HUNTINGTON -- Premier Financial Bancorp Thursday announced it has received approval to merge five banking subsidiaries to form Premier Bank with 23 locations in West Virginia, Virginia, Washington, D.C., and Maryland.
The merger will include Boone County Bank in Madison, W.Va.; First Central Bank in Philippi, W.Va.; Traders Bank in Ravenswood, W.Va.; Adams National Bank in Washington, D.C.; and Consolidated Bank and Trust in Richmond, Va.
The resulting bank will be headquartered in Huntington and would have total assets of approximately $822.9 million, total deposits of $689.6 million, liquid assets of $101.5 million and Tier I capital of $79.1 million.
"We are proud of the network of community bank franchises that we have built. But in the current economic and banking environment, size and resources matter," said President and CEO Robert W. Walker. "By combining these five franchises into one, we believe our customers will benefit from the greater network of locations and the increase in the lending limit of the combined bank."
Premier filed applications with the Federal Deposit Insurance Corporation, the West Virginia Board of Banking and Financial Institutions, the Virginia State Corporation Commission Bureau of Financial Institutions, the District of Columbia Department of Insurance Securities and Banking and the Maryland Commission of Financial Regulation. All required approvals have been received, and legal merger date of the five banking institutions is expected to be in 2011.
Premier is $1.2 billion bank holding company and also has subsidiaries in Kentucky and Ohio.