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Pacific Crest FCU announced on Monday that it is acquiring two northern California branches from ailing PremierWest Bancorp.
March 19 -
PremierWest Bank in Medford, Ore., said Friday that it will close one-fourth of its branches to lower expenses as it struggles to return to profitability after more than three years of losses.
January 13 -
The $1.4 billion-asset company said Wednesday that it received notice from the Nasdaq on Monday that it is in compliance with listing requirements just shy of a March 10 deadline.
March 3
PremierWest Bancorp (PRWT) of Medford, Ore., will lay off staff in support areas and not fill vacant positions as it continues to implement cost-cutting measures.
The $1.3 billion-asset company previously said that it will
Ken Wells, PremierWest's chief marketing officer, declined Monday to disclosed the number of positions being eliminated but said the changes will occur this quarter. Even though its branch network has decreased, PremierWest hadn't previously addressed the size of its operational staff, Wells said.
"It's just natural as we get smaller," he said. "We have to think about streamlining things."
Like other banks in the hard hit Pacific Northwest region, PremierWest has struggled with souring commercial real estate loans. It last turned a profit in 2007 and reported a $17.4 million loss for 2011. At Dec. 31, its noncurrent loans totaled 9.55%, according to the Federal Deposit Insurance Corp.
