PURCHASE AND ASSUMPTION AGREEMENTPurchase and Assumption Agreement • January 20th, 2009 • Allegheny Bancshares Inc • Savings institution, federally chartered • West Virginia
This Purchase and Assumption Agreement (this “Agreement”) dated as of January , 2009 by and between Citizens National Bank, a national banking association, having its principal place of business at 211 Third Street, Elkins, West Virginia 26241 (“Seller”), and Pendleton Community Bank, Inc., a West Virginia corporation, having its principal place of business at 300 North Main Street, Franklin, West Virginia 26807 (“Buyer”).
ContractPurchase and Assumption Agreement • January 20th, 2009 • Allegheny Bancshares Inc • Savings institution, federally chartered
FRANKLIN, WV – January 13, 2009- Allegheny Bancshares, Inc. (“Allegheny”) announced today that its subsidiary, Pendleton Community Bank (“Pendleton”) and Citizens National Bank of Elkins (“Citizens”) have entered into a Purchase and Assumption Agreement (the “Agreement”) whereby Pendleton will acquire the branches of Citizens located in Petersburg and Marlinton, WV (collectively the “branches”), all of the deposits, and much of the loan portfolios of Citizens in the respective markets.
