PENDING ACQUISITION

12 Months Ended

Dec. 31, 2013

Pending Acquisitions [Abstract]

PENDING ACQUISITION

NOTE 25 – PENDING ACQUISITION

On November 19, 2013, Premier and Gassaway Bancshares, Inc. (“Bancshares”), a $165 million single bank holding company headquartered in Gassaway, West Virginia jointly announced that they had entered into a definitive agreement whereby Premier Bank, Premier’s wholly owned subsidiary, will acquire the Bank of Gassaway, the wholly owned subsidiary of Bancshares, in a cash purchase valued at approximately $20.3 million.  Under terms of the definitive agreement, Premier Bank will pay $20.3 million in cash for the Bank of Gassaway and will merge Bank of Gassaway’s five branch locations into Premier’s operating system in the second quarter of 2014.  The transaction, which is subject to satisfaction of various contractual conditions and requires approval by bank regulatory agencies and the shareholders of Bancshares, is anticipated to close in the second quarter of 2014.