Document:

EX-10.1

Exhibit 10.1

PURCHASE AND ASSUMPTION AGREEMENT

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”).

W I T N E S S E T H:

WHEREAS, Seller desires to sell certain assets and transfer certain deposits and other
liabilities of the branch offices listed on Schedule A hereto (collectively, the “Branches”); and

WHEREAS, Buyer desires to purchase such assets and assume such deposits and other liabilities,
upon the terms and conditions provided in this Agreement.

NOW, THEREFORE, in consideration of the representations, warranties, mutual covenants and
agreements contained in this Agreement, Buyer and Seller hereby agree as follows:

ARTICLE I

DEFINITIONS

1.1. Certain Defined Terms.

Some of the capitalized terms appearing in this Agreement are defined below. The definition
of a term expressed in the singular also applies to that term as used in the plural in this
Agreement and vice versa.

“AAA” has the meaning set forth in Section 12.5(a) of this Agreement.

“Adjustment Payment” has the meaning set forth in Section 3.3(a) of this Agreement.

“Affiliate” means a Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, a specified Person,
except in those cases where the controlling Person exercises control solely in a fiduciary
capacity.

“Assets” has the meaning set forth in Section 2.1 of this Agreement.

“Assignment and Assumption Agreement” has the meaning set forth in Section 9.2(a)(ii)
of this Agreement.

“Banking Day” means any day other than a Saturday, Sunday or other day on which Seller
is closed.

“Bill of Sale” has the meaning set forth in Section 9.2(a)(1) of this Agreement.

“Borrowers” means those persons who are borrowers or obligors under the Loans.

“Branch” means the Marlinton Branch and the Petersburg Branch.

“Cash on Hand” means the amount of all actual currency and coinage on hand at the
Branches as of the close of business on the Closing Date.

“Closing” means the transfer of the Assets to Buyer and the assumption of the
Liabilities by Buyer on the Closing Date.

“Closing Date” has the meaning set forth in Section 9.1 of this Agreement.

“Core Deposits” means all deposits (as defined in Section 12 U.S.C. Section 1813(1))
of the applicable Branch shown on the books and records of such Branch including but not limited to
all interest posted thereon, accrued but unpaid interest and both collected and uncollected funds
(including overdrawn accounts), together with the Branch’s rights and responsibilities under any
customer agreement evidencing or relating thereto, but excluding (i) deposit accounts associated
with a public body, including but not limited to any municipal, county, state or federal government
provided that such deposits accounts have been subject to a public bidding process, (ii) deposit
accounts associated with Seller’s regional account relationships, if any, and (iii) Certificates of
Deposits of $250,000 or more.

“Customers” means the Borrowers and the Depositors.

“Damages” has the meaning set forth in Section 10.1 of this Agreement.

“DEP Letter” has the meaning set forth in Section 4.15(a) of this Agreement.

“Deposit Amount” has the meaning set forth in Section 3.2 of this Agreement.

“Depositors” means account holders having Deposits.

“Deposits” means all deposits (as defined in 12 U.S.C. Section 1813(1)) of Seller
shown on the books and records of the Branches, including but not limited to all interest posted
thereon, accrued but unpaid interest and both collected and uncollected funds (including overdrawn
accounts), together with Seller’s rights and responsibilities under any customer agreement
evidencing or relating thereto, but excluding (i) deposits securing loans or other extensions of
credit by Seller where such loans or other extensions of credit are not being transferred under
this Agreement, (ii) deposits held in accounts for which Seller acts as fiduciary (other than
deposits held by Retirement Plans), (iii) deposits subject to legal process, (iv) deposits which
have been reported as abandoned property under the abandoned property laws of any jurisdiction, (v)
deposits held in any Retirement Plan where the account holder has notified Seller or Buyer of his,
her or its objection to Buyer acting as custodian or trustee of such Retirement Plan, (vi) deposits
by Seller or its Affiliates; (vii) deposits constituting official checks, travelers checks, money
orders, or certified checks of Seller and (viii) accounts designated as “closed” on the books and
records of Seller.

“Deposit Premium” shall mean the sum of (i) the Marlinton Applicable Percentage
multiplied by the Core Deposits of the Marlinton Branch as of the Closing Date; plus (ii) the
Petersburg Applicable Percentage multiplied by the Core Deposits of the Petersburg Branch as of the
Closing Date.

“Environmental Law” means, but is not limited to, all of the laws and implementing
regulations of the United States Government, State of West Virginia, and its local governments or
agencies whether currently in existence or hereinafter enacted that govern: (i) the existence,
cleanup and/or remedy of hazardous substance contamination or property, (ii) the protection of the
environment from released, spilled, deposited or otherwise emplaced hazardous substance
contamination, (iii) the control of hazardous substances and hazardous waste, (iv) the reporting of
releases, use, generation, transport, treatment and removal of hazardous substances, (v) the
protection and preservation of sensitive lands, (e.g., wetlands), endangered species and historic
sites, and (vi) the control and regulation of underground storage tanks.

“ERISA Affiliate” means any entity that is considered one employer with Seller under
Section 4001 of ERISA or Section 414 of the Internal Revenue Code of 1986, as amended.

“FDIC” means the Federal Deposit Insurance Corporation.

“Final Closing Statement” has the meaning set forth in Section 3.3(b) of this
Agreement.

“Fixed Assets” means those furnishings and equipment and other personal property owned
or leased by Seller (other than proprietary signage and equipment), together with manufacturer’s
warranties thereon which are assignable and in effect at Closing, which are used or located at the
Petersburg Branch and are described in the attached Schedule B.

“Form 8594” has the meaning set forth in Section 3.4 of this Agreement.

“Hazardous Substance” means, without limitation, any substance which at any time is
toxic, ignitable, reactive or corrosive and is regulated by any Environmental Law or is detrimental
to the environment or health of living organisms. “Hazardous Substance” includes any and all
material or substance that is defined as “Hazardous Waste,” “Extremely Hazardous Waste” or a
“Hazardous Substance” pursuant to any Environmental Law. “Hazardous Substance,” includes but is
not restricted to asbestos, polychlorinated biphenyls (“PCBs”), radon, nuclear materials, petroleum
and petroleum products and products processed with formaldehyde.

“IRS” means the Internal Revenue Service.

“Liabilities” has the meaning set forth in Section 2.5 of this Agreement.

“Loans” means all extensions of credit of, and agreements to extend credit by, Seller
associated with the Branch, but excluding those loans identified in Schedule C hereto, including
the accrued interest thereon, collateral security, guarantees, security interests and other
property or contract rights securing repayment of the obligations, as well as all agreements,
correspondence and other documentation relating to the loans transferred hereunder.

“Loan Purchase Price” means the aggregate book value of all Loans at the time of
Closing and all accrued and unpaid interest and accrued but unpaid credit protection insurance
premiums of all Loans at the time of the Closing (not including the unfunded portion of all
outstanding lines of credit or loan commitments) less prepaid interest thereon at the time of the
Closing.

“Marlinton Applicable Percentage” means 5.0%.

“Marlinton Branch” means the branch office of Seller located at 650 Seneca Trail
North, Marlinton, West Virginia and more particularly described in Schedule A.

“Marlinton Real Property Purchase Price” shall mean Six Hundred Thousand Dollars
($600,000) for the land, building and fixtures of the Marlinton Branch.

“Mediator” means an independent other certified public accounting firm as shall be
mutually agreeable to Seller and Buyer.

“OCC” means the Office of Comptroller of the Currency.

“Operation and Maintenance Contracts” means the contracts listed on Schedule D hereto
which relate to the operation and maintenance of certain of the Fixed Assets and the Real Property.

“Payment Amount” has the meaning set forth in Section 3.2 of this Agreement.

“Person” means any association, corporation, individual, partnership, trust, limited
liability company or any other entity or organization.

“Petersburg Applicable Percentage” means 5.1%.

“Petersburg Branch” means the branch office of Seller located at 102 Virginia Avenue,
Petersburg, West Virginia and more particularly described on Schedule A, attached hereto.

“Petersburg Fixed Assets and Real Property Purchase Price” means the average of the
fair market value of the land, building, furniture and fixtures of the Petersburg Branch as
determined by the average of three appraisals to be obtained before closing. One appraiser will be
selected by Seller, one appraiser will be selected by Buyer, and one appraiser will be selected
jointly by Seller and Buyer.

“Preliminary Closing Statement” has the meaning set forth in Section 3.3(a) of this
Agreement.

“Preliminary Payment” has the meaning set forth in Section 3.3(a) of this Agreement.

“Real Property” means real property more particularly described on Schedule E,
together with the structures located thereon and the fixtures attached thereto.

“Retirement Plans” means those non-discretionary individual retirement accounts and
qualified retirement plan accounts relating to the Deposits for which Seller acts as custodian or
trustee but which are not administered by Seller’s trust department.

1.2. Accounting Terms.

To the extent that any accounting terms used in this Agreement are not defined in Section 1.1
or elsewhere herein, they shall be defined according to generally accepted accounting principles.

ARTICLE II

TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES

2.1. Transfer of Assets.

At the Closing, subject to the satisfaction or waiver of the conditions set forth in Sections
9.3 and 9.4 hereof, Seller shall sell, convey, assign and transfer to Buyer, and Buyer shall
purchase from Seller, without recourse against Seller except as provided in this Agreement, all of
Seller’s right, title, and interest in and to the following assets (referred to herein collectively
as the “Assets”):

(a) the Loans;

(b) the Fixed Assets;

(c) the Real Property;

(d) the Cash on Hand;

(e) Seller’s rights under the Operation and Maintenance Contracts; and

(f) the Records (as defined in Section 2.2 hereof).

THE ASSETS ARE TRANSFERRED WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING THE IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR USE) EXCEPT TO THE EXTENT OTHERWISE
EXPRESSLY REPRESENTED BY SELLER IN THIS AGREEMENT. NOTWITHSTANDING ANY OTHER PROVISION OF THIS
AGREEMENT, NO COMPUTER SOFTWARE OF ANY TYPE SHALL BE TRANSFERRED AS PART OF THE ASSETS.

