EX-99.1
4
pressrelasetext050108t.htm
TEXT OF PRESS RELEASE ANNOUNCING COMPLETION OF ACQUISITION
pressrelasetext050108t.htm
EXHIBIT
99.1
NEWS FOR IMMEDIATE
RELEASE
CONTACT:
BRIEN M. CHASE,
CFO
MAY 1,
2008
304-525-1600
PREMIER
FINANCIAL BANCORP, INC. ANNOUNCES
COMPLETION
OF TRADERS BANKSHARES, INC. ACQUISITION
PREMIER FINANCIAL BANCORP, INC.
(PREMIER), HUNTINGTON, WEST VIRGINIA (NASDAQ/NMS-PFBI),
a $564 million
community bank holding company with five bank subsidiaries as of March 31 2008,
announced that its acquisition of Traders Bankshares, Inc. ("Traders") was
completed effective with the close of business on April 30,
2008. Traders, a $108 million bank holding company (as of March 31,
2008) headquartered in Spencer, West Virginia, will expand Premier's banking
franchise into Roane, Jackson and Wood counties in West Virginia with locations
in Spencer, Mineral Wells and Ripley. Under terms of the definitive
agreement of merger dated November 27, 2007, each share of Traders common stock
will be entitled to merger consideration of $50.00 cash and 3.75 shares of
Premier common stock. Premier will issue approximately 675,000 shares
of its common stock and pay in total approximately $9.0 million in cash to the
shareholders of Traders. The cash portion of the merger consideration
was funded by proceeds from a borrowing from First Guaranty Bank in Hammond,
Louisiana. The value of the transaction is estimated at $18.1
million.
Premier
recently reported its financial results for the first quarter of
2008. Premier realized income of $1,774,000 during the quarter ending
March 31, 2008, compared to $1,786,000 of net income reported for the first
quarter of 2007. On a per share basis, Premier earned $0.34 during
the first quarter 2008, unchanged from the $0.34 per share earned during the
first quarter of 2007. The slight decrease in net income in 2008 was
primarily the result of a $212,000 decrease in non-recurring non-interest
income, substantially offset by a 3.1% increase in other types of non-interest
income, a 1.5% increase in net interest income and a $135,000 negative provision
for loan losses.
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.

EX - 99 . 1 4 pressrelasetext050108t . htm TEXT OF PRESS RELEASE ANNOUNCING COMPLETION OF ACQUISITION pressrelasetext050108t . htm EXHIBIT 99 . 1 NEWS FOR IMMEDIATE RELEASE CONTACT : BRIEN M . CHASE , CFO MAY 1 , 2008 304 - 525 - 1600 PREMIER FINANCIAL BANCORP , INC . ANNOUNCES COMPLETION OF TRADERS BANKSHARES , INC . ACQUISITION PREMIER FINANCIAL BANCORP , INC . ( PREMIER ) , HUNTINGTON , WEST VIRGINIA ( NASDAQ / NMS - PFBI ) , a $ 564 million community bank holding company with five bank subsidiaries as of March 31 2008 , announced that its acquisition of Traders Bankshares , Inc . ( " Traders " ) was completed effective with the close of business on April 30 , 2008 . Traders , a $ 108 million bank holding company ( as of March 31 , 2008 ) headquartered in Spencer , West Virginia , will expand Premier 's banking franchise into Roane , Jackson and Wood counties in West Virginia with locations in Spencer , Mineral Wells and Ripley . Under terms of the definitive agreement of merger dated November 27 , 2007 , each share of Traders common stock will be entitled to merger consideration of $ 50.00 cash and 3 . 75 shares of Premier common stock . Premier will issue approximately 675,000 shares of its common stock and pay in total approximately $ 9.0 million in cash to the shareholders of Traders . The cash portion of the merger consideration was funded by proceeds from a borrowing from First Guaranty Bank in Hammond , Louisiana . The value of the transaction is estimated at $ 18.1 million . Premier recently reported its financial results for the first quarter of 2008 . Premier realized income of $ 1,774,000 during the quarter ending March 31 , 2008 , compared to $ 1,786,000 of net income reported for the first quarter of 2007 . On a per share basis , Premier earned $ 0.34 during the first quarter 2008 , unchanged from the $ 0.34 per share earned during the first quarter of 2007 . The slight decrease in net income in 2008 was primarily the result of a $ 212,000 decrease in non - recurring non - interest income , substantially offset by a 3 . 1 % increase in other types of non - interest income , a 1 . 5 % increase in net interest income and a $ 135,000 negative provision for loan losses . 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 .