Premier Financial Bancorp (PFBI) in Huntington, W.Va., has agreed to buy Gassaway Bancshares in Gassaway, W.Va.
The $1.1 billion-asset Premier said Tuesday that it will pay roughly $20.3 million in cash for the parent of the $165 million-asset Bank of Gassaway. Premier will pick up five branches; it expects to complete the purchase in the second quarter.
"I have had several discussions with [Gassaway's] senior management team and they do business the way we like to do business, on a personal level," Robert Walker, Premier's president and chief executive, said in a press release. "As a cash purchase, the earnings from the Bank of Gassaway locations will become immediately accretive to Premier's earnings upon consummation of the merger."
Baxter Fentriss and Co. advised Gassaway Bancshares during negotiations.