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): December 23, 1998
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SOUTH BRANCH VALLEY BANCORP, INC.
(Exact name of registrant as specified in its charter)
West Virginia 0-16587 55-0672148
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(State or Other (Commission (I.R.S. Employer
Jurisdiction) File Number) Identification)
310 North Main Street, Moorefield, WV, 26836
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(Address of principal executive offices) (Zip Code)
(304) 538-2353
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name, address, and fiscal year, if changed since last report)
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ITEM 5. OTHER EVENTS
On December 31, 1998, South Branch Valley Bancorp, Inc., a West Virginia
corporation (the "Registrant"), issued the following press release:
SOUTH BRANCH VALLEY BANCORP, INC. ANNOUNCES ACQUISITION OF
THREE GREENBRIER COUNTY, WEST VIRGINIA BRANCH BANKS
On December 23, 1998, Capital State Bank, Inc., a subsidiary of South Branch
Valley Bancorp, Inc. of Moorefield, West Virginia, entered into an agreement to
purchase three branch banking facilities located in Greenbrier County, West
Virginia. The purchase includes a branch of Greenbrier Valley National Bank
located in Rainelle and two First State Bank & Trust branches located in
Rainelle and Rupert. Greenbrier Valley National Bank is a subsidiary of Horizon
Bancorp, Inc., and First State Bank & Trust is a subsidiary of City Holding
Company. The acquisition stems from the divestiture of branches required by
Federal regulators to avoid a market concentration in loans and deposits in the
western Greenbrier County area that would have resulted from City Holding's and
Horizon's pending merger. The transaction is expected to be completed in April
1999, subject to approval by the appropriate regulatory authorities, and will
include the facilities and associated loan and deposit accounts. The offices
will be operated as branches of Capital State Bank, Inc. Total deposits of the
branches approximate $46.5 million and total loans approximate $11 million.
Under the terms of the purchase agreement, Capital State will assume the
deposits and acquire the loans of the branch offices. The total consideration to
be paid is anticipated to be approximately $3.4 million and will be finally
determined at closing based upon the total deposits assumed plus the seller's
net book value of the branch offices and equipment. South Branch will offer
positions to all Greenbrier Valley National Bank and First State Bank & Trust
employees in the affected branches following completion of the sale.
H. Charles Maddy, III, President & CEO of South Branch and a native of Rainelle
stated, "The purchase of these branches represent an outstanding opportunity for
South Branch to continue to expand its presence in and commitment to new West
Virginia markets. We look forward to building a strong partnership with new
customers and new communities through exceptional personal service, sound
financial solutions and banking convenience."
South Branch Valley Bancorp, Inc. is a bank holding company with total assets of
$193 million. South Branch operates five banking locations through its two
wholly owned subsidiary banks, South Branch Valley National Bank headquartered
in Moorefield, West Virginia and Capital State Bank, Inc. headquartered in
Charleston, West Virginia. In addition, the Company is presently organizing the
Shenandoah Valley National Bank, a proposed bank and subsidiary of South Branch
which is expected to open in Winchester, Virginia during first quarter 1999
following receipt of regulatory approvals.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SOUTH BRANCH VALLEY BANCORP, INC.
Date December 31, 1998 By /s/ Robert S. Tissue
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Robert S. Tissue
Chief Financial Officer
