September 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Premier Financial Bancorp, Inc. (NASDAQ: PFBI), a West Virginia-based bank holding company with eight bank subsidiaries, said that it has filed applications with state and federal banking regulatory authorities to merge its three wholly owned West Virginia banks and two other subsidiary banks.

The combined entity will form a nearly $800 million West Virginia chartered bank with 22 locations in West Virginia, Virginia, Washington, DC and Maryland.

Premier president and CEO Robert W. Walker said that, “…in current economic and banking environment, size and resources matter.

He said that by combining the five franchises into one, the bank’s customers will benefit from the greater network of locations and the increase in the lending limit of the combined bank.

Premier said it has filed applications with the Federal Deposit Insurance Corp., the West Virginia Board of Banking and Financial Institutions, the Virginia State Corporation Commission Bureau of Financial Institutions, the District of Columbia Department of Insurance Securities and Banking and the Maryland Commission of Financial Regulation.

If approved by the regulatory authorities, Premier will merge Boone County Bank, headquartered in Madison, West Virginia; First Central Bank, headquartered in Philippi, West Virginia; Traders Bank, Inc., headquartered in Ravenswood, West Virginia; Adams National Bank, headquartered in Washington, DC and Consolidated Bank and Trust, headquartered in Richmond, Virginia.  

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