Premier Financial Bancorp in Huntington, W. Va., has agreed to buy First National Bankshares in Ronceverte, W. Va.
The $1.3 billion-asset Premier said in a press release Tuesday that it will pay $26.5 million in cash and stock for the parent of the $261 million-asset First National Bank. The deal is expected to close in the fourth quarter.
"We are excited about the opportunity to once again expand the Premier community bank franchise, this time into a completely new market for our company," Robert Walker, Premier's president and chief executive, said in the release. "Adding First National Bank's network of six branches... will make it Premier Bank's second largest division, with over $226 million in deposits."
Baxter Fentriss served as First National's financial adviser and investment bank.