2.2. Buyer’s “Due Diligence” With Respect to the Loans.

Although Seller is not specifically aware of any incomplete loan files, the Buyer acknowledges
that some of the files maintained by Seller with respect to the Loans may be incomplete. Buyer
will be given the opportunity for a period of sixty (60) days following the execution hereof to
examine each of the files maintained by Seller in connection with the Loans to determine if such
Loans shall be included in the transfer of Assets contemplated by this agreement based on the
criteria set forth in the next succeeding paragraph (“Buyer Due Diligence”). Provided Buyer gives
Seller written notice within seven business days after completion of the Buyer Due Diligence
listing those Loans that Buyer has decided to reject, such rejected Loans shall not be a part of
the Assets transferred hereunder. To the extent that the Buyer shall choose to accept transfer of
the Loans, such transfer shall be “as is” with respect to the Loan documentation included in such
files and Seller shall have no obligation to Buyer whether by indemnity or otherwise with respect
to any documents which are missing from or not otherwise included in the Loan files.

In addition to the foregoing, Buyer shall have the opportunity to examine Loans on the Closing
Date to determine if any Loan (a) is more than ninety (90) days past due as of the Closing Date;
(b) has been more than ninety (90) days past due within the twelve (12) month period prior to the
Closing Date; (c) has been determined to be substandard, doubtful or loss by Seller or the Seller’s
governing regulatory body. If any Loan meets the criteria set forth in the immediately preceding
sentence, Buyer may reject such Loans and such rejected Loans shall not be part of the Assets
transferred hereunder.

2.3. Additional Due Diligence By Buyer.

In addition to the Buyer Due Diligence, the Buyer will be given the opportunity to conduct
such reasonable investigations and inspections of the other Assets being transferred including the
Real Property as Buyer may deem appropriate. Except for representations made by Seller under
Article 4, all such Assets shall be transferred without representation or warranty by Seller,
express or implied (including implied warranties of merchantability or fitness for any particular
use).

2.4. Transfer of Records.

(a) Seller will deliver to Buyer at the Closing (i) all records and files that are in Seller’s
possession (whether in electronic image or paper form) that can be transferred to Buyer without
undue expense, relating to the Loans, the Deposits, and the other Assets to be assumed or purchased
by Buyer, including but not limited to, signature cards and any pending stop payment order
instructions in Seller’s possession; and (ii) all maintenance records in Seller’s possession of
repairs of and warranties relating to the Fixed Assets and the Branch, (collectively referred to as
the “Records”). Buyer acknowledges that any of the Records provided may not be originals but may
be copies retrieved from Seller’s electronic records system, but Seller shall provide originals of
the Notes relating to the Loans and any other document, paper or writing for which the original is
necessary for enforcement of any rights relating thereto or to any Assets transferred hereunder.

(b) Any books and records relating to the Assets or the Liabilities (including historical
information on the Loans and the Deposits) held by either Seller or Buyer after the Closing shall
be maintained in accordance with and for the period provided in that party’s standard record
keeping policies and procedures and shall be available for inspection and copying by the other
party at the other party’s expense during regular business hours upon reasonable notice; provided,
however, that, notwithstanding the foregoing, in the case of disputes between the parties relating
to this Agreement the parties agree to follow and be bound by the procedures set forth in Section
12.5.

2.5. Assumption of Liabilities.

(a) At the Closing, subject to the satisfaction or waiver of the conditions set forth in
Sections 9.3 and 9.4, Buyer shall assume, without recourse against Seller except as provided in
this Agreement, the following, and only the following, liabilities of Seller (referred to herein
collectively as the “Liabilities”) as at the close of business on the Closing Date:

(i) the Deposits (including overdrawn accounts);

(ii) Seller’s duties, obligations and responsibilities under the Operation and Maintenance
Contracts;

(iii) Seller’s duties, obligations and responsibilities with respect to the Retirement Plans,
except for those Retirement Plans not included in the Deposits.

(b) Except for those liabilities expressly assumed by Buyer pursuant to this Section 2.5,
Buyer is not assuming any other liabilities or obligations.

2.6. Sales, Use and Transfer Taxes.

Buyer shall pay any sales, use and recordation taxes which are payable or arise as a result of
the consummation of the transactions contemplated by this Agreement, regardless of whether those
taxes are imposed upon Buyer or Seller. Seller shall pay real property transfer taxes. The
parties shall cooperate in preparing and filing any real property transfer tax forms which may be
required to be filed.

2.7. Proration of Certain Expenses.

All wages and salaries of employees, if any, offered employment pursuant to Section 8.1(a)
hereof, all rents, real estate taxes, personal property taxes, utility payments, the most recent
semi-annual assessment payable to the FDIC relating to the Deposits, any social security and
unemployment taxes and any workers’ compensation payments relating to the any employees offered
employment pursuant to Section 8.1(a) hereof shall be prorated between the parties as of the
Closing Date. To the extent that any such item has been prepaid by Seller for a period extending
beyond the Closing Date, Buyer shall pay Seller a proportionate amount of such item for such
period; and to the extent that any such item has been deferred by Seller to a time extending beyond
the Closing Date, Seller shall pay Buyer a proportionate amount of such item allocated for the
period prior to the Closing Date. Within thirty (30) calendar days after the Closing Date, Seller
shall provide Buyer with a statement, together with supporting documentation and certified by an
authorized officer of Seller, calculating the amounts due Seller or Buyer, as the case may be,
under this Section 2.7. The parties shall use their reasonable best efforts to agree upon the
amounts in such statement promptly. Prior to 2:00 p.m. (Eastern Time) on the third Banking Day
following the date that Buyer notifies Seller that it agrees with the amounts set forth in such
statement, Buyer shall pay to Seller, or Seller shall pay to Buyer, as appropriate, in immediately
available funds to an account designated in writing by such party at least two Banking Days prior
to the date of such payment, the amount calculated under this Section as being due to such party.

2.8. Notice to Customers.

Prior to the Closing, Seller may, at its sole cost and expense, notify the Customers that,
subject to the conditions to Closing, Buyer will be purchasing the Loans and assuming the Deposits.
Within thirty (30) calendar days prior to the Closing Date, Buyer shall, at its sole cost and
expense, notify the Customers that, subject to the conditions to Closing, Buyer will be purchasing
the Loans and assuming the Deposits. Buyer’s notification letter shall also set forth the details
of Buyer’s administration of the Loans to be purchased and the Deposits to be assumed. Seller
shall provide Buyer with a list of Customers to whom such notice shall be sent. Each party shall
consult with the other as to the substance of its notification letter and shall furnish a copy of
such letter to the other prior to sending it. Persons who become Customers subsequent to such
notifications and prior to the Closing shall be given a copy of Buyer’s notification letter and
Buyer’s notification brochure at the time they become Customers. Seller shall post a notice
approved by Buyer at the Branches at least thirty (30) calendar days prior to the Closing to the
effect that any Deposits or Loans not assumed by Buyer shall be transferred to another of Seller’s
branches. In the event that Buyer determines that it will consolidate one or both of the Branches
into existing branches of Buyer, then Seller shall take all reasonable steps to assist Buyer and
use reasonable efforts to provide necessary notices to Customers of that Branch, at Buyer’s
expense for reasonable costs, to effect such consolidation.

2.9. Conversion.

Seller and Buyer shall cooperate with each other and shall use their reasonable best efforts
(as consistent with their internal day-to-day operations) in order to cause the timely transfer of
information concerning the Deposits and the Loans which is maintained on Seller’s data processing
systems (the “Conversion”). Within fifteen (15) Banking Days after the date of this Agreement,
Seller and Buyer shall each designate an appropriate officer or officers to be responsible for the
necessary cooperation of the parties and to act as an initial contact for responding to questions
and requests for information. The parties acknowledge that the goal of such cooperation is to
enable Buyer to obtain and confirm data prior to the Closing Date so that such back office
conversion is completed and Buyer is processing all data relating to the operations of the Branches
on the Banking Day after the Closing Date.

2.10. Demand Deposit Account Owners and Borrowers.

Not less than five (5) nor more than thirty (30) Banking Days prior to Closing, Buyer shall
notify all Depositors and all Borrowers with the ability to access their Deposits or Loans that,
after the Closing Date, access to such Deposits or Loans through the Seller will not be honored
after a certain date to be agreed upon by Seller and Buyer, but no later than sixty (60) days from
closing or conversion. Such notice may be included in the notification letter sent by Buyer to the
Depositors pursuant to Section 2.8.

2.11. Seller Collecting Duties.

For a period not to exceed 90 calendar days after the Closing Date, Seller agrees to act as
Buyer’s collecting bank for the receipt of drafts, checks, negotiable orders of withdrawal and
electronic fund transfers drawn before or after the Closing on forms provided by Seller on any
accounts of Deposits assumed, home equity lines of credit or any other loan account accessible by
check or draft purchased by, Buyer hereunder. Seller agrees in this regard that it shall:

(a) maintain a mechanism to receive such items on a daily basis;

(b) provide a daily listing of all such items received by it by 12:00 noon on the following
Banking Day to Buyer, in such form as shall be agreed to by Buyer and Seller; and

(c) make available for pickup by Buyer no earlier than 3:00 p.m. (Eastern Time) at a location
to be designated by Seller, all physical items received by Seller the following Banking Day by such
means as agreed to by the parties.

Buyer and Seller agree that any reasonable courier or telephone costs associated with paragraphs
(b) and (c) shall be borne by Buyer. Seller further agrees that it shall notify Buyer of any
information received regarding the settlement and clearance of any domestic or foreign checks,
savings bonds or coupons deposited with it prior to the Closing Date. In executing its duties
under this Section 2.11, Seller is acting only as agent for the collection of items drawn on Buyer.
Seller shall not supply any missing endorsements, or act as collecting bank for returned deposits,
or, except as provided in Section 2.13 hereof, act as returning bank for any items not paid by
Buyer. Unless caused by the gross negligence or willful or intentional misconduct of Seller, any
risks of loss associated with the interim servicing, including any risk of loss associated with
insufficient funds, shall be the responsibility of Buyer.

2.12. Buyer Processing Obligations.

During the period set out in Section 2.11, Buyer agrees to honor and pay all properly payable
drafts, checks, negotiable orders of withdrawal or electronic fund transfers delivered to it by
Seller pursuant to Section 2.11, provided the same are not stale, are not the subject of stop
payment orders, or are not drawn on insufficient funds.

2.13. Return of Items During Processing Period.

(a) Buyer further agrees to be solely responsible for the return of any drafts, checks,
negotiable orders of withdrawal or electronic fund transfers delivered by Seller to Buyer pursuant
to Section 2.11 and return of any federal recurring payments or ACH transactions processed pursuant
to Section 2.11.

