SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2014

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE  10 – SUBSEQUENT EVENT

Effective with the close of business on April 4, 2014, Premier completed its purchase of the Bank of Gassaway (“Gassaway”), a $178 million bank headquartered in Gassaway, West Virginia.  Under terms of an amended and restated agreement of merger dated January 3, 2014, Premier Bank, Inc., a wholly owned subsidiary of Premier, paid $20.25 million in cash for the Bank of Gassaway and merged Gassaway’s five branch locations into its operating systems.  As of March 31, 2014, Gassaway had total assets of $178 million, total loans of $96 million and total deposits of $160 million.  Management has not yet completed all of the analyses needed to estimate the fair value of the assets and liabilities acquired, both tangible and intangible.