The parent company of AmericanWest in Spokane, Wash., and PremierWest Bancorp (PRWT) in Medford, Ore., have nearly completed their deal after encountering lackluster support.
Holders of 60.6% of PremierWest's outstanding shares approved its sale to Starbuck Bancshares, AmericanWest's parent, at a special meeting on Thursday, the companies said. Regulators have also approved the deal, and it is expected to close in April.
Starbuck raised its offer for PremierWest by $3.5 million, to $20.1 million, in mid-March, after extending the voting deadline twice in search of majority support from the seller's stockholders. PremierWest had campaigned to persuade its stockholders to accept Starbuck's offer. Before the meeting Thursday, 49.2% of the outstanding shares had been voted in favor.
"I want PremierWest Bank customers and communities to know that we look forward to bringing together our two community banks and augmenting the outstanding service you have come to expect with our strong capital position, comprehensive products and services, and a commitment to local decision-making," said Scott Kisting, chairman and chief executive of AmericanWest Bank, in the news release.