(b) Seller agrees to notify Buyer of the return to it of any items deposited in, or cashed at,
the Branches prior to the Closing Date and shall expeditiously forward any such items to Buyer. If
Buyer cannot recover on the items referred to in this subsection (b) after making a good faith
effort to do so, Seller shall reimburse Buyer for such return items upon assignment of such items
by Buyer to Seller.

2.14. Payment.

In settlement of the transactions described in Section 2.11 and Section 2.12, Buyer and Seller
agree that Seller shall provide Buyer with a daily net settlement figure for all such transactions
from the immediately preceding Calendar Day by 12:00 noon Eastern Time on each banking Day and that
the party obligated to remit any funds thereunder shall do so in immediately available funds by
wire transfer by 2:00 p.m. Eastern Time on such day; any such settlement shall be provisional
pending receipt by Buyer of the physical items relating to such settlement; Buyer shall adjust the
next daily settlement to reflect any adjustments resulting from its receipt and examination of the
physical items. Adjustments by Buyer pursuant to the immediately preceding sentence shall be
limited to adjustments to correct errors made by Seller in the calculation of the amounts
represented by the transactions received by it on Buyer’s behalf, and no adjustments shall be made
for the effect of any improper or missing signatures or endorsements, alterations, stale dates or
other irregularities with regard to a transaction or as a consequence of fraud, insufficient funds,
closed account or any other reason, except as provided in Section 2.11 hereof.

2.15. Post-Closing Deposits.

Seller agrees that it will transfer, convey, and assign to Buyer without recourse all deposits
received by Seller after the Closing for credit to any of the Deposits, and all payments received
by Seller after the Closing for application to or on account of any of the Assets, but Seller shall
be under no duty to accept any such deposit or payment.

2.16. Deposit Histories.

In case of any dispute with or inquiry by an account holder whose Deposit is subject to this
Agreement, which dispute or inquiry relates to the servicing of such Deposit prior to the date for
which a Deposit history has been provided to Buyer, Seller will make a good faith effort to provide
Buyer with the appropriate information regarding the Deposit and copies of pertinent documents or
instruments with respect to such dispute or inquiry so as to permit Buyer to respond to the account
holder within a period of time and in a manner which would comply with standard banking practices
and customs. Seller shall provide such information to Buyer at no charge for the first 90 calendar
days after Closing, and thereafter may charge Buyer standard industry rates for such information.

2.17. Interest Reporting.

With respect to the reporting requirements of federal and state tax laws, Seller shall report
through the Closing Date, and Buyer shall report from the day after the Closing Date through the
end of the calendar year, all interest credited to, interest withheld from and early withdrawal
penalties charged to Deposits assumed by Buyer pursuant to this Agreement and all interest paid on
Loans purchased by Buyer pursuant to this Agreement. Such reports shall be made to the Customers
to whose accounts such reports relate and to the applicable federal and state tax and/or regulatory
authorities.

2.18. Stop Payment Items.

Buyer shall honor all stop payment orders relating to the Deposits or the Loans initiated
prior to the Closing and reflected in stop payment documents delivered to Buyer on the Closing Date
or immediately thereafter. If following receipt of appropriate stop order documentation, Buyer
makes any payment in violation of any such order, Buyer shall be solely liable for any such payment
and shall indemnify, hold harmless and defend Seller from and against all claims, losses and
liabilities, including reasonable attorneys’ fees and expenses, arising out of any such payment.
In the event that Buyer shall make any payment in violation of a stop payment order initiated prior
to the Closing but not reflected in stop payment documents delivered to Buyer prior to such
payment, Seller shall indemnify, hold harmless and defend Buyer from and against all claims, losses
and liabilities, including reasonable attorneys’ fees and expenses, arising out of any such
payment. Buyer’s and Seller’s indemnification obligations under this Section 2.18 shall not be
subject to the limitations set forth in Section 10.4 hereof.

2.19. Payments on Loans.

During the period set out in Section 2.11, Seller shall remit promptly to Buyer all payments
on Loans which may be received by Seller after the Closing. If the balance due on any Loan has
been reduced by Seller as a result of a payment by check or other instrument received prior to the
Closing, and if such instrument is returned to Seller after the Closing as uncollectible, an amount
in cash equal to such reduction shall be paid by Buyer to Seller promptly upon demand, and Seller
shall assign promptly all rights, title and interest in such uncollectible item to Buyer.

2.20. Possession and Risk of Loss.

From and after the Closing, Buyer shall be entitled to possession of the Assets and the
Liabilities, and all risk of loss with respect thereto shall pass to Buyer as of the Closing.

ARTICLE III

PURCHASE PRICE

3.1. Amount of Purchase Price.

(a) In consideration of the transfer of the Assets and the Liabilities provided for in
Sections 2.1 and 2.5 hereof, respectively, Buyer shall pay to Seller the sum of the following:

	 	(i)	 	the Loan Purchase Price;

	 	(ii)	 	the Deposit Premium;

	 	(iii)	 	the unamortized portion of prepaid expenses
associated with any of the Assets sold;

	 	(iv)	 	the Petersburg Fixed Assets and Real Property
Purchase Price;

	 	(v)	 	the Marlinton Real Property Purchase Price; and

	 	(vi)	 	the total of Cash on Hand and cash items held
by Seller as of the date of Closing.

The items set forth in (i) through (vi) are hereinafter sometimes collectively referred to as
the “Purchase Price”.

(b) Buyer shall pay Seller the Purchase Price by deducting the Purchase Price from the Deposit
Amount payable by Seller to Buyer, as provided for in Section 3.2.

3.2. Payment by Seller.

In consideration of Buyer’s assumption of the Liabilities, Seller shall pay to Buyer an amount
equal to the principal amount of the Deposits, plus accrued interest, as at the close of business
on the Closing Date (the “Deposit Amount”), less the Purchase Price (such calculated amount, the
“Payment Amount”).

3.3. Settlement.

(a) Not less than three (3) Banking Days prior to the Closing Date, Seller shall deliver to
Buyer a proposed Preliminary Closing Statement (the “Preliminary Closing Statement”), which shall
set forth the basis for calculating a preliminary Payment Amount completed as of the close of
business five (5) Banking Days prior to the Closing Date, together with supporting documentation
reasonably satisfactory to Buyer, and which shall be certified by an authorized officer of Seller.
Such Preliminary Closing Statement shall be the basis of a preliminary payment to be made to
Buyer’s account on the Closing Date (the “Preliminary Payment”).

(b) Within fifteen (15) calendar days after the Closing Date (or on a different date agreed
upon by the parties), Seller shall provide Buyer with a proposed Final Closing Statement, which
shall set forth the basis for calculating the final Payment Amount completed as of the close of
business on the Closing Date, together with supporting documentation reasonably satisfactory to
Buyer, certified by an authorized officer of Seller. The parties shall use their best efforts to
agree upon the Final Closing Statement (the “Final Closing Statement”) promptly. Prior to 2:00
p.m. (Eastern Time) on the third Banking Day following the date that Buyer agrees to the Final
Closing Statement or the date that Seller is notified of any determination of the Final Closing
Statement under Subsection (d), Seller shall pay to Buyer (or Buyer shall pay to Seller, as the
case may be) an amount equal to the amount due stated on the Final Closing Statement (the
“Adjustment Payment”), plus interest from the day after the Closing Date until the calendar day
before the Adjustment Payment is made at a rate per annum (calculated daily base on a 360-day year)
equal to the Federal Home Loan Bank of Pittsburgh’s overnight RepoPlus Advance rate, as announced
on the Closing Date.

(c) Both the Preliminary Payment and the Adjustment Payment shall be made by wire transfer of
immediately available funds to the account of the party receiving the payment, which account shall
be designated in writing by such party at least two Banking Days prior to the date of such payment.

(d) If the parties are unable to agree on a Final Closing Statement within thirty (30)
calendar days after the Closing, or within ten (10) Banking Days after Buyer’s receipt of the
proposed Final Closing Statement, whichever is later, then either party may submit the matter to
the Mediator, who shall finally determine all disputed portions of the Final Closing Statement in
accordance with the terms and conditions of this Agreement within thirty (30) calendar days after
the submission. Each party agrees to accept the decision of the Mediator as final and shall pay
one-half of the fees and expenses of the Mediator. The Final Closing Statement, as agreed upon by
the parties and/or determined under this subsection (d), shall be final and binding upon the
parties.

3.4. Allocation of Consideration.

Buyer and Seller agree to use their reasonable best efforts to agree on an appropriate
allocation of the Purchase Price before the Closing Date. Seller and Buyer shall each report the
transfer of the Assets and the assumption of the Liabilities for tax purposes in accordance with
such allocation. Seller and Buyer each agree to complete Federal Form 8594, “Acquisition Statement
Under Section 1060” (“Form 8594”), consistent with this allocation of consideration.
Notwithstanding the foregoing, either party may change any such report in the event of a dispute
with any taxing authority or take any other step to settle or resolve such a dispute.

ARTICLE IV

SELLER’S REPRESENTATIONS AND WARRANTIES

Seller makes the following representations and warranties to Buyer as of the date of this
Agreement and as of the Closing.

4.1. Power and Authority.

(a) Seller is a national banking association duly organized, validly existing and in good
standing under the laws of the United States of America and has the full power and authority to
enter into and perform this Agreement.

(b) Upon the approval of this Agreement by Seller’s Board of Directors or an authorized
committee thereof, the execution and delivery of this Agreement by Seller will have been duly
authorized by all necessary corporate action by Seller and this Agreement will be the legal, valid
and binding obligation of Seller, enforceable in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization, conservatorship,
receivership, moratorium or other laws affecting creditors’ rights generally and a court’s right
under general principles of equity to refuse to direct specific performance.

(c) Neither the execution of this Agreement nor the consummation of the transactions
contemplated hereby will result in (i) a violation of Seller’s charter or bylaws, (ii) a breach of
or constitute a default under any material contract, agreement or other instrument to which it is a
party or by which it is bound or (iii) a violation of any outstanding judgment, order, injunction,
law, rule or regulation to which it is subject, excluding from the foregoing clauses (ii) and (iii)
breaches, defaults or violations which, either individually or in the aggregate, would have a
material adverse effect on the Assets and the Liabilities or impede Seller’s ability to perform its
obligations hereunder.

4.2. Litigation and Regulatory Proceedings.

Except as disclosed in Schedule 4.2 hereof, there are no actions pending against Seller which
alone, or taken in the aggregate, reasonably would be expected to have any material adverse effect
upon the Assets, the Liabilities or the consummation of the transactions contemplated by this
Agreement. No governmental agency has notified Seller that it would oppose or not approve or
consent to the transactions contemplated by this Agreement.

