Stockmans shareholders will receive either 8.14 shares of PremierWest common stock or $92.68 for each share of Stockmans Financial Group common stock. PremierWest Bancorp will issue approximately 5.36 million shares of common stock and pay $22.77 million to Stockmans shareholders in connection with the merger. The combined organization has assets of approximately $1.5 billion and deposits of approximately $1.2 billion. The merger adds five Sacramento branches to PremierWest Bank’s network of 41 Northern California, Southern Oregon and Central Oregon locations.
John Anhorn, CEO of PremierWest Bancorp, will continue to lead the combined organizations as CEO of PremierWest Bancorp. Gary Wright, previously CEO and president of Stockmans Financial Group and Stockmans Bank, will join the PremierWest board of directors and senior management of Stockmans Bank will continue with the combined organization.
Mr Anhorn stated: PremierWest and Stockmans share a common approach to community banking with a focus on people doing business with people. We are excited about the opportunities for customers, shareholders and employees with the expansion of PremierWest Bank’s presence in the Sacramento area.
