Premier Financial Bancorp in Huntington, W.Va., has consolidated five of its banks into one that it has branded Premier Bank.
The $1.2 billion-asset company said in a Monday press release that the merger, completed on April 8, created an $820 million-asset bank with a leverage ratio of 9.87% and a total risk-based capital ratio of 17.68%, as of Dec. 31.
Premier Financial said it would form five divisions with each having a president. The company plans to open a loan operations center in Ravenswood, W.Va., and a deposit operations center in Madison, W.Va. It owns three banks in Kentucky and Ohio.
The consolidation was announced in September. It involved Boone County Bank in Madison, W.Va.; First Central Bank in Philippi, W.Va.; Traders Bank in Ravenswood, W.Va.; Adams National Bank in Washington; and Consolidated Bank and Trust in Richmond, Va.
Premier Financial said last year that the consolidation would prop up Adams National and Consolidated Bank units, which it obtained with its October 2009 purchase of Abigail Adams National Bancorp Inc.