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Adams National (formerly Women's National Bank) Will Merge With W.Va. Bank

According to the Washington Post, "The investors who control Abigail Adams National Bancorp, the parent company of the troubled Adams National Bank, have decided to merge it with a West Virginia bank that they also control in a deal designed to ensure Adams National can weather the financial crisis.

Premier Financial Bancorp will buy District-based Abigail Adams for stock valued at $10.9 million, the companies said yesterday.

The largest shareholder in both companies is West Virginia businessman Marshall Reynolds, who specializes in buying troubled banks. Adams National is the third local bank to agree to be sold in two months, following the purchase of Chevy Chase by Capital One Financial and the Provident Bank's purchase by M&T Bank. Charlotte-based Wachovia, a dominant local presence, is in the process of being sold to Wells Fargo.

The deal means the end of a local bank founded in 1978 as Women's National Bank, an institution mostly owned and run by women that focused on lending to women and minorities. The bank moved to more traditional business and in the mid-1980s took the name Adams National to signal that shift."

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