PremierWest Shareholders Approve Sale to Parent of AmericanWest

By Chris Cumming March 28, 2013, 4:45 p.m. EDT 1 Min Read

Community banking

AmericanWest Parent Raises Payout for PremierWest Deal

Starbuck Bancshares has sweetened the consideration it will pay for PremierWest Bancorp (PRWT) in Medford, Ore.

By Brian Browdie

March 18
M&A

PremierWest Tries to Sell Shareholders on AmWest Deal

PremierWest shareholders are scheduled to vote Tuesday on its proposed sale to the holding company of AmericanWest Bank. At 43% of tangible book value, some of them might be reluctant.

By Robert Barba

February 15

The parent company of AmericanWest in Spokane, Wash., and PremierWest Bancorp (PRWT) in Medford, Ore., have nearly completed their deal after encountering lackluster support.

Holders of 60.6% of PremierWest's outstanding shares approved its sale to Starbuck Bancshares, AmericanWest's parent, at a special meeting on Thursday, the companies said. Regulators have also approved the deal, and it is expected to close in April.

Starbuck raised its offer for PremierWest by $3.5 million, to $20.1 million, in mid-March, after extending the voting deadline twice in search of majority support from the seller's stockholders. PremierWest had campaigned to persuade its stockholders to accept Starbuck's offer. Before the meeting Thursday, 49.2% of the outstanding shares had been voted in favor.

"I want PremierWest Bank customers and communities to know that we look forward to bringing together our two community banks and augmenting the outstanding service you have come to expect with our strong capital position, comprehensive products and services, and a commitment to local decision-making," said Scott Kisting, chairman and chief executive of AmericanWest Bank, in the news release.

Chris Cumming