Magazine article American Banker

West Virginia Deal to Be Completed in November: Merger of Key Bancshare, Centurion Bancorp to Create Company with More Than $1 Billion in Assets

Magazine article American Banker

West Virginia Deal to Be Completed in November: Merger of Key Bancshare, Centurion Bancorp to Create Company with More Than $1 Billion in Assets

Article excerpt

CHARLESTON, W. Va. -- The planned merger of Key Bancshares of West Virginia Inc., Huntington, and Centurion Bancorp, Charleston, should be completed by November, according to officials of the two financial institutions.

The two holding companies are among the largest in West Virginia. On Saturday, when Key Bancshares finalizes a merger between First Huntington National Bank, a subsidiary, and Huntington Trust & Savings Bank, it will have assets of $551 million. The merger of the $508 million-asset Centurion Bancorp and Key Banchsares will form a $1.05 billion firm. It will be the first bank holding company in West Virginia with more than $1 billion in assets.

Charleston and Huntington are the two largest cities in the state, about 50 miles apart.

Even though Key Bancshares reported smaller assets at the time of the proposed merger, its two highest officers were assigned the top jobs in the new combined holding company, which will be known as Key Centurion Bancshares.

A. Michael Perry, president of Key Bancshares, was named president and chief executive officer of Key Centurion, and Marshall Reynolds, chairman of the Huntington firm, was named chairman of the board of the new organization.

Theodore Platz, president and chief operating officer of Centurion Bancorp, was named vice chairman of the combined holding company. Charleston National Bank president Josh Cox was named executive vice president of the new Key Centurion. …

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