Premier Community Bankshares, Inc. Completes Acquisition of Albemarle First Bank
03 Juli 2006 - 10:32PM
PR Newswire (US)
WINCHESTER, Va. and CHARLOTTESVILLE, Va., July 3
/PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc.
(NASDAQ:PREM) announced today that it completed the acquisition of
Albemarle First Bank (NASDAQ:AFBK) effective as of July 1, 2006.
Under the terms of the transaction, Albemarle First was merged into
Rockingham Heritage Bank, a wholly owned subsidiary of Premier, and
will continue operations as Albemarle First Bank, a separate
division of Rockingham Heritage. The merger has resulted in an
institution with combined assets of over $850 million and a network
of 24 full-service banking locations in Virginia and West Virginia.
Pursuant to the merger agreement, each shareholder of Albemarle
First could elect to receive $15.80 per Albemarle First share in
Premier common stock, cash or a combination thereof, subject to an
overall limitation of cash consideration in the merger equal to 50%
of total consideration. Because cash elections by the shareholders
of Albemarle First slightly exceeded the 50% limitation, each share
of Albemarle First held by those shareholders that elected cash
were converted into approximately $14.36 of cash and 0.06854 shares
of Premier common stock. For those shareholders that elected stock
or made no election, each share of Albemarle First was converted
into 0.75077 shares of Premier common stock. John K. Stephens,
President and Chief Executive Officer of Rockingham Heritage Bank,
stated, "We are pleased to welcome the customers, shareholders and
employees of Albemarle First to the Premier family of banks. We
look forward to serving Albemarle's customers and the Greater
Charlottesville community with an expanded offering of financial
products and services." Thomas M. Boyd, Jr., Albemarle First Bank's
President and Chief Executive Officer stated, "We are delighted to
join the Premier family of banks. Premier is an outstanding bank
holding company with an excellent track record of enhancing
shareholder value and providing outstanding customer service." In
addition to Mr. Boyd, two former members of Albemarle First's board
of directors, Thomas L. Beasley and James A. Fernald III, have
joined the Rockingham Heritage board. Mr. Boyd has also joined the
board of Premier, and a separate advisory board of Albemarle First
will be established for the greater Charlottesville market. Premier
is the holding company for the Marathon Bank and Rockingham
Heritage Bank in Virginia and Premier Bank in West Virginia and had
total consolidated assets of $698 million as of March 31, 2006. The
three subsidiary banks have branch offices serving the Shenandoah
Valley region of Virginia and the eastern panhandle of West
Virginia. Albemarle First Bank has three branches in the
Charlottesville, Virginia area and had total assets of $123 million
as of March 31, 2006. This press release may contain
forward-looking statements, as defined by federal securities laws,
which may involve significant risks and uncertainties. The
statements are based on estimates and assumptions made by
management in conjunction with other factors deemed appropriate
under the circumstances. Actual results could differ materially
from current projections. Readers are encouraged to read filings
the company has made with the Securities and Exchange Commission
for additional information. DATASOURCE: Premier Community
Bankshares, Inc. CONTACT: Barbara Morris of Premier Community
Bankshares, Inc., +1-540-869-6600 ext. 1010
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