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“Consistent, stable stories in the banking industry are the ones that do
the best over a long period of time in and out of various cycles … That’s
really what you get with City.”
Catherine Mealor / Keefe, Bruyette & Woods
get mad at their existing institution and start
Chief Financial Officer David Bumgarner. “We
looking for something else,” he says. “Being ac-
will do some mortgage loans exceeding half a mil-
tive in our communities helps City to be top of
lion dollars, but our bread and butter is more at
mind as the customer looks for a new bank.”
that lower level,” he says.
As of June 30, 2022, City had the third-highest
Being one of the main players in its markets
deposit market share in Charleston, West Virginia,
also means a lower employee turnover rate. Quin-
with 15.21% of total deposits in that metro area,
lan pegs the average employee tenure around 11
according to the Federal Deposit Insurance Corp.
years across the organization. While there’s some-
With 7.75% of all deposits across West Virginia,
what higher turnover among branch staff, it’s also
City had the fourth-highest deposit share in the
not unheard of to celebrate workers with decades
state, behind Truist Financial Corp., United Bank-
of experience at City.
shares, also in Charleston, and Wesbanco, based
in Wheeling.
“It’s not unusual for staff members to have 30,
35 years of experience in these markets,” Hage-
Retail lending, primarily residential mortgages,
boeck says. “It makes running the bank a lot eas-
made up around half of the bank’s loan portfolio
ier when you have that kind of tenure. And that
as of the second quarter of 2023. City has made
kind of tenure also gets you strong employee en-
the choice to keep all the mortgage loans it makes
gagement.”
on its books, and keep servicing in its branches
Quinlan attributes that high level of engage-
and call centers, rather than sell those loans on
ment to Hageboeck, who attends new employee
the secondary market. Quinlan says that’s ulti-
orientations either in person or virtually. Front-
mately proven to be a competitive advantage with
line and retail employees regularly interact with
customers and gives the bank some extra word-of-
branch, district and regional managers, he adds.
mouth marketing.
City has completed seven acquisitions under
The relatively low housing prices in its markets
Hageboeck’s leadership, most recently closing
— around $175,000 to $200,000 — work in
on Citizens Commerce Bancshares in Versailles,
City’s favor. Consumers are generally taking out
Kentucky, in March 2023. That deal added around
modest mortgages well within their means, says
$336 million in assets and $302 million in depos-