 2000. The announced dividend represents a decrease of 60% from 1999
cash dividends on an annualized basis. The Company's Board of Directors
determined to reduce the quarterly dividend in recognition of the expenses
associated with the $6 million addition to the allowance for loan losses
(reflected in the restatement of 1999 earnings), coupled with a decline in
earnings in the first quarter experienced by the Company's various business
segments.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements None
(b) Pro Forma Financial Information None
(c) Exhibits
99 News Release issued
on May 15, 2000
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.
CITY HOLDING COMPANY
Date: May 17, 2000
By: /s/ Michael D. Dean
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Michael D. Dean
Senior Vice President - Finance,
Chief Accounting Officer and
Duly Authorized Officer
Exhibit 99
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NEWS RELEASE
For Immediate Release
May 15, 2000
For Further Information Contact:
Steven J. Day, President & CEO
(304) 769-1101
CITY HOLDING COMPANY ANNOUNCES
SECOND QUARTER 2000 DIVIDEND
City Holding Company (NASDAQ:CHCO), a $2.8 billion bank holding company
headquartered in Charleston, West Virginia, announced its second quarter
dividend of 8 cents per share payable on June 15, 2000 to shareholders of record
as of June 1, 2000. The dividend represents a decrease of 60% from 1999 cash
dividends on an annualized basis. The Board of Directors has determined to
reduce the quarterly dividend in recognition of the expenses associated with the
$6 million addition to the allowance for loan losses (reflected in the
restatement of 1999 earnings), coupled with a decline in earnings in the first
quarter experienced by the Company's various business segments.
Steven J. Day, President and CEO, stated that, "The Board of Directors has
made this decision as a necessary measure to strengthen the financial position
of City Holding Company. Both the Board and management continue to work to
improve efficiencies in the Company's community banking segment and also to come
to a final resolution concerning the sale of our Specialty Finance Division."
City Holding Company is the parent company of City National Bank of West
Virginia, Del Amo Savings Bank, FSB, Frontier State Bank, and City Financial
Corporation. City National Bank, in addition to its banking divisions, operates:
City Mortgage Services, a retail originator, wholesaler and servicer of mortgage
loans; RMI, ltd., an insurance agency offering a full range of insurance
products and services; Jarrett/Aim Communications, a printing and direct mail
service provider; and CityNet, an internet service provider and web-site
development firm.
City Holding Company common stock is publicly traded "over-the-counter" on
The NASDAQ Stock Market under the symbol "CHCO".