4.3. Consents and Approvals.

Except as disclosed in Schedule 4.3, no consents or approvals of, or filings or registrations
with, any third party or any public body, agency, or authority are necessary in connection with
Seller’s consummation of the transactions contemplated by this Agreement.

4.4. No Broker’s or Finder’s Fees.

No agent, broker, investment banker, person or firm acting on behalf of or under authority of
Seller or any of its Affiliates is or will be entitled to any broker’s or finder’s fee or any other
commission or similar fee, directly or indirectly, in connection with any of the transactions
contemplated herein.

4.5. Title to Real Property.

Except as set forth in Schedule 4.5 hereto and subject to statutory liens securing payments
not yet due or which are being contested by Seller in good faith and zoning restrictions,
easements, licenses, covenants and other restrictions affecting the use of the Real Property and
such other imperfections and irregularities of title, claims, liens, charges, security interests or
encumbrances which do not materially affect the use or value of the Real Property, Seller has good
and marketable title to the Real Property, free and clear of all liens and encumbrances

4.6. Title to Fixed Assets.

Except as specified in Schedule 4.6 hereto and except for liens for current taxes or
assessments which are not yet due and payable or are being contested by Seller in good faith and
statutory and other similar liens which are not yet due and payable and which do not materially
affect the value of or interfere with the use of the Fixed Assets, Seller is the lawful owner of
and has good and marketable title to the Fixed Assets, free and clear of any mortgage, pledge,
lien, security instrument, conditional sales agreement, lease or encumbrances.

4.7. Deposit Insurance.

The Deposits are insured by the FDIC up to the maximum extent permitted by law. Seller has
filed all reports and paid all premiums required under the Federal Deposit Insurance Act, as
amended, with respect to the Deposits.

4.8. Withholding.

Seller has timely complied, and will continue to timely comply through the Closing, in all
material respects with the requirement of Section 3406 of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder.

4.9. Loans.

Subject to the limitations set out in Section 2.2 hereof, each Loan being purchased by Buyer
is a valid loan in material conformity with applicable laws and regulations; its principal balance
as shown on Seller’s books and records is true and correct as of the last date shown thereon; to
the knowledge of Seller, all purported signatures on and executions of any documents in connection
with such Loan are genuine. To Seller’s knowledge, no such Loan is subject to any asserted
defense, offer or counterclaim. Subject to the limitations of Section 2.2 hereof, Seller shall
provide microfilm or comparable copies of any documents relating to Loans in Seller’s possession to
Buyer upon request.

4.10 Deposit Liabilities.

All Deposit accounts have been administered by Seller to date, and will continue to be
administered by Seller to the Closing date, in material compliance with applicable law and
regulation.

4.11 Compliance with Laws.

Seller holds all material permits, licenses, certificates of authority, orders and approvals
of, and has made all material filings, applications and registrations with, all governmental or
regulatory bodies that are required in order to permit it to carry on the business of the Branches
as it is presently conducted. Seller has conducted the Branch’s business so as to comply in all
material respects with all applicable statutes, regulations, rules and orders.

4.12 Restraints on Closing.

Seller is not aware of any reason that Buyer will be unable to obtain the regulatory approvals
required as a condition to consummation of the transactions contemplated herein, other than the
possibility of an adverse determination upon the anti-competitive effects of the proposed
transactions.

4.13 Contracts, Leases and Other Agreements.

Seller has provided Buyer, or will provide Buyer in connection with Buyer’s due diligence,
with true and accurate copies of all material leases, agreements, arrangements, deeds and other
relevant material documents relating to the Assets that are in Seller’s possession.

4.14 Taxes.

(a) With respect to the Assets, Seller has timely filed all federal, state and local (and, if
applicable, foreign) tax returns required by applicable law to be filed by it (including, without
limitation, estimated tax returns, income tax returns, information returns and withholdings and
employment tax returns) and has paid, or where payment is not required to have been made, in
accordance with generally accepted accounting principles, have set up an adequate reserve or
accrual for the payment of, all taxes and penalties, if any, required to be paid in respect of the
periods covered by such returns.

(b) With respect to the Assets, all federal, state and local (and, if applicable, foreign) tax
returns filed by Seller are complete and accurate in all material respects. Seller is not
delinquent in the payment of any tax, assessment or governmental charge, and has not requested any
extension of time within which to file any tax returns in respect of any fiscal year or portion
thereof which have not since been filed. No deficiencies for any tax, assessment or governmental
charge have been proposed, asserted or assessed (tentatively or otherwise) against Seller which
have not been settled and paid. There are currently no agreements in effect to extend the period
of limitations for the assessments or collection of any tax.

4.15 Environmental Matters.

(a) Seller has not contaminated the Real Estate with any Hazardous Substances as of the date
of this Agreement, and to Seller’s knowledge, Seller has not permitted any Hazardous Substance to
be brought upon, kept or used in, or about the Real Estate. Seller has operated the Real Estate in
accordance with Environmental Laws. Except for the underground storage tanks formerly located on
the property, which are addressed in the letter from the West Virginia Department of Environmental
Protection dated April 5, 1999, a copy of which is included at Schedule 4.15(a) (“DEP Letter”),
Seller is not aware of any issues relating to the Real Property under Environmental Laws. To
Seller’s knowledge, the DEP Letter is current and has not been revised, amended or rescinded.

(b) To Seller’s knowledge there are no pending or threatened claims, actions, investigations,
notices of non-compliance, information requests or notices of potential responsibility or
proceedings involving Seller relating to and there is no reasonable basis for the assertion of any
claims, actions, investigations, notices or proceedings with respect to:

(1) an asserted liability of Seller or any prior owner, occupier or user of the real estate
under any Environmental Law or the terms and conditions of any permit, license, authority,
settlement, agreement, decree or other obligation arising under any Environmental Law;

(2) the handling, storage, use, transportation, removal or disposal of Hazardous Substances;

(3) the actual or threatened discharge, release or emission of Hazardous Substances from on or
under or within any such property into the air, water, surface water, ground water, land surface or
subsurface strata; or

(4) personal injuries or damage to property related to or arising out of exposure to Hazardous
Substances.

ARTICLE V

BUYER’S REPRESENTATIONS AND WARRANTIES

Buyer makes the following representations and warranties to Seller as of the date of this
Agreement and as of the Closing Date:

5.1. Power and Authority.

(a) Buyer is a West Virginia corporation duly organized, validly existing and in good standing
under the laws of the State of West Virginia, and has the full power and authority to enter into
and perform this Agreement.

(b) The execution and delivery of this Agreement by Buyer has been duly authorized by all
necessary corporate action by Buyer, and this Agreement is the legal, valid and binding obligation
of Buyer, enforceable in accordance with its terms, except as such enforcement may be limited by
bankruptcy, insolvency, reorganization, conservatorship, receivership, moratorium or other laws
affecting creditors’ rights generally and a court’s right under general principles of equity to
refuse to direct specific performance.

(c) Neither the execution of this Agreement nor the consummation of the transactions
contemplated hereby will result in a violation of Buyer’s charter or bylaws, or result in a breach
of or constitute a default under any material contract, agreement or other instrument to which it
is a party or by which it is bound and will not violate any outstanding judgment, order,
injunction, law, rule or regulation to which it is subject.

5.2. Litigation and Regulatory Proceedings.

There are no actions pending or, to Buyer’s knowledge, threatened against Buyer which alone,
or taken in the aggregate, reasonably would be expected to have any material adverse effect upon
the consummation of the transactions contemplated by this Agreement. No governmental agency has
notified Buyer that it would oppose or not approve or consent to the transactions contemplated by
this Agreement.

5.3. Consents and Approvals.

Except for the regulatory approvals described in Section 9.3(a) of this Agreement, no consents
or approvals, or filings or registrations with any third party or any public body, agency, or
authority are necessary in connection with Buyer’s consummation of the transactions contemplated by
this Agreement.

5.4. Deposit Insurance.

Buyer’s deposits (as defined in 12 U.S.C. Section 1813(1)) are insured by the FDIC up to the
maximum extent permitted by law. Buyer has filed all reports and paid all premiums required under
the Federal Deposit Insurance Act, as amended.

5.5. No Broker’s or Finder’s Fees.

No agent, broker, investment banker, person or firm acting on behalf of or under authority of
Buyer or any of its Affiliates is or will be entitled to any broker’s or finder’s fee or any other
commission or similar fee, directly or indirectly, in connection with any of the transactions
contemplated herein.

5.6 Restraints on Closing. Buyer is not aware of any reason Buyer will be unable to
obtain the regulatory approvals required as a condition to consummation of the transactions
contemplated herein, other than the possibility of the adverse determination upon the
anti-competitive effects of the proposed transactions.

ARTICLE VI

ADDITIONAL AGREEMENTS OF SELLER

6.1. Access to Seller’s Premises Records, Personnel.

Upon execution of this Agreement, Seller shall give Buyer and its representatives and counsel,
upon reasonable advance notice, reasonable access during normal business hours, unless otherwise
expressly consented to by Seller, to the Branch, the Records and appropriate personnel of Seller.
Seller shall not be required to provide access to or to disclose information where such access or
disclosure would unduly disrupt the operation of the Branch, violate or prejudice the rights of any
customer or employee of Seller or be contrary to law or any legal or regulatory order or process.

6.2. Regulatory Approvals.

Seller shall reasonably cooperate with Buyer in obtaining any regulatory approval which Buyer
must obtain prior to the Closing.

6.3. Conduct of Business.

Except as provided in this Agreement and as may be agreed upon otherwise with Buyer and except
as may be required by applicable law or industry wide practice, Seller shall continue to carry on
the business of banking at the Branches and offer interest rates, or charge fees only as permitted
under contracts and agreements (as applicable) with customers of the Branches and otherwise as is
consistent with its normal operating procedures in the State of West Virginia. Subject to the
foregoing, Seller shall use its reasonable efforts to maintain its customer relationships, except
for any pricing policies not targeted at the Branches. Between the date hereof and the Closing,
Seller shall not, without the prior consent of Buyer, acquire or dispose of any Fixed Assets, other
than pursuant to commitments made on or before the date of this Agreement and except for
replacement of furniture, furnishings and equipment and normal maintenance and refurbishing in the
ordinary course of business of the Branches.

6.4. Retirement Plan Accounts.

Seller shall notify each of its customers holding Deposits under a Retirement Plan account in
a timely fashion of the proposed assumption of their Retirement Plan accounts by Buyer, as
contemplated by the plan documents.

