Peoples to buy Premier Financial

Peoples Bancorp in Marietta, Ohio, is buying Premier Financial Bancorp in Huntington, W.Va., in an all-stock transaction worth approximately $292.3 million.

The$1.9 billion Premier Financial has two charters: the $1.3 billion Premier Bank, Inc., in Huntington and the $590 million Citizens Deposit Bank & Trust, Inc., in Vanceburg, W.Va. In total, it operates 48 offices in five states and has $1.2 billion in net loans, and $1.6 billion in deposits.

“We are excited to have the opportunity to join forces with one of the strongest banks in the region,” said Bob Walker, president and CEO of Premier Financial. “Peoples’ community banking model, culture and commitment to high-quality customer service makes Peoples’ an excellent choice for Premier.”

After the deal closes in the third quarter, the combined company will have approximately $6.7 billion in assets, $4.6 billion in loans and $5.5 billion in deposits with 136 locations in Ohio, West Virginia, Kentucky, Maryland, Virginia and Washington, D.C.

“We are excited about our partnership with Premier and the addition of significant scale to enhance our ability to drive future growth and improved profitability,” said Chuck Sulerzyski, President and CEO of the $4.8 billion Peoples. “Premier’s strong core franchise provides a natural extension of our existing markets, as well as entry into attractive markets within Virginia, Maryland and Washington, D.C.”

The transaction is expected to be immediately accretive to Peoples’ estimated earnings before one-time costs, with a tangible book value earn back of approximately 2.6 years, and an internal rate of return in excess of 20 percent.   

Peoples was advised by Raymond James & Associates, Inc., and the law firm of Dinsmore & Shohl LLP.  Premier was advised by Piper Sandler Companies and the law firm of Jackson Kelly PLLC.