Premier Financial Bancorp, Inc.

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Ademi LLP is investigating Premier for possible breaches of fiduciary duty and other violations of law in its transaction with Peoples.

Ademi LLP alleges Premier’s financial outlook is excellent and yet Premier shareholders will receive only 0.58 shares of Peoples common stock for each share of Premier common stock, or approximately $19.69 per share, based on Peoples’ 20-day volume weighted average closing price of $33.95 per share as of March 26, 2021. The merger agreement unreasonably limits competing bids for Premier by prohibiting solicitation of further bids, and imposing a termination penalty if Premier accepts a superior bid. Premier insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Premier’ board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Premier.