AmericanWest Bank To Expand Into Oregon, Northern California With Planned Acquisition Of PremierWest Bank
AmericanWest Bank and PremierWest Bank today announced the execution of a definitive agreement whereby PremierWest Bank plans to merge with, and become a part of, AmericanWest Bank creating a larger combined presence in the Pacific Northwest and California. The transaction will be accomplished through a merger of PremierWest Bank’s holding company, PremierWest Bancorp (NASDAQ: PRWT), with an affiliate of AmericanWest Bank and is subject to the receipt of all necessary regulatory and shareholder approvals, as well as other customary closing conditions.
“The employees at PremierWest Bank have done an outstanding job serving their customers and communities and it will be our pleasure to amplify their capabilities with our strong capital position, expanded network of branches and increased lending capabilities,” said Scott A. Kisting, Chairman and CEO, AmericanWest Bank. “This merger will bring together two like-minded community banks that complement one another in terms of geography, products, community engagement and the importance we place on outstanding customer service.”
Jim Ford, President and CEO of PremierWest Bank, said, “Since early 2009, the employees of PremierWest have been working hard to resolve credit issues, organize the bank more efficiently and return the bank to profitability. While significant progress has been made, it became evident to the Board of Directors and our bank management that without a sizable infusion of additional capital, the bank would not be able to exit all problem credit relationships, satisfy our commitment to the TARP program, and adhere to recently enacted regulatory requirements. After studying many options we decided to merge with AmericanWest Bank as the best course of action for our employees, shareholders and communities.”
Under the terms of the definitive agreement, PremierWest Bancorp shareholders will receive cash consideration of $1.65 per common share upon the closing of the transaction, or approximately $16.6 million in the aggregate. In addition, the United States Department of the Treasury has indicated its willingness to consent to a repayment of PremierWest Bancorp's outstanding TARP preferred securities and cancellation of the related warrant for aggregate the full principal amount of Treasury's TARP investment in PremierWest Bancorp. The parties are targeting a closing of the transaction in the first half of 2013.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV