KLAMATH FALLS, Ore.-Pacific Crest FCU is acquiring two northern California branches from ailing PremierWest Bancorp. The deal comes as the Medford, Ore., bank announced a consolidation amid a $4.1-million fourth quarter loss and a $17.6-million loss for 2011. The two branches are located in Dorris and Tulelake, Calif.
"Pacific Crest is a natural fit for these communities, and this transaction will continue locally based financial services in the communities," said Jim Ford, CEO of $1.3-billion PremierWest.
"We look forward to working with PremierWest Bank employees at the two branches over the next few months to transition them into the Pacific Crest family," said Kathie Philp, president of the $125-million credit union.
"These two branches were scheduled to be closed April 20, 2012. However, with this transaction, both branches will remain open and transition to Pacific Crest late in the second quarter, with no interruption in service," said Ford.
Financial terms of the deal were not disclosed.
