SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2019

SUBSEQUENT EVENT [Abstract]

SUBSEQUENT EVENT

NOTE  9 - SUBSEQUENT EVENT

Effective with the close of business on October 25, 2019, Premier completed its purchase of The First National Bank of Jackson (“Jackson”), a $103.6 million national bank (as of September 30, 2019) headquartered in Jackson, Kentucky whereby Citizens Deposit Bank and Trust, Inc., Premier's wholly owned subsidiary, purchased Jackson for $14,560,000 in cash.

Under terms of the Merger Agreement, Citizens purchased all the shares of Jackson common stock for an amount equal to Jackson’s total shareholder equity at the effective time, plus certain adjustments and subsequently merged Jackson with and into Citizens. 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.