Stockmans five branches will for a period of time retain the Stockmans name and operate as a division of PremierWest Bank. Gary Wright, president and CEO of Stockmans, will join PremierWest Bancorp’s and PremierWest Bank’s board of directors. The remainder of Stockmans senior management will continue in senior management roles with PremierWest following the close of the merger.
The combined organization will operate 46 branch locations throughout Oregon and Northern California, will have approximately 560 employees. It will have assets of $1.5 billion, and deposits and loans of approximately $1.2 billion each. Shareholders will hold approximately 23.8 million shares of PremierWest securities, with a market capitalization of approximately $260 million.
Mr Wright said: 98% of Stockmans Financial Group shares outstanding were represented at the meeting last night, and 100% of those represented voted in favor of the transaction.