6.5. Maintenance and Insurance.

Seller shall maintain the Real Property and the Fixed Assets in customary repair, order and
condition, reasonable wear and tear and damage by fire or other unavoidable casualty excepted.
Until the effectiveness of the Closing, Seller shall maintain insurance on the Real Property and
the Fixed Assets in an amount sufficient to cover the replacement cost thereof.

6.6. Confidentiality.

Seller shall, and shall cause its Affiliates, directors, officers, employees, and agents to,
take all reasonable and appropriate steps to keep confidential all information obtained or
furnished to any of them with respect to Buyer and its business, operations, and financial
condition, and any information maintained by Seller with respect to the Branches and/or to
operations at the Branch; provided, however, that any such information may be disclosed by Seller
to the extent required by law, as determined in a written opinion of counsel to Seller (which
counsel may be an employee of Seller). In the event such disclosure is required, Seller shall
provide Buyer written notice of the information to be disclosed, together with a copy of the
written opinion referred to in the immediately preceding sentence, as far in advance of such
disclosure as is practicable. At Buyer’s request, Seller will use its best efforts to obtain
assurances that confidential treatment will be afforded to such information and will disclose only
such information as is necessary to comply with its legal obligations as advised in such written
opinion. Seller acknowledges that Buyer will suffer irreparable harm as a result of a breach of
this Section and that, therefore, Buyer will be entitled to injunctive and other appropriate
equitable relief in addition to damages as a result of a breach or imminent breach of this Section.
Seller’s obligations under this Section 6.6 shall survive both the termination of this Agreement
and the Closing.

ARTICLE VII

ADDITIONAL AGREEMENTS OF BUYER

7.1. Solicitation of Seller’s Customers and Employees.

Buyer shall not specifically solicit business from any customer of the Branches or solicit for
employment any employee of the Branches prior to the Closing where such customer or employee
becomes known to Buyer as a result of the transactions contemplated by this Agreement, including
without limitation the Buyer Due Diligence; provided, however, these restrictions shall not
restrict providing information or applications for employment to employees prior to Closing for
employment after Closing, general mass mailings, telemarketing calls, statement stuffers and other
similar communications directed to all the current customers of Buyer or to the public, or
newspaper, radio, or television advertisements of a general nature or otherwise prevent Buyer from
taking such actions as may be required to comply with any applicable federal or state laws, rules,
or regulations. The foregoing restrictions notwithstanding, Buyer may continue to solicit
Customers of the Branches with whom Buyer has existing business relationships which are normally
established and maintained in offices other than the Branch, and Buyer may continue to solicit such
business relationships without restriction prior to the Closing Date.

7.2. Regulatory Approvals.

Buyer agrees to use its best efforts to obtain as soon as reasonably practicable any
regulatory approval required to consummate the transactions contemplated by this Agreement. Buyer
shall notify Seller promptly of any significant development with respect to any regulatory
application made under this Section. Buyer also shall provide Seller with a copy of any regulatory
approval it receives under this Section, promptly upon its receipt thereof.

7.3. Confidentiality.

Buyer shall, and shall cause its Affiliates, directors, officers, employees, and agents to,
take all reasonable and appropriate steps to keep confidential all information obtained or
furnished to any of them with respect to Seller and its business, operations, and financial
condition, and any information maintained by Buyer with respect to the Branches and/or to
operations at the Branches; provided, however, that any such information may be disclosed by Buyer
to the extent required by law, as determined in a written opinion of counsel to Buyer (which
counsel may be an employee of Buyer). In the event such disclosure is required, Buyer shall
provide Seller written notice of the information to be disclosed, together with a copy of the
written opinion referred to in the immediately preceding sentence, as far in advance of such
disclosure as is practicable. At Seller’s request, Buyer will use its best efforts to obtain
assurances that confidential treatment will be afforded to such information and will disclose only
such information as is necessary to comply with its legal obligations as advised in such written
opinion. Buyer acknowledges that Seller will suffer irreparable harm as a result of a breach of
this Section and that, therefore, Seller will be entitled to injunctive and other appropriate
equitable relief in addition to damages as a result of a breach or imminent breach of this Section.
Buyer’s obligations under this Section 7.3 shall survive both the termination of this Agreement
and the Closing.

7.4. Change of Name, Etc.

Immediately after the Closing, Buyer will (a) change the name on all documents and facilities
relating to the Branches to Buyer’s name, (b) notify all Customers as of the Closing Date of the
consummation of the transactions contemplated by this Agreement, and (c) provide all appropriate
notices to the FDIC and the OCC and any other appropriate regulatory authorities required from
Buyer as a result of the consummation of these transactions. As soon as practicable and, in any
event, no later than seven (7) calendar days after the Closing Date, Buyer will issue new checks,
draft forms, loan coupon books and deposit slips reflecting its transit and routing number to
Customers of the Branches able to access accounts through either checks or drafts. Buyer shall use
its best efforts to encourage these customers to begin using these checks and cease using checks
bearing Seller’s name.

7.5. Collateral for Government Deposits.

Buyer shall assume Seller’s responsibilities under any agreement regarding the pledge of
collateral with respect to any Deposit of a customer that is a governmental entity or school
district or make other arrangements acceptable to such customer prior to the Closing Date. All
such deposits are specified in Schedule 7.5 hereto. Any collateral required to secure the Deposits
of any such customer shall be pledged by Buyer no later than the Closing Date.

ARTICLE VIII

EMPLOYEES OF THE BRANCHES

8.1. Hiring of Employees. Buyer may, in its sole discretion, but shall not be
obligated to, extend offers of employment to branch employees on the payroll of the Branches on the
Closing Date.

ARTICLE IX

CLOSING

9.l Time and Place of Closing.

(a) Subject to the conditions to Closing set forth in Sections 9.3 and 9.4, the Closing shall
take place on such date, mutually agreed upon by the parties hereto after the conditions set forth
in Section 9.3(a) and 9.4(a) have been satisfied in full (the “Closing Date”); provided, however,
that the Closing shall occur no later than April 30, 2009. The Closing shall take place at the
offices of Seller, at 10 a.m. on the Closing Date, or at such other time and place as may be
mutually agreed upon by the parties. The Closing shall be effective as of 2:00 p.m. (Eastern Time)
on the Closing Date.

(b) Simultaneously with the occurrence of the Closing, Seller and Buyer shall convert all
other assets and liabilities from Seller’s data processing system to Buyer’s data processing
system, in accordance with the procedures established pursuant to Section 2.9.

9.2. Closing Documents.

On the Closing Date, the following actions shall be taken:

(a) Seller shall deliver to Buyer the following:

(i) the Bill of Sale in substantially the form of Exhibit 9.2A attached hereto (the “Bill of
Sale”) and all other bills of sale, assignments and other documents of transfer and instruments
(which documents and instruments shall be satisfactory in form and substance to legal counsel of
Seller and Buyer) necessary to convey to Buyer all its right, title and interest in and to the
Assets hereunder;

(ii) the Assignment and Assumption Agreement in substantially the form of Exhibit 9.2B
attached hereto (the “Assignment and Assumption Agreement”);

(iii) a general warranty deed transferring title to the Real Property from Seller to Buyer in
form and content reasonably acceptable to Buyer;

(iv) the Loans purchased by Buyer duly and properly endorsed to Buyer by Seller, together with
all notes, guarantees, agreements and other evidence thereof and all collateral and security
interests securing the Loans in the possession of Seller and all necessary assignments,
endorsements and other instruments of conveyance as may be reasonably necessary under the
circumstances; provided that all such assignments, endorsements and other instruments of conveyance
shall be without recourse as to collection to Seller;

(v) a certificate, signed by a duly authorized officer of Seller, certifying that (A) the
representations and warranties of Seller in this Agreement are true in all material respects as of
the Closing Date and (B) the covenants of Seller to be performed on or before the Closing Date have
been performed in all material respects;

(vi) copies of resolutions of Seller’s Board of Directors or other appropriate governing
committee, certified by Seller’s secretary or assistant secretary, authorizing the execution of
this Agreement and the transactions contemplated hereby, and a certificate of Seller’s secretary or
assistant secretary as to the incumbency of each officer of Seller executing this Agreement and all
instruments, certificates and documents required to be executed and delivered by Seller at the
Closing; and

(vii) updated Schedules to this Agreement.

(b) Buyer shall execute and deliver to Seller the following:

(i) the Assignment and Assumption Agreement;

(ii) such other instruments as may be necessary for Buyer to validly acquire the Real
Property;

(iii) a certificate, signed by a duly authorized officer of Buyer, certifying that (A) the
representations and warranties of Buyer under this Agreement are true in all material respects as
of the Closing Date and (3) the covenants of Buyer to be performed on or before the Closing Date
have been performed in all material respects; and

(iv) copies of resolutions of Buyer’s Board of Directors or other appropriate governing
committee, certified by Buyer’s secretary or assistant secretary, authorizing the execution of this
Agreement and the transactions contemplated hereby, and a certificate of Buyer’s secretary or
assistant secretary as to the incumbency of each officer of Buyer executing this Agreement and all
instruments, certificates and documents required to be executed and delivered by Buyer at the
Closing; and

(v) a copy of Form 8594 completed pursuant to Section 3.4 hereof.

9.3. Buyer’s Conditions to Closing.

Unless waived in writing by Buyer in its sole discretion, Buyer’s obligations to purchase the
Assets and assume the Liabilities shall be contingent upon and subject to the fulfillment on or
prior to the Closing of the following conditions in all material respects:

(a) Regulatory Approvals. Buyer shall have received all regulatory approvals which
are required by law or otherwise to consummate the transactions contemplated by this Agreement,
including without limitation the approval of the FDIC and the West Virginia Board of Banking and
Financial Institutions and any other required approvals, and any required waiting period with
respect to such regulatory approvals shall have expired without the commencement of adverse
proceedings by any governmental authority with jurisdiction over the transactions contemplated by
this Agreement;

(b) Representations, Warranties and Covenants. Each of Seller’s representations and
warranties set forth in this Agreement shall be true and correct in all material respects as of the
Closing Date and all material covenants to be performed by Seller on or before the Closing Date
shall have been performed or met in all material respects;

(c) Closing Documents. Seller shall have delivered to Buyer the documents set forth
in Section 9.2(a);

(d) Preliminary Payment. Buyer shall have received the Preliminary Payment as
provided in Section 3.3(a);

(e) No Material Adverse Changes. There shall have been no material adverse changes in
the Assets or the Liabilities, including no material adverse change in either of the following:

(i) the business or financial condition of the Branches from that shown on Seller’s December
31, 2007 audited financial statements; or

(ii) the weighted interest rates related to the various loan and deposit classes as set forth
in the communication from Seller to Buyer on or about November 7, 2008; and

(f) Due Diligence. Buyer shall have completed the Buyer Due Diligence as provided in Section
2.2.

