RSS   Newsletter   Contact   Advertise with us

Premier Financial completes acquisition, EPS $1.49

Staff writer ▼ | April 10, 2014
Premier Financial Bancorp, Inc., a $1.1 billion community bank holding company with two bank subsidiaries, announced that the acquisition of the Bank of Gassaway has been completed.
Premier Financial Bancorp
Premier Financial BancorpPremier Financial Bancorp, Inc., a $1.1 billion community bank holding company with two bank subsidiaries, announced that the acquisition of the Bank of Gassaway has been completed.


Gassaway, a $172 million bank headquartered in Gassaway, West Virginia, was purchased by Premier Bank, Inc., Premier's wholly owned bank subsidiary, for $20.25 million under terms of an amended and restated agreement of merger dated January 3, 2014.

Premier President and CEO Robert W. Walker commented, "The Bank of Gassaway is a natural fit to expand Premier Bank's branch network into Braxton and Clay counties with locations in Gassaway, Sutton, Flatwoods, Clay and Burnsville and geographically connects our Traders Division locations in Ripley and Spencer with our First Central Division locations in Buckhannon, Bridgeport and Philippi.

"As a cash purchase, the earnings from the Bank of Gassaway locations will become immediately accretive to Premier's earnings."

Premier Financial Bancorp recently announced record annual net income of $13,229,000 ($1.49 per diluted share) during the year ending December 31, 2013, a 28.2% increase from the $10,323,000 ($1.24 per diluted share) reported for the year ending December 31, 2012. The increase in net income in 2013 was largely due to a decrease in the provision for loan losses and a decrease in operating expenses when compared to 2012 results.

Premier also owns Citizens Deposit Bank, a $363 million bank headquartered in Vanceburg, Kentucky with locations from Proctorville and Ironton, Ohio to Maysville and Eminence, Kentucky.


 

MORE INSIDE POST