MEDFORD, Ore., March 16, 2010 (GLOBE NEWSWIRE) -- PremierWest Bancorp (Nasdaq:PRWT), the parent company of PremierWest Bank, today announced results of its rights offering to shareholders of record on December 15, 2009 and to standby purchasers. Shareholders exercised basic and over-subscription rights to purchase 39,582,365 shares at $0.44 per share, and standby purchasers bought 2,904,457 shares at $0.44 per share, raising gross proceeds of approximately $18.7 million. The rights offering expired March 10, 2010, and all subscriptions have been honored. Executive officers and directors purchased a total of 9,384,654 shares or 22.1 percent of the total shares sold.
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 Bank offers expanded banking-related services through two subsidiaries, Premier Finance Company and PremierWest Investment Services, Inc.