Buyer shall also have completed to its reasonable satisfaction the additional due diligence
review as provided in Section 2.3.

(g) No Restraint. No court or governmental or regulatory authority of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary, preliminary or
permanent) which is in effect to enjoin or which prohibits consummation of the transactions
contemplated hereby.

9.4. Seller’s Conditions to Closing.

Unless waived in writing by Seller in its sole discretion, Seller’s obligation to sell the
Assets and transfer the Liabilities to Buyer is contingent upon and subject to the fulfillment of
the following conditions in all material respects:

(a) Board Approval. The Board of Directors of Seller, or an authorized committee
thereof, shall have approved the execution and delivery of this Agreement by Seller and Seller’s
performance of its obligations contemplated hereby;

(b) Regulatory Approvals. Buyer shall have received all regulatory approvals which
are required by law or otherwise to consummate the transactions contemplated by this Agreement,
including without limitation the approval of the FDIC and the West Virginia Board of Banking and
Financial Institutions and any other required approvals, and any required waiting period with
respect to such regulatory approvals shall have expired without the commencement of adverse
proceedings by any governmental authority with jurisdiction over the transactions contemplated by
this Agreement;

(c) Representations, Warranties and Covenants. Each of Buyer’s representations and
warranties set forth in this Agreement shall be true and correct in all material respects as of the
Closing Date and all material covenants to be performed by Buyer on or before the Closing Date
shall have been performed in all material respects; and

(d) Closing Documents. Buyer shall have delivered to Seller the documents set forth
in Section 9.2 (b).

(e) No Restraint. No court or governmental or regulatory authority of competent
jurisdiction shall have enacted, issued, promulgated, enforced or entered any statute, rule,
regulation, judgment, decree, injunction or other order (whether temporary, preliminary or
permanent) which is in effect to enjoin or which prohibits consummation of the transactions
contemplated hereby.

ARTICLE X

INDEMNIFICATION

10.1. Indemnification of Seller.

Subject to the limitations set forth in Section 10.4 hereof, Buyer shall indemnify, defend,
and hold harmless Seller and its Affiliates and each of their respective officers, directors and
employees from and against any and all liability, damages, claims, suits, judgments, fines, costs,
penalties, and expenses (including attorneys’ fees and disbursements) (together, “Damages”)
suffered or incurred by Seller which arise out of or result from Buyer’s ownership of the Assets or
failure after the Closing to perform, pay, discharge, or satisfy any of the Liabilities in any
material respect, to perform any obligation under this Agreement, or which arise out of any breach
by Buyer of any representation or warranty of Buyer set forth in this Agreement.

10.2. Indemnification of Buyer.

Subject to the limitations set forth in Section 10.4 hereof, Seller shall indemnify, defend,
and hold harmless Buyer and its Affiliates and each of their respective officers, directors and
employees from and against any and all Damages suffered or incurred by Buyer which arise out of
Seller’s ownership of the Assets or failure prior to the Closing to perform, pay, discharge, or
satisfy any of the Liabilities (to the extent required prior to the Closing) in any material
respect, to perform any obligation under this Agreement, or which arise out of any breach by Seller
of any representation or warranty of Seller set forth in this Agreement.

10.3 Notice.

Promptly after the service of process by any third person in any litigation or proceeding, or
the receipt of any claim or demand in respect of which a party may have any claim for
indemnification under this Agreement, or as soon as reasonably practicable after such party shall
have acquired notice of any other matter with respect to which indemnity may be so sought, such
party will notify the indemnifying party thereof. The indemnifying party shall have the right
within ten (10) Banking Days of receipt of such notice to assume the defense, settlement or
compromise (as to settlements or compromise only with the prior written consent of the indemnified
party, which shall not be withheld unreasonably) of any such claim, action, suit or proceeding at
its own expense, including the retention of counsel reasonably satisfactory to the indemnified
party, and the indemnified party shall cooperate with the indemnifying party as provided in Section
10.5 below. In such event, the indemnified party shall have the right, upon prompt written notice
to the indemnifying party, to retain separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the indemnified party’s own
expense. If the indemnifying party does not notify the indemnified party that it will assume the
defense, settlement or compromise of any such claim, action, suit or proceeding within ten (10)
Banking Days upon receipt of notice thereof, the indemnified party shall have the full and sole
right to defend, settle or compromise such claim, action, suit or proceeding with the consent of
the indemnifying party.

10.4. Limitation on Indemnification.

No indemnification shall be payable under Section 10.1 or Section 10.2 unless the amount of
the Damages for which indemnification is being sought or could be sought shall exceed, in the
aggregate, $50,000, and then only to the extent of such excess. No party hereto shall be entitled
to indemnification to the extent that Damages, singly or in the aggregate, shall exceed $1,000,000.
No party hereto shall be entitled to indemnification for Damages unless claim for indemnification
is made within two (2) years of the date of this Agreement; provided, that this two year limitation
shall not apply to claims relating to breaches of the representations and warranties set forth in
Sections 4.1 and 5.1. In no event shall any party be entitled to any incidental, consequential,
special, exemplary or punitive Damages except to the extent that the indemnified party becomes
liable to any third party for incidental, consequential special exemplary or punitive damages.

10.5. Cooperation.

Seller shall give prompt notice to Buyer of any facts coming to its attention that may give
rise to a claim for indemnification. Seller shall cooperate with Buyer in any investigation, or in
the defense of any litigation or proceeding that might give rise to a claim for indemnification or
that would give rise to a claim for indemnification if brought against Seller. Such cooperation
shall include providing witnesses, files, documents and records that Seller is uniquely in a
position to provide.

10.6 Exclusive Remedy.

The rights established by this Article X shall be the exclusive remedy available to each party
hereto in the event of a claim for Damages by such party other than claims for fraud.

ARTICLE XI

TERMINATION

11.1. Termination by Either Party.

(a) This Agreement may be terminated prior to closing as follows:

(i) By either party, if the other party fails to cure any material breach of any
representation, warranty, or covenant within thirty (30) calendar days after being notified in
writing of the breach by the party terminating this Agreement; or

(ii) By either party, upon the expiration of thirty (30) calendar days after the FDIC, the
Banking Commission or any other governmental agency or regulatory authority issues a decision
denying or refusing to grant the approvals or consents required to be obtained pursuant to this
Agreement, unless within said 30-day period Seller and Buyer agree to submit an application to or
appeal the decision of the regulatory authority which has denied or refused to grant said approval;

(iii) By either party, if the Closing does not occur on or before April 30, 2009, provided
that the party terminating this Agreement has used its best efforts to perform its obligations
hereunder; or

(iv) By both parties upon their mutual agreement in writing to terminate this Agreement.

(b) In the event this Agreement is terminated, it shall be of no further force or effect and
the parties shall be released from all further obligations hereunder except as otherwise specified
herein and except that the termination of this Agreement under subsection (a)(i) above shall not
absolve the breaching party from any liability to the other party arising out of such breach.

ARTICLE XII

MISCELLANEOUS

12.1. Further Assurances.

(a) On and after the Closing Date, Seller agrees to give such further reasonable assurances
and to execute, acknowledge and deliver such bills of sale, deeds, acknowledgments and other
instruments of conveyance and transfer as in Buyer’s judgment are reasonably necessary and
appropriate to vest effectively in Buyer the full legal and equitable title to all the Assets and
Liabilities.

(b) On and after the Closing Date, Buyer shall execute, acknowledge and deliver any documents
or instruments as may be necessary and appropriate to relieve and discharge Seller from its
obligations with respect to the Liabilities.

(c) Seller and Buyer shall cooperate fully with each other in connection with any examination
conducted by any tax authority subsequent to the Closing Date by promptly providing to the other,
upon written request, information relating to the tax liability of any business operated by Seller
or Buyer with respect to the Branches.

12.2. Survival of Representations and Warranties.

Each and every one of Buyer’s and Seller’s representations and warranties under this Agreement
or contained in any certificate or instrument delivered by either party at Closing shall survive
for a period of two (2) years from the Closing Date, except that the representations and warranties
set forth in Sections 4.1 and 5.1 shall survive indefinitely following the Closing Date.

12.3. Non-Solicitation of Business.

(a) For a period of twenty-four (24) months after the Closing Date, Seller will not
specifically target and solicit customers of the Branches utilizing any customer or mailing list
which consists primarily of Customers of the Branch; provided, however, these restrictions shall
not restrict general mass mailings, telemarketing calls, statement stuffers and other similar
communications directed to all the current customers of Seller or to the public, or newspaper,
radio, or television advertisements of a general nature or otherwise prevent Seller from taking
such actions as may be required to comply with any applicable federal or state laws, rules, or
regulations. The foregoing restrictions notwithstanding, Seller may continue to solicit Customers
of the Branches with whom Seller has existing business relationships which are normally established
and maintained in offices other than the Branch, and Seller may continue to solicit such business
relationships without restriction after the Closing Date.

(b) Each of Seller and Buyer acknowledges that the restrictions and agreements contained in
this Section 12.3 are reasonable and necessary to protect the legitimate interests of the parties
hereto, and that any violation of this Section 12.3 by one party will cause substantial and
irreparable harm to the other party that would not be quantifiable and for which no adequate remedy
would exist at law and agrees that injunctive relief, in addition to all other remedies, shall be
available therefor.

(c) It is the intent and understanding of each party hereto that if, in any action before any
court or agency legally empowered to enforce this Section 12.3, any term, restriction, covenant, or
promise is found to be unreasonable and for that reason unenforceable, then such term, restriction,
covenant, or promise shall not thereby be terminated but that it shall be deemed modified to the
extent necessary to make it enforceable by such court or agency and, if it cannot be so modified,
that it shall be deemed amended to delete therefrom such provision or portion adjudicated to be
invalid or unenforceable, such modification or amendment in any event to apply only with respect to
the operation of this Section 12.3 in the particular jurisdiction in which such adjudication is
made.

