Summit Financial Group to acquire PSB Holding Corp for $35.00 per share

Summit Financial Group and PSB Holding Corp. announce the signing of a definitive merger agreement between Summit and PSB. Subject to the terms of the merger agreement, PSB shareholders will receive 1.2347 shares of Summit common stock for each outstanding share of PSB common stock. Based upon the 20-day average closing price of $28.35 per share of Summit’s common stock through December 8, 2022, this equates to $35.00 per PSB common share and an aggregate transaction value of approximately $53.9 million. As of September 30, 2022, the combined company would have had approximate total assets of $4.5 billion, gross loans of $3.5 billion and deposits of $3.6 billion. The transaction has been approved by each company’s board of directors and is expected to close in the second quarter of 2023, pending regulatory approvals and the approval of PSB’s shareholders. Following consummation of the merger, PSB’s bank subsidiary, Provident State Bank, Inc., will be merged with Summit’s bank subsidiary, Summit Community Bank, Inc.