Premier Financial (PFBI) Completes Citizens Deposit Bank Consolidation

August 20, 2012 11:57 AM EDT
Premier Financial Bancorp (Nasdaq: PFBI) announced the completion of its plans to merge its $59 million Farmers Deposit Bank franchise and its $107 million Ohio River Bank franchise into its $217 million Citizens Deposit Bank and Trust, Inc. ("Citizens Deposit Bank"). Premier filed applications with state and federal banking regulatory authorities in February 2012 to merge two of its wholly owned banks with and into Citizens Deposit Bank, a Kentucky chartered bank. In the second quarter of 2012, Premier received the required approvals from all federal and state banking regulatory authorities to go ahead with its plans and as of the close of business on Friday, August 17, 2012, the three banks have been merged together.

The combined bank will remain headquartered in Vanceburg, Kentucky and has total assets of $382,000,000, total deposits of $327,000,000, liquid assets of $81,000,000, and Tier I capital of nearly $33,000,000. Pro forma regulatory capital ratios result in the bank remaining well capitalized with a Tier I Leverage Ratio of 8.81%, a Tier I Risk-based Capital Ratio of 15.33% and a Total Risk-based Capital Ratio of 16.58%; ratios which exceed Citizens Deposit Bank's current capital ratios as of June 30, 2012. These levels of capital and liquidity will provide the financial strength management needs to serve the local communities within the combined bank's branch network. The combined bank's locations will run along both sides of the Ohio River from Proctorville, Ohio in the east through Ironton, Ohio; Vanceburg and Maysville, Kentucky to Eminence, Kentucky in the west, just outside of the Louisville, Kentucky suburbs.

In addition to Citizens Deposit Bank, Premier Financial Bancorp owns Premier Bank, Inc., a $751 million bank headquartered in Huntington, West Virginia with 22 offices in West Virginia, Washington, DC, Maryland and Virginia.

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