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Starbuck Bancshares receives regulatory approvals to merge with PremierWest Bank

Starbuck Bancshares and certain of its affiliates have received regulatory approvals for the proposed merger with PremierWest Bank.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions; and the Oregon Department of Consumer and Business Services have approved the merger.

The proposed deal is still subject to customary closing conditions, including approval by the shareholders of PremierWest.

According to the merger agreement, which was originally inked in October 2012, PremierWest Bank will merge with and into AmericanWest Bank, a wholly owned subsidiary of Starbuck.

Each outstanding share of PremierWest common stock will be converted into the right to receive $1.65 in cash, without interest, subject to deduction of any required withholding tax, at the effective time of the merger.

Headquartered in Medford, Oregon, PremierWest Bancorp operates as a bank holding company and manages its subsidiary, PremierWest Bank.