News Alert: Premier Financial Bancorp, Inc. (NASDAQ:PFBI)

Shares of Premier Financial Bancorp, Inc. (NASDAQ:PFBI) have been recently spotted trading -13.00% off of the 52-week high price. On the other end, company shares have been noted 18.81% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 16.78 – 22.92. Switching over to some distances from popular moving averages, we see that the stock has been recorded 8.19% away from the 50 day moving average and 1.94% away from the 200 day moving average. Moving closer, we can see that shares have been trading 5.28% off of the 20-day moving average.

Premier Financial Bancorp, Inc. moved with change of 1.06% to $19.94 with the total traded volume of 10581 shares versus to an average volume of 13.92K. The stock was up in the 5 days activity 4.01%. The one month performance of stock was 3.19%. PFBI shares are at -3.24% for the quarter and driving a -3.99% return over the course of the past year and is now at -1.74% since this point in 2018.  Right now PFBI beta is 0.45. The average volatility for the week and month was at 2.55% 2.94% respectively.

PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ:PFBI), a $1.5 billion community financial holding company with two bank subsidiaries, and First Bank of Charleston, Inc. (“First Bank”), a $189 million bank headquartered in Charleston, West Virginia jointly announce that they have entered into a definitive agreement whereby Premier will acquire First Bank, for a combination of cash and stock currently valued at approximately $33.0 million, or $32.00 per First Bank share.  In conjunction with the acquisition by Premier, First Bank will be merged into Premier Bank, Inc., a wholly owned subsidiary of Premier also headquartered in Huntington, West Virginia.  The resulting merger will expand Premier Bank’s full service footprint into the Charleston, West Virginia market place.

First Bank President and CEO Larry Stark stated, “I have personally known Bob Walker and Premier’s management team for a great number of years.  Under their management, Premier has become an exceptional company while retaining their community bank atmosphere.  We are pleased they chose First Bank as their partner as Premier strategically expands into the Charleston marketplace.  I firmly believe this merger will be a success for our shareholders, customers, employees, and communities.”

Under terms of the definitive agreement, First Bank shareholders will be entitled to a combination of Premier common stock and cash currently valued at approximately $32.00 per First Bank share, or an aggregate value of $33.0 million, including $5.00 in cash from Premier and a $5.00 special dividend from First Bank.  Under a floating exchange ratio, Premier would issue common stock valued at approximately $22.00 per First Bank share, or approximately 1.15 million shares assuming yesterday’s closing price of $19.73 per share for Premier.  The transaction, which is subject to satisfaction of various contractual conditions, requires approval by bank regulatory agencies and the shareholders of First Bank and approval of Premier shareholders for the issuance of shares.  The transaction is anticipated to close in the fourth quarter of 2018, with a systems conversion anticipated to be completed soon thereafter.  Baxter Fentriss and Company served as financial advisor to Premier and FIG Partners, LLC served as financial advisor to First Bank.

Albert Cuevas

Albert Cuevas also covers the business news across all market sectors for website. He also has an enormous knowledge of stock market. He holds an MBA degree from University of Florida. Albert has more than 10 years of experience in writing financial and market news. He previously worked at a number of companies in different role including web developer, software engineer and product manager. He also covers Business news section for our site. Address: 1036 Stroop Hill Road, ELMER, New Jersey Email: Albert@newscontrol.info

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