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City Holding Company (NASDAQ:CHCO), a regional bank with a market capitalization of $1.76 billion and currently trading at $121.25, announced Wednesday that John A. DeRito, Executive Vice President of Commercial Banking, will retire effective December 31, 2025. According to InvestingPro analysis, the company appears undervalued based on its Fair Value estimate. DeRito has served in the position at City Holding and its subsidiary, City National Bank of West Virginia, since June 2004.
According to a statement released by the company, DeRito has led the commercial banking division for 21 years, during which time the commercial loan portfolio grew from $450 million to over $2.2 billion. The company credited DeRito with expanding the bank’s presence into new markets and industries and maintaining strong asset quality.
President and Chief Executive Officer Skip Hageboeck said, “He has built a culture of excellence within our commercial lending team and leaves behind a record of growth, integrity, and sound credit practices that will continue to benefit the Bank for years to come. We are deeply grateful for his dedication, professionalism, and 21 years of outstanding service.”
Concurrent with DeRito’s retirement, Timothy J. (Tim) Whittaker, currently Senior Vice President and Chief Credit Officer, will be appointed to succeed him. Whittaker, age 52, has served with the company and bank since September 1998 and has been a key partner in leading the commercial lending strategy for more than 20 years.
City Holding stated that Whittaker is not related to any executive officer or director of the company and has had no transactions requiring disclosure under SEC regulations since January 1, 2025. Whittaker will receive a base salary and benefits consistent with the company’s current executive compensation practices, as described in its most recent proxy statement.
The information in this article is based on a statement released in a Securities and Exchange Commission filing. City Holding has maintained a strong dividend track record, having raised its dividend for 14 consecutive years and maintaining payments for 24 years straight, with a current yield of 2.91%. InvestingPro subscribers can access additional insights, including 6 more ProTips and detailed financial metrics about the company’s performance.
In other recent news, City Holding Company announced a 10 percent increase in its quarterly dividend, raising it to 87 cents per common share. This adjustment elevates the annualized dividend to $3.48 per share, with the payout scheduled for October 31, 2025. Additionally, Keefe, Bruyette & Woods raised its price target for City Holding to $135 from $125, maintaining a Market Perform rating. The firm attributed this adjustment to a strong quarter characterized by an earnings beat driven by net interest income and improvements in provisions. Notably, City Holding’s net interest margin expanded by 11 basis points, reaching 3.95% compared to 3.84% in the previous quarter. The company also reported a growth improvement of 5%. These developments highlight City Holding’s recent financial performance and strategic decisions.
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