HUNTINGTON, W.Va., Oct. 28, 2019 /PRNewswire/ -- PREMIER
FINANCIAL BANCORP, INC. (PREMIER) (NASDAQ/GMS-PFBI), a
$1.7 billion community financial
holding company with two bank subsidiaries announced that its
acquisition of The First National Bank of Jackson ("Jackson Bank"), a $104
million bank (as of June 30,
2019) headquartered in Jackson,
Kentucky, was completed effective with the close of business
on October 25, 2019. Under
terms of an agreement of merger dated July
8, 2019, Citizens Deposit Bank and Trust ("Citizens
Deposit"), Premier's wholly owned subsidiary headquartered in
Vanceburg, Kentucky, acquired
Jackson Bank in a cash purchase
valued at approximately $14.8
million. In conjunction with the acquisition by
Citizens Deposit, Jackson Bank was
merged into Citizens Deposit. The resulting merger will
expand Citizens Deposit's full service footprint into the
Jackson, Kentucky market
place.
Premier President and CEO Robert W.
Walker commented, "We are pleased to announce the completion
of the acquisition as we continue to expand our footprint in the
Kentucky market. As a cash
purchase, the earnings from the two Jackson
Bank locations should become immediately accretive to
Premier's earnings. We look forward to including the
customers of Jackson Bank in the
family of Premier Financial Bancorp's community banking
franchise."
Jackson Bank President and CEO
P. J. Sheffel stated, "We are
excited by the opportunity to merge with Citizens Deposit and
Premier. We believe Premier is a vibrant and growing
community bank franchise. Their management team has a history
of operating banks that are strong, healthy performers within their
local communities with an inviting, friendly community bank
atmosphere. Through Citizens Deposit's network of branch
locations all along the Ohio River from Florence and Fort
Wright, Kentucky in the Cincinnati Metro Area to Proctorville, Ohio and Huntington, West Virginia, we believe our
customers will not only enjoy the expansion in locations in which
to bank but also enjoy Citizens Deposit's ever-increasing modern
financial products and services. Due to First National Bank
of Jackson having a 110-year history of serving Jackson,
Breathitt County, and surrounding
areas, it was vitally important to us to choose a merger partner
that would ensure the community service our area has become
accustomed to and expect to continue for years to come. We
sincerely believe we have found that with Citizens Deposit and
Premier.
Citizens Deposit President and CEO Michael R. Mineer added, "We are pleased that
Jackson Bank chose to merge with
Citizens Deposit. As a community bank we understand the need
to take care of the communities in which we serve through our
financial services and community style service. We will continue to
provide great customer service based on sound banking practices
along with new technologies that will allow even greater
connectivity to our bank such as internet and mobile banking,
electronic bank statements, and checking accounts with fraud
prevention features such as 'Debit Card Secure Lock,' as well as
credit monitoring services and alerts that help customers manage
their personal financial information and help detect identity
fraud. We are delighted to be able to expand our footprint and
provide more services and locations for our new customers."
Premier President and CEO Robert W.
Walker continued, "Premier recently announced its third
quarter 2019 financial results. Premier realized net income
of $6,267,000 (43 cents per diluted share) during the quarter
ended September 30, 2019, a 24.8%
increase from the $5,021,000 of net
income reported for the third quarter of 2018. The increase
in net income during the third quarter of 2019 is largely due to
increases in loan interest income and investment interest income
which more than offset increases in interest expense and
non-interest expense. On a diluted per share basis, Premier
earned $0.43 during the third quarter
of 2019 compared to $0.37 per share
earned during the third quarter of 2018. For the first nine
months of 2019 Premier realized net income of $18,302,000 ($1.24
per diluted share), a 26.0% increase over the $14,529,000 ($1.08
per diluted share) earned during the first nine months of
2018."
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.
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SOURCE Premier Financial Bancorp, Inc.