SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2018

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE  8 – SUBSEQUENT EVENT

Effective with the close of business on October 12, 2018, Premier completed its purchase of First Bank of Charleston, Inc. (“First Bank”), a $174.1 million bank (as of September 30, 2018) headquartered in Charleston, West Virginia.  Under terms of an amended and restated agreement of merger dated April 18, 2018, each share of First Bank common stock is entitled to merger consideration of 1.199 shares of Premier common stock and $5.00 cash from Premier.  Premier will issue approximately 1.249 million shares of its common stock to the shareholders of First Bank.  In addition to the cash and shares of common stock from Premier, First Bank shareholders also received a regulatorily approved special dividend of $5.00 per share from the equity of First Bank as part of the acquisition transaction.  The value of the transaction, including the special dividend, is estimated at $32.8 million.  In conjunction with the acquisition by Premier, First Bank was merged into Premier Bank, Inc., a wholly owned subsidiary of Premier.  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.