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.

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