Premier to acquire Bank of Gassaway - Beckley, Bluefield & Lewisburg News, Weather, Sports

Premier to acquire Bank of Gassaway

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Premier Bancorp has agreed to buy Gassaway Bancshares and its subsidiary Bank of Gassaway in a $20.3 million deal announced Nov. 19.

Premier is a $1.1 billion community bank holding company with two bank subsidiaries: Premier Bank, with locations in West Virginia, Virginia, Maryland and the District of Columbia; and Citizens Deposit Bank, a $366 million bank with locations in Ohio and Kentucky. It is based in Huntington.

"The Bank of Gassaway is a natural fit to expand Premier's branch network into Braxton and Clay counties with locations in Gassaway, Sutton, Flatwoods, Clay and Burnsville and geographically connects our Traders Division locations in Ripley and Spencer with our First Central Division locations in Buckhannon, Bridgeport and Philippi," Premier President and CEO Robert W. Walker said in a news release.

Premier plans to merge Bank of Gassaway's five branch locations into Premier's operating system early in the second quarter of 2014. The transaction is anticipated to close early in the second quarter of 2014.