PREMIER FINANCIAL BANCORP, INC. (NASDAQ:PFBI) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03. Creation of a Direct Financial Obligation
On September 24, 2018, Premier Financial Bancorp, Inc. (“Premier”) executed and delivered to The Bankers’ Bank of Kentucky, Inc. of Frankfort, Kentucky (“Bankers’ Bank”) a Line of Credit Renewal Agreement dated September 7, 2018 extending the right to request and receive monies from Bankers’ Bank on Premier’s existing line of credit until September 7, 2019. The line of credit renewal maintained the principal amount of $5,000,000, bearing interest floating daily at the “JP Morgan Chase” prime rate (currently 5.00%), with a floor of 4.50%. Under the terms of the original Promissory Note, Premier may request and receive advances from Bankers’ Bank from time to time, but the aggregate outstanding principal balance under the Promissory Note at any time shall not exceed $5,000,000. Accrued interest on amounts outstanding is payable quarterly, and any amounts outstanding are payable on demand or on September 7, 2019. The Promissory Note is secured by a pledge of 50% of Premier’s interest in Citizens Deposit Bank and Trust, Inc. (a wholly owned subsidiary) under a Stock Pledge and Security Agreement dated September 7, 2012. At the time of the execution of this Line of Credit Renewal Agreement, Premier had no outstanding balance on this line of credit with Bankers’ Bank and no other debt obligations with Bankers’ Bank.
Item 9.01. Financial Statements and Exhibits
PREMIER FINANCIAL BANCORP INC ExhibitEX-10.4 2 bbkylocrenewal090718.htm RENEWAL OF LINE OF CREDIT WITH BBKY AS OF SEPTEMBER 7,…To view the full exhibit click here
About PREMIER FINANCIAL BANCORP, INC. (NASDAQ:PFBI)
Premier Financial Bancorp, Inc. (Premier) is a multi-bank holding company. The Company’s banking subsidiaries (the Banks or Affiliate Banks) consist of Citizens Deposit Bank and Trust, Inc., Vanceburg, Kentucky and Premier Bank, Inc., Huntington, West Virginia. Through the Banks, the Company focuses on providing community banking services to individuals and small-to-medium sized businesses. The Banks provide a range of retail and commercial banking services, including commercial, real estate, agricultural and consumer lending; depository and funds transfer services; collections; safe deposit boxes; cash management services; and other services tailored for both individuals and businesses. The Company operates over nine banking offices in Kentucky, approximately five banking offices in Ohio, over 30 banking offices in West Virginia, approximately four banking offices in Washington, DC, over one banking offices in Maryland and approximately four banking offices in Virginia.