Premier Financial to acquire First Bank Of Charleston in $33M deal
Premier Financial and First Bank of Charleston, a $189M bank headquartered in Charleston, West Virginia jointly announce that they have entered into a definitive agreement whereby Premier will acquire First Bank, for a combination of cash and stock currently valued at approximately $33M, or $32.00 per First Bank share. In conjunction with the acquisition by Premier, First Bank will be merged into Premier Bank, a wholly owned subsidiary of Premier also headquartered in Huntington, West Virginia. The resulting merger will expand Premier Bank's full service footprint into the Charleston, West Virginia market place. Under terms of the definitive agreement, First Bank shareholders will be entitled to a combination of Premier common stock and cash currently valued at approximately $32.00 per First Bank share, or an aggregate value of $33M, including $5.00 in cash from Premier and a $5.00 special dividend from First Bank. Under a floating exchange ratio, Premier would issue common stock valued at approximately $22.00 per First Bank share, or approximately 1.15M shares assuming yesterday's closing price of $19.73 per share for Premier. The transaction, which is subject to satisfaction of various contractual conditions, requires approval by bank regulatory agencies and the shareholders of First Bank and approval of Premier shareholders for the issuance of shares. The transaction is anticipated to close in the fourth quarter of 2018, with a systems conversion anticipated to be completed soon thereafter.