The resulting community banking organisation will have consolidated assets of approximately $1.2 billion said Premier Financial

Premier Financial Bancorp, a community bank holding company with six bank subsidiaries, has entered into a definitive agreement to acquire Abigail Adams National Bancorp, a bank holding company headquartered in Washington, DC, in a 100% stock exchange valued at approximately $10.9 million.

 

The resulting community banking organisation will have consolidated assets of approximately $1.2 billion, with approximately $950 million in total deposits and $800 million in total loans, .

 

Under the terms of the definitive agreement, each share of Adams common stock will be converted into 0.45 shares of Premier common stock. Premier anticipates that it will issue approximately 1.55 million shares of its common stock.

 

The transaction, which is subject to satisfaction of various contractual conditions and requires approval by regulatory agencies and the shareholders of Adams and Premier, is anticipated to close in the first half of 2009.

 

Robert Walker, president and CEO of Premier, said: We believe the merger with Adams presents us with another opportunity to revitalise an organisation to become a healthy and profitable community banking institution.

 

Lou Akers, executive vice president of Adams National Bank, a subsidiary of Abigail Adams, said: 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 Premier’s network of affiliated community banks, we will be able to complement Adams’s current loan and deposit products.