PremierWest Bancorp Regains Compliance With Nasdaq Listing Rule
March 02 2011 - 1:55PM
Marketwired
PremierWest Bancorp (NASDAQ: PRWTD) today announced that on
February 28, 2011, it received written notification from the Nasdaq
Stock Market indicating that it has regained compliance with Nasdaq
Listing Rule 5450(a) (1) for continued listing on the Nasdaq Global
Market. The notification confirmed that PremierWest Bancorp has
maintained a minimum bid price of at least $1.00 per share or
greater for at least 10 consecutive business days and that the
matter raised in the March 2010 Nasdaq letter is now closed. As
such, PremierWest Bancorp is no longer subject to possible
delisting based on failure to maintain a minimum bid price. In
addition, effective March 11, 2011, the stock symbol for
PremierWest Bancorp will return to PRWT, indicating the 20 business
day announcement period for the recent 1 for 10 reverse stock-split
has completed.
Commenting on the notification of compliance received by
PremierWest Bancorp, James M. Ford, President & CEO stated, "We
are pleased to have regained compliance with the Nasdaq listing
requirement and remain focused on increasing shareholder value in
2011 and beyond."
ABOUT PREMIERWEST BANCORP PremierWest
Bancorp (NASDAQ: PRWTD) is a financial services holding company
headquartered in Medford, Oregon, and operates primarily through
its subsidiary, PremierWest Bank. PremierWest Bank offers expanded
banking-related services through two subsidiaries, Premier Finance
Company and PremierWest Investment Services, Inc.
PremierWest Bank was created following the merger of the Bank of
Southern Oregon and Douglas National Bank in May 2000. In April
2001, PremierWest Bancorp acquired Timberline Bancshares, Inc. and
its wholly-owned subsidiary, Timberline Community Bank, with eight
branch offices located in Siskiyou County in northern California.
In January 2004, PremierWest acquired Mid Valley Bank with five
branch offices located in the northern California counties of
Shasta, Tehama and Butte. In January 2008, PremierWest acquired
Stockmans Financial Group, and its wholly-owned subsidiary,
Stockmans Bank, with five full service banking offices in the
Sacramento, California area. During the last several years,
PremierWest expanded into the Klamath Falls and Central Oregon
communities of Bend and Redmond, and into Nevada, Yolo and Butte
counties in California.
DISCLOSURE REGARDING FORWARD-LOOKING
STATEMENTS This press release includes forward-looking
statements within the meaning of the "Safe-Harbor" provisions of
the Private Securities Litigation Reform Act of 1995, which
management believes are a benefit to shareholders. These statements
are necessarily subject to risk and uncertainty and actual results
could differ materially due to certain risk factors, including
those set forth from time to time in PremierWest's filings with the
SEC, and risks that we are unable to increase capital levels as
planned or effectively implement asset reduction and credit quality
improvement strategies, unable to comply with regulatory agreements
and the risk that market conditions deteriorate. You should not
place undue reliance on forward-looking statements and we undertake
no obligation to update any such statements. We make
forward-looking statements in this press release about future
profitability of the Company, net interest margin, regulatory
compliance, loan demand, interest rate changes, loan upgrades, loan
migration, the prospects for earnings growth, deposit and loan
growth, capital levels, the effective management of our credit
quality, the collectability of identified non-performing loans,
real estate market conditions and the adequacy of our Allowance for
Loan Losses.
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