12.4. Entire Agreement and Amendment.

This Agreement sets out the complete agreement of the parties with respect to the matters
discussed herein, and supersedes all prior agreements between the parties, whether written or oral,
with respect to such matters. No provision of this Agreement may be amended or waived except as
expressly stated in writing and executed by both parties. This Agreement expressly supercedes the
Letter of Intent between Seller and Buyer dated December 5, 2008.

12.5. Dispute Resolution.

(a) Seller and Buyer each agree to submit all matters of disagreement, dispute, or controversy
between Seller and Buyer under this Agreement to binding arbitration (except for matters to be
resolved by the Mediator concerning the Preliminary Closing Statement and the Final Closing
Statement pursuant to Section 3.3 hereof) before the American Arbitration Association (the “AAA”).
All arbitration proceedings shall be conducted by three arbitrators in Charleston, West Virginia,
under the rules of the AAA, except as otherwise provided in this Section 12.5. The party
submitting a matter to arbitration shall include in the submission the name and address of the
arbitrator selected by it, and the non-submitting party shall submit the name and address of the
arbitrator selected by it within twenty (20) calendar days after receipt of notice of the
submission. The two arbitrators selected by Seller and Buyer shall be instructed to appoint a
third arbitrator as soon as practicable. If they fail to do so within twenty (20) calendar days
after the appointment of the non-submitting party’s arbitrator, the AAA may appoint the third
arbitrator and shall appoint the third arbitrator within thirty (30) calendar days after the
appointment of the non-submitting party’s arbitrator.

(b) The fees and expenses of each arbitrator and all other costs and expenses incurred in the
arbitration, including reasonable attorneys’ fees, shall be borne as specified in the arbitrators’
award.

(c) Notwithstanding subsection (a) of this Section 12.5 either party shall be entitled to
commence a suit at law for the purpose of (i) obtaining appropriate equitable relief in the event
of a violation, or imminent violation, of Section 6.6 or 7.3 of this Agreement or (ii) enforcing
the indemnification obligation under Article X of this Agreement. Neither party shall prejudice
any right to seek arbitration of any dispute arising with respect to Section 6.6 or 7.3 or Article
X by commencing such a suit at law.

12.6. Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall constitute
an original, but all of which taken together shall constitute one and the same instrument.

12.7. Severability.

If any portion of this Agreement is declared by a court of competent jurisdiction to be
invalid or unenforceable, such declaration shall not affect the validity of the remaining
provisions.

12.8. Applicable Law.

This Agreement shall be governed by the laws of the State of West Virginia, without regard to
principles of conflicts of laws thereof, except to the extent that the laws of the United States of
America are applicable.

12.9. Exhibits and Schedules.

All exhibits and schedules referred to herein shall constitute a part of this Agreement.

12.10. Assignment.

This Agreement is not assignable by either party without the prior written consent of the
other party.

12.11. Headings.

The headings contained in this Agreement are inserted for convenience only and shall not
affect the meaning of this Agreement or any of its provisions.

12.12. Notices.

Any notice under this Agreement shall be made in writing and shall be deemed received when
either received or delivered in person, by facsimile transmission, or by first class mail, postage
prepaid, to the parties at the address set forth below or at such other addresses as each party
shall inform the other in writing:

If to Seller to:

Citizens National Bank of Elkins

211-213 Third Street

P. O. Box 1519

Elkins, West Virginia 26241

Fax: (304) 636-6924

Phone: (304) 636-4095

ATTN: William Johnson, President and CEO

with a copy to:

Sandra M. Murphy, Esq.

Bowles Rice McDavid Graff & Love LLP

P. O. Box 1386

Charleston, West Virginia 25325-1386

Fax: (304) 343-3058

Phone: (304) 347-1131

If to Buyer to:

Pendleton Community Bank, Inc.

Box 487

Franklin, West Virginia 26807

Fax: (304) 358-7997

Phone: (304) 358-3622 ext. 1103

ATTN: William A. Loving, Executive Vice President and CEO

with a copy to:

Charles D. Dunbar, Esq.

Jackson & Kelly, PLLC

1600 Laidley Tower (Zip 25301)

P. O. Box 553

Charleston, West Virginia 25322

Fax: (304) 340-1080

Phone: (304) 340-1196

12.13. Expenses.

Unless specifically stated to the contrary in this Agreement, each party shall assume and pay
for the expenses it incurs with respect to the purchase and sale of the Assets and assumption of
the Liabilities under this Agreement.

12.14. Public Announcements.

Prior to making any press release relating to this Agreement or the transactions contemplated
hereby, Seller and Buyer shall agree with each other as to the form and substance of such press
release. Prior to making any other public disclosures relating to this Agreement or the
transactions contemplated hereby, Seller and Buyer shall consult with each other as to the form and
substance of such disclosure and shall furnish a copy of the text of such disclosure to the other
party, provided, however, that nothing herein shall prohibit either party from making any
disclosure which its legal counsel reasonably deems necessary to comply with applicable law.

12.15. No Third Party Beneficiary.

The parties agree that they are the sole intended beneficiaries of this Agreement and that
there are no intended third party beneficiaries of this Agreement.

12.16. Waiver of Certain Damages.

Each of the parties hereto to the fullest extent permitted by law irrevocably waives any
rights that it may have to punitive, special, incidental, exemplary or consequential damages in
regard to any litigation based upon or arising out of this Agreement or any related agreement or
any course of conduct, course of dealing, statement or actions relating thereto.

Remainder of Page Intentionally Left Blank

1

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by its
respective authorized representatives, as of the date first above written.

	 	 	 	 	 
	
 
	 	SELLER
	 	

	 	 	CITIZENS NATIONAL BANK
	[ SEAL ]

	 	By:
	 	   /s/ William T. Johnson, Jr.            
	
 
	 	 	 	 
	
 
	 	Name:

Its:
	 	William T. Johnson, Jr.

President and Chief Executive Officer

2

	 	 	 	 	 
	 	 	BUYER:	 
	 	 	PENDLETON COMMUNITY BANK, INC.	 
	[ SEAL ] By:	 	 	   /s/ William A. Loving, Jr.              
	 	 	Name:	 	 	William A. Loving, Jr.
	 	 	Its:	 	 	Chief Executive Officer and
	 	 	 	 	 	Executive Vice President

STATE OF WEST VIRGINIA

COUNTY OF RANDOLPH, to-wit:

I, Tanya D. Markley, a notary public in and for said state and county, do hereby certify that
William T. Johnson, Jr., whose name is signed to the above writing as President and CEO of
Citizens National Bank, has this day acknowledged the same before me.

Given under my hand this 13th day of January, 2009.

My commission expires October 25, 2015.

/s/ Tanya D. Markley     

Notary Public

STATE OF WEST VIRGINIA

COUNTY OF PENDLETON, to-wit:

I, Kathy L. Parker, a notary public in and for said state and county, do hereby certify that
William Loving, Jr., whose name is signed to the above writing as CEO/EVP of Pendleton Community
Bank, Inc., has this day acknowledged the same before me.

Given under my hand this 13th day of January, 2009.

My commission expires January 29, 2013.

/s/ Kathy L. Parker     

Notary Public

2417182

3

CITIZENS NATIONAL BANK

DISCLOSURE SCHEDULE

PURCHASE AND ASSUMPTION AGREEMENT

BY AND BETWEEN

CITIZENS NATIONAL BANK OF ELKINS

AND

PENDLETON COMMUNITY BANK, INC.

This disclosure schedule (this “Disclosure Schedule”) is being furnished by Citizens National
Bank of Elkins (“Citizens”) to Pendleton Community Bank, Inc. (“Pendleton”) in connection with the
execution and delivery of that certain Purchase and Assumption Agreement dated as of January      ,
2009 (the “Agreement”), by and between Citizens and Pendleton. Unless the context otherwise
requires, all capitalized terms used in this Disclosure Schedule shall have the respective meanings
assigned to them in the Agreement.

No reference to or disclosure of any item or other matter in this Disclosure Schedule shall be
construed as an admission or indication that such item or other matter is material or that such
item or other matter is required to be referred to or disclosed in this Disclosure Schedule.

This Disclosure Schedule and the information and disclosures contained in this Disclosure
Schedule are intended only to qualify and limit the representations, warranties and covenants of
Citizens contained in the Agreement and shall not be deemed to expand in any way the scope or
effect of any of such representations, warranties and covenants.

4

List of Schedules and Exhibits

Schedules:

	 	 	 	 	 
	Schedule A

	 	—
	 	The Branches
	Schedule B

	 	—
	 	Fixed Assets
	Schedule C

	 	—
	 	The Loans
	Schedule D

	 	—
	 	Operation and Maintenance Contracts
	Schedule E

	 	—
	 	Real Property
	Seller’s Disclosure Schedules:

	Schedule 4.2

	 	—
	 	Actions Pending Against Seller
	Schedule 4.3

	 	—
	 	Consents and Approvals
	Schedule 4.5

	 	—
	 	Real Property Title Exceptions
	Schedule 4.6

	 	—
	 	Fixed Assets Title Exceptions
	Schedule 4.15(a) –
	 	Environmental Matters
	Schedule 7.5

	 	—
	 	Government Deposits
	Exhibits:

	 	

	 	

	Exhibit 9.2A

	 	—
	 	Form of Bill of Sale
	Exhibit 9.2B

	 	—
	 	Form of Assignment and Assumption Agreement

5

Schedule A

Petersburg Branch

102 Virginia Avenue

Petersburg, West Virginia

Marlinton Branch

650 Seneca rail North

6

Marlinton, West VirginiaExhibit 9.2A

PURCHASE AND ASSUMPTION AGREEMENT

Between

CITIZENS NATIONAL BANK

and

PENDLETON COMMUNITY BANK, INC.

BILL OF SALE AND ASSIGNMENT OF LOANS

THIS BILL OF SALE AND ASSIGNMENT OF LOANS is dated this      day of      , 2009,
by Citizens National Bank, a national banking association (“Seller”).

