Subject to regulatory approval and customary closing conditions, the deal will be executed in the first half of 2013, through a merger of PremierWest Bancorp with an affiliate of the acquirer.
According to terms of the merger deal, PremierWest Bancorp shareholders will receive cash consideration of $1.65 per common share, or nearly $16.6m in aggregate on completion of transaction.
AmericanWest Bank chairman and CEO Scott Kisting said, "This merger will bring together two like-minded community banks that complement one another in terms of geography, products, community engagement and the importance we place on outstanding customer service."
In connection with the deal, Lane Powell served as legal counsel, while DA Davidson & Co acted as financial advisor and issued a fairness opinion to PremierWest Bancorp’s board of directors.
As of 2 July 2012, the acquirer bank had total assets of $2.4bn, while the bank being acquired had total assets of $1.2bn as of 30 September.
AmericanWest Bank is a business-focused community bank delivering commercial and small business banking, mortgage lending, treasury management products as well as a range of personal banking products.
