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Premier Financial Bancorp amends merger terms with Abigail Adams National Bancorp.

Global Banking News-19 June 2009-Premier Financial Bancorp amends merger terms with Abigail Adams National Bancorp(C)2009 ENPublishing -

Global Banking News - 19 June 2009(c)2005 - Electronic News Publishing -

Premier Financial Bancorp Inc (NASDAQ: PFBI) (Premier) has announced that Premier and Abigail Adams National Bancorp Inc (NASDAQ: AANB) have amended their merger agreement to extend the deadline for merger completion to September 30, 2009 and to reduce the minimum amount of US Treasury Department's Capital Purchase Programme funds required to complete the merger to USD20m.

On December 31, 2008, Premier and Washington, DC-based Adams reached an agreement to merge Adams into Premier whereby Adams stockholders would receive 0.4461 shares of Premier common stock for each share of Adams common stock that they owned. The original agreement stipulated that the agreement could be terminated if the closing of the merger does not occur on or before June 30, 2009.

'It only makes sense to extend the merger deadline date to the end of September to give the shareholders of both companies time to meet and decide on the merger,' said Brien M Chase, Premier's senior vice president and chief financial officer.

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Publication:Global Banking News (GBN)
Date:Jun 19, 2009
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