W I T N E S S E T H:

WHEREAS, Seller and Pendleton Community Bank, Inc., a West Virginia corporation, (“Buyer”)
have entered into a Purchase and Assumption Agreement dated as of January      , 2009, (the
“Agreement”) which provides for the sale by Seller to Buyer of certain personal property and loans
related to certain of Seller’s branch offices located at 102 Virginia Avenue, Petersburg, West
Virginia (the “Petersburg Branch”) and at 650 Seneca Trail north, Marlinton, West Virginia (the
“Marlinton Branch” and, together with the Petersburg Branch, the “Branches”), all as set forth in
the Agreement;

NOW, THEREFORE, Seller, for good and valuable consideration, receipt of which is hereby
acknowledged, does hereby grant, bargain, sell, assign, set over, convey and transfer to Buyer all
of its right, title and interest in and to the following assets (the “Assets”):

1. All fixed assets located in the Petersburg Branch, except for:

a. computers and other devices containing proprietary information;

	 	b.	 	any rights to the name “Citizens National Bank” and any of
Seller’s corporate logos, trademarks, trade names, signs, paper stock, forms
and other supplies containing any such logos, trademarks or trade names; and

c. the assets listed on Exhibit 1(c) hereto.

2. All of the Loans maintained, serviced and listed in Seller’s general ledger as loans of the
Branches (except for those Loans that Buyer rejects in accordance with the provisions of Section
2.2 of the Agreement), a list of such specific loans to be attached hereto on the date of the Final
Closing Statement to be delivered by Seller in accordance with Section 3.3(b) of the Agreement (the
“Loans”);

3. All of Seller’s Records (as defined in Section 2.4(a) of the Agreement).

Seller, for itself and its successors and assigns, does hereby covenant and agree to and with
Buyer and its successors and assigns that it (i) is seized of, and has the right to convey to
Buyer, such title to the Assets as is provided in the Agreement, (ii) will warrant and defend said
title to the Assets in the manner provided in the Agreement, and (iii) shall, from time to time, at
the request of Buyer, execute, acknowledge and deliver to Buyer any and all further instruments,
documents, endorsements, assignments, information, materials and other papers that may be
reasonably required to transfer the Assets to Buyer, to enable Buyer to bill, collect, service and
administer the Loans and to give full force and effect to the full intent and purposes of this Bill
of Sale.

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be duly executed by its duly
authorized officers and its corporate seal to be affixed hereto, all as of the day and year first
above written.

CITIZENS NATIONAL BANK

By:      

Its:      

[ Corporate Seal }

ATTEST:

     

Secretary

7

Exhibit 9.2B

PURCHASE AND ASSUMPTION AGREEMENT

Between

CITIZENS NATIONAL BANK OF ELKINS

and

PENDLETON COMMUNITY BANK, INC.

ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT is entered into this      day of      ,
2009, by and Citizens National Bank of Elkins, a national banking association (“Seller”) and
Pendleton Community Bank, Inc., a West Virginia corporation (“Buyer”).

W I T N E S S E T H:

WHEREAS, Seller and Buyer have entered into a Purchase and Assumption Agreement dated as of
January      , 2009 (the “Agreement”), which provides for the assignment by Seller of all of its
rights and interests in and to certain leases, contracts, deposit accounts and other liabilities
related to Seller’s branch offices as more specifically described in the Agreement (the
“Branches”), and the assumption by Buyer of all of Seller’s liabilities and obligations thereunder,
all as set forth in the Agreement;

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, receipt of which is hereby acknowledged by Seller and Buyer, Seller hereby assigns,
transfers and sets over to Buyer all of Seller’s rights and interest to, and Buyer does hereby
assume all of Seller’s liabilities and obligations in connection with, the following assets (the
“Assets”);

1. All equipment leases (the “Equipment Leases”) for equipment located at the Branch of Buyer
located at 102 Virginia Avenue, Petersburg, West Virginia and operation and maintenance contracts
relating to the fixed assets at the Branch;

2. All deposit accounts located at the Branches (the “Deposit Liabilities”);

3. Safe deposit box contracts or leases; and

4. Seller’s duties, obligations and responsibilities with respect to the Retirement Plans (as
defined in the Agreement), except for those Retirement Plans not included in the Deposit
Liabilities.

This Assignment and Assumption Agreement shall be binding upon, and shall inure to the benefit
of, Seller, Buyer, and each of their successors and assigns and shall be subject to the terms and
conditions of the Agreement. In the event of a conflict between any of the terms and provisions
hereof and the Agreement, the Agreement shall be deemed to control.

This Assignment and Assumption Agreement, and the rights and obligations of the parties
hereunder, shall be governed by and construed in accordance with the laws of the State of West
Virginia.

IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption Agreement to
be executed by their duly authorized officers and their corporate seals to be affixed hereto, all
as of the day and year first above written.

CITIZENS NATIONAL BANK

By:      

Its:      

[ Corporate Seal }

ATTEST:

     

Secretary

PENDLETON COMMUNITY BANK, INC.

By:      

Its:      

[ Corporate Seal }

ATTEST:

     

8

SecretarySchedule 7.5

Government Deposits

Marlinton Branch Government Deposits

	 	 	 
	Name

	 	Balance as of      , 2009
	 

	 	 
	Total

	 	

	 

	 	

Petersburg Branch Government Deposits

	 	 	 
	Name

	 	Balance as of      , 2009
	 

	 	 
	Total

	 	

	 

	 	

2417182.1

9January 13, 2009

 

 

 

To:       Advanced Voice Recognition
Systems, Inc.

           
7659 E. Wood Dr ive

Scottsdale, Arizona
85260

Attention:  Walter Geldenhuys, President & CEO

 

 

Dear Ladies and Gentlemen:

 

This
letter (this “Modification”) modifies that certain Letter Agreement dated
April 28, 2008 (the “Original Letter Agreement”) delivered by the
undersigned to Advanced Voice Recognition Systems, Inc. (f/k/a Samoyed Energy
Corp.), a Nevada corporation (the “Company”), as modified by that certain
Letter Agreement dated September 29, 2008 between the undersigned and the
Company (together with the Original Letter Agreement, the “Letter
Agreement”).  

Pursuant
to the Letter Agreement, the undersigned holder of 3,500,000 shares of the
common stock of the Company (“Common Stock”) (the “Holder”) agreed
to pay to the Company an amount equal to $1,400,000 within one hundred eighty
(180) days of the Closing (as defined in the Stock Exchange Agreement), or in
the alternative, tender to the Company for cancellation two and one-half (2 1/2)
shares of Common Stock for every $1 not paid, subject to the terms and
conditions of the Letter Agreement.  The Holder and the Company wish to
amend certain terms of the Letter Agreement as specifically set forth
herein.

In
consideration of the foregoing, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Holder agrees
as follows:

1. 
Definitions.  Capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Letter Agreement, and the term
SMYD Common Stock is now referred to as Company Common Stock to reflect the
closing of the stock exchange as set forth in the Stock Exchange Agreement.

2.  
Amendments.  Effective as of the date hereof:

(a)       
The third paragraph of the Letter Agreement is hereby modified and restated to
read as follows:

 

“The
Holder understands that delivery of this letter agreement (this
“Agreement”) is a condition to closing the Stock Exchange
Agreement.  This Agreement sets forth the terms and conditions under which
the Holder agrees to pay to Company an amount equal to $875,000 on or before
March 31, 2009, or in the alternative, tender to Company for cancellation four
(4) shares of Company Common Stock for every $1 not paid.  All dollar
amounts stated in this Agreement are in United State s Dollars.”

(b)       
Paragraph 1 of the Letter Agreement is hereby modified and restated to
read as follows:

 

“Agreement
to Pay; Forfeiture of Shares; Waiver.  On or before March 31, 2009, or
such other date as the Company and the Holder agree (such date to be referred to
herein as the “Payment Date”), Holder shall pay to Compamy $875,000 ( the
“Payment”). In the event Company does not receive all of the Payment on
or before the Payment Date, Holder shall tender its shares of Company Common
Stock to Company no later than the Payment Date for immediate cancellation by
Company at a rate of four (4) shares of Company Common Stock for every $1 not
received by Company on or before the Payment Date.  Holder agrees that, in
the event it tenders its shares of Company Common Stock to Company for
cancellation, upon tendering the shares, Holder will not have any claim against Company, or any affiliate of Company or its
predecessors, including but not limited to, any claim for stock or other equity
interests of any kind, or any claim based upon breach of contract,
discrimination, violation of public policy, negligence and/or any other common
law, statutory or other claim whatsoever, and Holder shall not bring any claim
or commence any litigation against Company or any affiliate of Company or any of
its affiliates or precessors  relating to any of the foregoing.”

 

(c)
       Clause (b) of Paragraph 2 of the
Letter Agreement is hereby modified and restated to read as follows:

 

“(b)
if Company receives only a portion of the Payment, Holder shall deliver to
Company certificates representing that number of shares of Company Common Stock
equal to four (4) shares of Company Common Stock for each $1 not paid to Company
in accordance with this Agreement.” 

 

  

  3.  
Representations and Warranties of Holder.  Holder has requested this
Modification based on Holder’s need to complete business transactions unrelated
to the Company and the Common Stock.  Holder represents and warrants that
he will obtain the funds to make the payment required herein from those business
transactions and that he will not be engaged in the sale of any shares of the
Common Stock prior to the Payment Date.   Holder and the Company agree
that payments may be made by the Holder in installments prior to the Payment
Date.

4.  
Governing Law.  THIS MODIFICATION SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF COLORADO,
WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

5.  
Continued Validity.  The Letter Agreement (including the provisions
of the Agreement not modified hereby), as modified by this Modification, shall
remain in full force and effect following the execution of this
Modification.

6.  
Counterparts.  This Modification may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, and
each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute one and the same agreement.  The
exchange of copies of this Modification and of signature pages by facsimile
transmission shall constitute effective execution and delivery of this
Modification as to the parties and may be used in lieu of the Letter Agreement
for all purposes.  Signatures of the parties transmitted by facsimile shall
be deemed to be their original signatures of all purposes.

7.  
Entire Agreement.  The Letter Agreement, as modified hereby,
represents the entire expression of the parties with respect to the subject
matter hereof on the date of this Modification.  To the extent that any
conflict may exist between the provisions of any other agreement between the
parties and the Letter Agreement, as modified hereby, then the Letter Agreement,
as modified hereby, shall control.

 

Sincerely,

 

HOLDER:

 

/s/ Lambert
Lavallee                                                               

Lambert Lavallee

Date:  January 13, 2009

 

2440, 10303 Jasper
Avenue                                                   

Address

 

Edmonton, Alberta T5J
3N6                                                 

City, State, Postal or Zip Code,
Country

 

 

 

ACKNOWLEDGED AND AGREED TO BY:

 

ADVANCED VOICE RECOGNITION SYSTEMS, INC.

 

By: /s/ Walter
Geldenhuys                                   

      Walter Geldenhuys, President, Chief
Executive Officer & Chief Financial Officer

 

Date:  January 13, 2009

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