Two Panhandle banks part of Bank One Corp. sale

January 02, 1998

Two Panhandle banks part of Bank One Corp.


CHARLESTON, W.Va. (AP) - Bank One Corp. plans to sell about one-third of its West Virginia branches, including two in Jefferson County, to the Kentucky-based Community Trust Bancorp Inc. for $59 million.

The sale will let Bank One focus its attention on core locations in West Virginia, said Bank One President and Chief Executive Officer Mark Prince.

The move will leave Bank One with 38 branches around the state, mostly in larger cities such as Huntington, Charleston and Beckley.


Community Trust, formerly Pikeville National, will buy 17 branches in Madison, Van, Alum Creek, Fort Gay, Hamlin, West Hamlin, Williamson, New Martinsville, Steelton, Point Pleasant, Charles Town, Shepherdstown, Philippi and Summersville.

The Van, Madison and Philippi branches then will be sold to Premier Financial Bancorp Inc. of Georgetown, Ky., Prince said.

Community Trust has agreed to keep all Bank One employees in the branches and allow them to retain their seniority, he said.

Community Trust has assets of about $1.8 billion and 56 banking locations, mostly in central and eastern Kentucky.

Bank One has banks in 12 states with assets of $113 billion. The sale will leave it with assets of about $2.75 billion in West Virginia, Prince said.

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