Summit Financial To Buy PSB Holding For $53.9 Mln Stock-for-Stock Deal

(RTTNews) - Summit Financial Group, Inc. (SMMF) Monday announced a merger agreement with PSB Holding Corp. The deal is worth $53.9 million. As per the agreement, PSB shareholders will receive 1.2347 shares of Summit common stock for each outstanding share of PSB common stock.

Following the consummation of the merger, PSB's bank subsidiary, Provident State Bank, Inc., will be merged with Summit's bank subsidiary, Summit Community Bank, Inc.