Exhibit 10.2
CHANGE IN TERMS AGREEMENT
| Principal | Loan Date | Maturity | Loan No | Call / Coll | Account | Officer | Initials |
| $3,000,000.00 | 04-24-2013 | 06-30-2016 | 260024914 | EJD | |||
References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “ * * * “ has been omitted due to text length limitations | |||||||
| Borrower: | Premier Financial Bancorp, Inc. 2883 5th Avenue Huntington, WV 25702 | Lender: | FIRST GUARANTY BANK First Guaranty Square Banking Center 400 East Thomas Street P.O. Box 2009 Hammond, LA 70401-2009 (985) 345-7685 |
| Principal Amount: $3,000,000.00 | Date of Agreement: April 24, 2013 |
DESCRIPTION OF EXISTING INDEBTEDNESS. PROMISSORY NOTE #260024914 DATED JUNE 30, 2012 IN THE ORIGINAL PRINCIPAL AMOUNT OF $2,000,000.00, WITH A CURRENT PRINCIPAL BALANCE OF $0.00.
DESCRIPTION OF COLLATERAL COMMERICAL PLEDGE AGREEMENT DATED JUNE 30, 2012 (2500 SHARES OF PREMIER BANK, INC., STOCK#2).
DESCRIPTION OF CHANGE IN TERMS. EFFECTIVE AS OF THE DATE OF THIS AGREEMENT, THE PRINCIPAL AMOUNT OF THE LOAN IS INCREASED TO $3,000,000.00. THE MATURITY DATE IS CHANGED TO JUNE 30, 2016. THE NEW PAYMENT SCHEDULE IS LISTED BELOW.
ORIGINATION FEE TO BE COLLECTED IN THE AMOUNT OF $30,000.00
DOCUMENTATION FEE TO BE COLLECTED IN THE AMOUNT OF $250.00.
ANNUAL MAINTENANCE FEE WILL BE DUE 1 AND 2 YEARS FROM BOOKING DATE IN THE AMOUNT OF $250.00.
All OTHER TERMS AND CONDITIONS REMAIN THE SAME.
PAYMENT. Borrower will pay this loan in one payment of all outstanding principal plus all accrued unpaid interest on June 30, 2016. In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning June 1, 2013, with all subsequent interest payments to be due on the same day of each month after that until this Agreement is paid in full.
INTEREST CALCULATION METHOD. Interest on this loan is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All Interest payable under this loan is computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated in the loan documents.
CONTINUING VALIDITY. Except as expressly changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification or release, but also to all such subsequent actions.
PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND UNDERSTOOD ALL THE PROVISIIONS OF THIS AGREEMENT.
BORROWER:
PREMIER FINANCIAL BANCORP, INC.
By: /s/ Robert W. Walker______________________________
ROBERT W. WALKER, President & CEO of PREMIER
FINANCIAL BANCORP, INC.
LENDER:
FIRST GUARANTY BANK
X /s/ Eric J. Dosch
EJD – Dosch, Eric J., Chief Financial Officer