Summit to Buy PSB in $54M Deal
Transaction follows Summit’s purchase of four MVB Bank branches last year
- Written by Banking Exchange staff
West Virginia-based Summit Financial Group is to acquire Maryland’s PSB Holding Corp in a deal worth approximately $53.9 million.
In a joint statement, the two companies said PSB’s subsidiary Provident State Bank would merge into Summit Community Bank at the completion of the transaction.
Together, the combined company would have approximately $4.5 billion in total assets, $3.6 billion in total deposits, and a loan book worth $3.5 billion.
It follows Summit’s purchase last year of four branches and two drive-through facilities in West Virginia from MVB Bank, adding $167 million in deposits and $55 million in loans to its balance sheet.
Summit’s president and chief executive officer H Charles Maddy III described PSB as “a financially strong and exceptionally well-managed bank possessing a culture and core values similar to ours”.
He added that the combination would expand Summit’s branch network, allowing “both PSB’s and Summit’s clients the added convenience of enhanced banking services at more locations”.
“Our top priority now is to assure PSB’s clients experience a smooth transition,” Maddy said.
Melissa Quirk, president and CEO of Provident State Bank, said: “Summit is just as committed to community banking as we are. Together we will continue our commitment to the communities that we serve, with the personal banking experience our customers expect. By joining forces, we can continue to bring opportunities and benefits to our shareholders, customers, and communities.”
The deal is subject to regulatory and shareholder approval and is expected to complete in the second quarter of 2023.
Summit has branches across Virginia, Washington DC, Virginia, and Kentucky, and the PSB acquisition will add nine locations in Maryland and one in Delaware.
Tagged under Management, Feature, M&A, Feature3, Community Banking,
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