A Service For Professionals Sunday, November 19, 2017
Contact (202) 540-8337
Company News Today
A Service For Professionals Sunday, November 19, 2017 11614 Sources 416,528,696 Articles 3,022,490 Readers
Contact (202) 540-8337

Mergers & Acquisitions: Premier Financial Agrees To Purchase Of 4 Integra Bank Offices

May 3, 2010 (FinancialWire) — Integra Bank Corp. (NASDAQ: IBNK) and Premier Financial Bancorp, Inc. (NASDAQ: PFBI) announced that Citizens Deposit Bank and Trust has agreed to purchase four banking offices of Integra's wholly-owned bank subsidiary, Integra Bank N.A. (Integra Bank).

The banking offices included are located in Maysville and Mt. Olivet, Kentucky and Ripley and Aberdeen, Ohio. In addition, Citizens has agreed to acquire a pool of commercial and commercial real estate loans from Integra.

Citizens will assume approximately $73.4 million of deposit liabilities related to the four branches and acquire $18.3 million of branch related loans, as well as $38.1 million of additional commercial real estate and $10.6 million of other commercial loans selected by Citizens originated from other Integra offices. The Kentucky branches include approximately $47.3 million of deposits, while the Ohio branches include approximately $26.1 million of deposits. Both Integra and Citizens expect that the branch purchase transaction will have a minimal impact on the liquidity of either company, as it has been designed to minimize the amount of cash required from either party. In a separate loan purchase agreement, Citizens has also agreed to purchase $15.0 million of additional commercial loans at 98% of their outstanding principal balance.

Citizens will pay a deposit premium for the deposit liabilities it assumes and will also acquire the commercial and commercial real estate loans included in the branch sale transaction at par value. The final deposit premium will be determined at the closing date and is dependent upon the deposit mix and balances at each of the branches but is estimated to approximate 3.38%. The four banking offices will be sold at their book values, as will the fixed assets. The transaction is subject to customary closing conditions, including regulatory approval. The parties expect the loan purchase transaction to close in the second quarter of 2010, and the branch sale transaction to close in the third quarter of 2010.

After completion of this transaction, Citizens will have ten banking centers in Kentucky and two in Ohio, with total assets of approximately $197 million and deposits of approximately $175 million.

Streaming Research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate, courtesy of Stock Smart (at http://investrend.stocksmart.com/ss/html/hpcompany.html).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

[frlylrf] [bnkngnknb] [mrgrsacqstns]

Powered by EIN Presswire