Premier Financial Bancorp Inc. in Huntington, W.Va., plans to roll up five of its unit banks into one.

The $1.1 billion-asset multibank holding company said Tuesday it would merge these units: 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. The combined entity would have $800 million of assets.

Yet first the plan must be approved by the Federal Deposit Insurance Corp. and state regulators for West Virginia, Virginia and Maryland as well as the District of Columbia's regulator.

Premier said the combined entity would exceed regulatory standards for well-capitalized institutions.

Also, it said the combination would help the Adams National and Consolidated Bank units work through their troubled loans and comply with regulatory orders.

"It has become clear to Premier that continuing to operate Adams National Bank or Consolidated Bank and Trust as independently chartered banks for the extended period of time required to address the items in their respective regulatory agreements runs the risk of overtaxing the resources of the company," Robert W. Walker, Premier's president and chief executive, said in a press release.

Premier acquired those banks in October 2009 as part of its $10.9 million deal with Abigail Adams National Bancorp Inc. At the time, the Abigail Adams bank units were troubled, and problem credits have persisted.

At June 30, 22.3% of Adams National's loan portfolio was noncurrent and 13.5% of Consolidated's portfolio was noncurrent.

Walker said in the press release that the consolidation also was prompted by anticipation of the costs of complying with the financial regulatory overhaul.

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