PremierWest Bancorp's campaign to persuade shareholders to approve a merger with AmericanWest Bank has not yet reached its goal. The deal is on hold for one more month as the companies wait for proxy votes to come in.
At a PremierWest (PRWT) shareholder meeting on Tuesday, less than half of the shares were voted in favor of the merger, and the meeting was adjourned until March 19, the company said Wednesday. So far, 46.9% of the outstanding shares and 63.9% of the total votes cast have been in favor of the merger. At least half PremierWest's shareholders must vote in favor of the deal.