Published:
Premier Financial Bancorp, Inc. Announces Completion of Citizens First Bank Acquisition
HUNTINGTON, W.Va., May 1 /PRNewswire-FirstCall/ -- PREMIER FINANCIAL
BANCORP, INC. (PREMIER), (Nasdaq: PFBI), a $564 million community bank holding
company with five bank subsidiaries as of March 31, 2008, announced that its
acquisition of Citizens First Bank, Inc. ("Citizens First") was completed
effective with the close of business on April 30, 2008. Citizens First, a $62
million bank (as of March 31, 2008) headquartered inRavenswood, West
Virginia, will expand Premier's banking franchise intoJackson County, West
Virginia with locations inRavenswood andRipley. Under terms of the
definitive agreement of merger dated October 24, 2007, each share of Citizens
First common stock will be entitled to merger consideration of $13.25 cash and
1.20 shares of Premier common stock. Premier will issue approximately 480,000
shares of its common stock and pay in total approximately $5.3 million in cash
to the shareholders of Citizens First. The cash portion of the merger
consideration was funded from cash on hand of Premier. The value of the
transaction is estimated at $11.7 million.
Premier recently reported its financial results for the first quarter of
2008. Premier realized income of $1,774,000 during the quarter ending March
31, 2008, compared to $1,786,000 of net income reported for the first quarter
of 2007. On a per share basis, Premier earned $0.34 during the first quarter
2008, unchanged from the $0.34 per share earned during the first quarter of
2007. The slight decrease in net income in 2008 was primarily the result of a
$212,000 decrease in non-recurring non-interest income, substantially offset
by a 3.1% increase in other types of non-interest income, a 1.5% increase in
net interest income and a $135,000 negative provision for loan losses.
Certain Statements contained in this news release, including without
limitation statements including the word "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking statements"
within the meaning of section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Premier to be materially different
from any future results, performance or achievements of Premier expressed or
implied by such forward-looking statements. Such factors include, among
others, general economic and business conditions, changes in business strategy
or development plans and other factors referenced in this press release. Given
these uncertainties, prospective investors are cautioned not to place undue
reliance on such forward-looking statements. Premier disclaims any obligation
to update any such factors or to publicly announce the results of any
revisions to any of the forward-looking statements contained herein to reflect
future events or developments.
SOURCE Premier Financial Bancorp, Inc.
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