Premier Financial Bancorp Announces Consummation of Abigail Adams Merger
01 Outubro 2009 - 8:30AM
PR Newswire (US)
HUNTINGTON, W.Va., Oct. 1 /PRNewswire-FirstCall/ -- 2009 PREMIER
FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ:PFBI), a $734 million
community bank holding company with six bank subsidiaries announced
today that the merger of Abigail Adams National Bancorp, (Adams), a
$382 million bank holding company headquartered in Washington, DC
(NASDAQ:AANB) was consummated effective 12:01 am on October 1,
2009. Under the terms of the merger agreement Premier will issue
0.4461 shares of its common stock for each share of Adams common
stock in a 100% stock exchange. Adams is parent company to two
subsidiary banks, The Adams National Bank, headquartered in
Washington, DC and Consolidated Bank and Trust Company,
headquartered in Richmond, Virginia. Premier's President and CEO
Robert W. Walker commented, "Today certainly marks the beginning of
a new chapter in our company's history, one that we look forward to
eagerly. I extend my congratulations to all of the talented staff
of both organizations that have worked very hard behind the scenes
to bring this merger to a close. Now we face the challenge of
integrating the processes of our combined organization which we
believe will bring additional value to our customers and in turn to
our shareholders." Other conditions precedent to completing the
merger included final approval for Premier's participation in the
Capital Purchase Program subject to satisfaction of standard
closing conditions and the execution of definitive agreements and
closing documents. The amount to be received by Premier was
confirmed by the U.S. Treasury Department this week with an
anticipated closing scheduled for October 2, 2009. 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. DATASOURCE: Premier Financial Bancorp, Inc. CONTACT:
Brien M. Chase, CFO, of Premier Financial Bancorp, +1-304-525-1600
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