PremierWest shareholders approve acquisition

PremierWest shareholders approve acquisition

Medford-based PremierWest Bank branches will fold into AmericanWest Bank in April.

PremierWest Bancorp shareholders on Thursday gave their grudging endorsement to a $20 million agreement with Starbuck Bancshares, the private equity parent company of Spokane-based AmericanWest Bank.

The new owner will pay $2 apiece for just more than 10 million shares and take possession of PremierWest's 32 branches — ranging from Redmond to Galt, Calif., once the deal closes. PremierWest's $41.4 million TARP Capital Purchase Program debt to the U.S. Treasury also will be paid off as part of the deal.