News

Prime Meridian Bank Announces Second Location on Capital Circle NE

Growth Announcement Accompanies Release of Positive Earnings Report at Shareholders Meeting

TALLAHASSEE, FL - April 20, 2011 - Prime Meridian Holding Company reported net income for fiscal year ending December 31, 2010 of $180,000 during their annual shareholders meeting, April 19 at the Woman’s Club of Tallahassee. The 2010 net income was a $400,000 increase over a net loss of $220,000 posted at fiscal year end 2009.

$152,000 * in Total Earnings have been posted as of first quarter end 2011. The positive earnings report was accompanied by news of Prime Meridian Bank’s plans to open a second Tallahassee location at 1897 Capital Circle N.E.

Reported total assets at fiscal year-end 2010 were $102 million, an increase of 34% over $76 million in 2009 year-end total assets. First quarter 2011 internal results indicate $111 million* in total assets, a positive 8.8% gain in the first three-month period of 2011.

Prime Meridian Bank’s Asset Mix as of the first quarter of 2011* included 57% Net Loans, 31% Taxable Investment Securities, 9% Cash and Interest Bearing Deposits Due, 1% Other Assets and 2% Premises and Equipment.

Total Deposits for year-end 2010 were $85,908,079, an increase of more than $20 million over 2009’s reported total deposits of $65,266,160. Total Loans for the close of fiscal year 2010 were $65,552,221, an increase of 22.3% over 2009’s $53,568,005 in Total Loans.

"We are proud of the positive growth Prime Meridian Bank reported for 2010," said Sammie Dixon, Chief Executive Officer. “In little more than three years, this Tallahassee community-based bank has achieved consistent core profitability on a monthly basis, formed a holding company and exceeded $100 million in total assets.”

“With the opening of our newest branch on Capital Circle this Fall, Prime Meridian Bank is well-positioned to continue building on this success by growing our team here in Tallahassee and deepening our involvement in this wonderful community we call home. These numbers are a reflection of the dedication of our staff, directors and investors. The passion and quality of our team of professionals is well-evidenced by the strong asset quality and lending ability that we are able to report,” Dixon stated.

Prime Meridian’s newest location at 1897 Capital Circle N.E. is scheduled to open in the Fall 2011..

*March 31, 2011, first quarter numbers are unaudited