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 Registrant

On June 27, 2019, Premier Financial Bancorp, Inc. (“Premier”) executed and delivered to First Guaranty Bank, of Hammond, Louisiana a Change in Terms Agreement dated June 24, 2019 that modified Premier’s existing Promissory Note #260024914 for a line of credit from the bank (“Line of Credit”). The right to request and receive monies from First Guaranty Bank on the Line of Credit was extended from June 30, 2019 to July 1, 2022. The interest rate on the Line of Credit was changed to a daily floating interest rate indexed to the Wall Street Journal Prime Rate (currently 5.50%) with an interest rate floor of 4.25% per annum through the modified July 1, 2022 maturity date. The principal amount of the Line of Credit was increased from $3.0 million to $6.0 million. Accrued interest on amounts outstanding will continue to be payable monthly, and any amounts outstanding on the Line of Credit are payable on demand or on July 1, 2022. Premier currently has no outstanding balance on this line of credit.

The Line of Credit from the bank is secured by a pledge of 2,500 shares, constituting 25% of Premier’s ownership interest in Premier Bank, Inc. (a wholly owned subsidiary of Premier) under a Commercial Pledge Agreement dated June 30, 2012. Premier’s $12,000,000 Term Loan from First Guaranty Bank dated August 26, 2015, secured by the pledge of the same 25% of Premier’s interest in Premier Bank, Inc. was paid in full on June 26, 2019.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit 10.1 – Change in Terms Agreement between Premier Financial Bancorp, Inc. and First Guaranty Bank, Hammond, Louisiana, executed on June 27, 2019, extending the maturity date of the Line of Credit to July 1, 2022, changing the interest rate to a daily floating rate indexed to the Wall Street Journal Prime Rate, and increasing the principal balance from $3.0 million to $6.0 million.

Exhibit 10.2 – Commercial Pledge Agreement between Premier Financial Bancorp, Inc. and First Guaranty Bank, Hammond, Louisiana, dated June 30, 2012 filed as Exhibit 10.3 to Premier’s Form 8-K dated June 29, 2012 is incorporated herein by reference.

Exhibit 10.3 – Commercial Pledge Agreement between Premier Financial Bancorp, Inc. and First Guaranty Bank, Hammond, Louisiana, dated August 26, 2015 filed as Exhibit 10.3 to Premier’s Form 8-K dated August 26, 2015 is incorporated herein by reference.

PREMIER FINANCIAL BANCORP, INC,

INFORMATION TO BE INCLUDED IN THE REPORT

PREMIER FINANCIAL BANCORP INC Exhibit
EX-10.1 2 fgbcita062719.htm CHANGE IN TERMS AGREEMENT WITH FIRST GUARANTY BANK – JUNE 27,…
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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.