It’s been a long time coming, but the official end of District-based Adams National Bank appears to be secured.
Regulators approved it to merge with four other banks to become Premier Bank in a deal that is scheduled to close sometime in the second quarter, Adams’ parent Premier Financial Bancorp Inc. announced Thursday.
The deal, which was announced in September, combines Adams with four other banks controlled by Huntington, W.Va.-based Premier Financial: Madison, W.Va.-based Boone County Bank, Philippi, W.Va.-based First Central Bank, Ravenswood, W.Va.-based Traders Bank Inc., and Richmond, Va.-based Consolidated Bank and Trust.
Adams, which was once the largest women-chartered bank in the nation, was acquired by Premier Financial in the fall of 2009 after it faced loan losses that nearly sank the bank.
But the seeds for Adams' eventual merger with the West Virginia banks were planted back in the mid-1990s when West Virginia businessman Marshall Reynolds became the bank’s largest shareholder and began exercising control over the institution, eventually ousting the management. He also is the largest shareholder in Premier Financial Bancorp and owns large stakes in several other banks around the country.
After the merger closes, Premier Bank will be headquartered in Huntington, W.Va., and will have about $823 million in assets.
The bank is still searching for a regional president who will oversee the Washington area after Adams’ former CEO, Duane Bickings, stepped down in November.
bswitzky@bizjournals.com