Shareholders at PremierWest Bancorp in Medford, Ore., have approved a reverse split of the company's stock, which could boost its share price.
The $1.45 billion-asset company said Monday that shareholders supported three proposals at a meeting Dec. 16 that would let the board effect a reverse stock split before the company's 2011 annual shareholder meeting. The proposals included three exchange ratios — a 1-for-5 split, a 1-for-10 split and a 1-for-15 split.
The Nasdaq warned PremierWest in March that it was not in compliance with listing requirements because its shares were trading below the $1 minimum bid price. In a proxy statement filed with the Securities and Exchange Commission, PremierWest said the reverse stock split could help boost its share price.
The company has until March 10 to regain compliance.