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Premier Financial completes acquisition of First Bank of Charleston

Huntington, W.Va.-based Premier Financial Bancorp Inc. completed its acquisition of in-state peer First Bank of Charleston Inc., effective Oct. 12.

Upon closing, First Bank of Charleston merged into Premier Bank Inc.

For each share held, First Bank of Charleston shareholders were entitled to receive 1.199 shares of Premier's common stock and $5.00 in cash. Premier issued approximately 1.249 million common shares under the deal.

The $33 million deal expands Premier Bank's footprint into the Charleston, W.Va., marketplace.

As of June 30, Premier Bank had $1.08 billion in assets, while First Bank of Charleston had $180.0 million in assets.