MEDFORD, Ore., July 23, 2007 (PRIME NEWSWIRE) -- PremierWest Bancorp (Nasdaq:PRWT) announced the Company has been selected as one of the best performing banks in the country, and added to the Sandler O'Neill 2007 class of All Stars. Sandler O'Neill is one of the largest investment banking firms in the United States and since 2004 has published a list of top performing banks and thrifts in the nation.
The 2007 list of 24 All Stars was narrowed from a field of 610 publicly traded banks and thrifts with market caps of less than $2 billion. Sandler O'Neill's analysis applied numerous screens before awarding All Star status. Their analysis focused on growth, profitability, credit quality and capital strength. The analysis and screening process eliminated 586 institutions, or 96% of the institutions being evaluated. Sandler O'Neill's recently published report states, "The performance metrics of the remaining 24 institutions are outstanding, with the Class of 2007 delivering bottom line results that are markedly better than the industry as a whole." The report continued stating, "By identifying this group, we hope to provide investors with a narrow list from which to uncover the next crop of leading mid-cap banks and thrifts and, most importantly, expose them before they are discovered by the rest of the world."
John Anhorn, Chief Executive Officer, stated, "We are extremely pleased to be recognized by Sandler O'Neill as one of the top performing banks in the nation. This recognition is a compliment to our employees, customers and shareholders; each of which are an important segment of our success." Anhorn also noted, "PremierWest Bancorp was the only bank in Oregon receiving All Star status and one of eight selected west of the Mississippi."
ABOUT PREMIERWEST BANCORP
PremierWest Bancorp (Nasdaq:PRWT) is a financial services holding company headquartered in Medford, Oregon, and operates primarily through its subsidiary PremierWest Bank. PremierWest 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. During the last several years PremierWest expanded into Klamath Falls, Oregon, the Central Oregon communities of Bend and Redmond, and into Yolo and Placer counties in California.