Premier Financial Bancorp, Inc. Selected to Participate in U.S. Treasury Capital Purchase Plan
April 22 2009 - 2:50PM
PR Newswire (US)
HUNTINGTON, W.Va., April 22 /PRNewswire-FirstCall/ -- Premier
Financial Bancorp, Inc. (Premier), (NASDAQ:PFBI), a $724 million
community bank holding company with six bank subsidiaries announced
today that it has received preliminary approval for the sale of up
to $24.1 million of preferred stock and related common warrants
under the U.S. Treasury Department's Capital Purchase Program. This
approval is subject to satisfaction of standard closing conditions
and the execution of definitive agreements and closing documents.
The amount is subject to change based upon confirmation by the U.S.
Treasury Department of Premier's eligible risk-weighted assets as
of the latest calendar quarter prior to closing. President and CEO,
Robert W. Walker, commented regarding the approval, "We are pleased
to have received approval to participate in the Capital Purchase
Program as this was one of the conditions precedent to completing
the merger with Abigail Adams. We can now proceed with other
required regulatory filings to allow our respective shareholders to
vote on the transaction." On December 31, 2008, Premier announced
an agreement to acquire Abigail Adams National Bancorp, Inc.
(Adams), a $424 million bank holding company headquartered in
Washington, DC (NASDAQ:AANB). Under the terms of the 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, Adams National Bank, headquartered
in Washington, DC and Consolidated Bank & Trust, headquartered
in Richmond, Virginia. The transaction, which is subject to
satisfaction of various contractual conditions, requires approval
by regulatory agencies and the shareholders of Adams and Premier.
Under the Capital Purchase Program, which is part of the Emergency
Economic Stabilization Act, the Treasury Department has agreed to
buy preferred stock and related common warrants in qualifying U.S.
controlled banks, savings associations, and certain bank and
savings and loan holding companies engaged only in financial
activities. 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, Premier Financial
Bancorp, Inc., +1-304-525-1600
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