PremierWest Moves Into Two Former Wachovia Branches

Posted by Orb Staff on July 29, 2009 No Comments
Categories : Residential Mortgage

rWest Bancorp, a Medford, Ore.-based financial services holding company, has acquired two Wachovia Bank branches from Wells Fargo Bank. The branches are located in Davis and Grass Valley, Calif. At closing, the acquisition encompassed approximately $338 million in deposits, $1 million in consumer loans, as well as certain fixed assets. The acquisition will increase the number of PremierWest's California branches to 24 and total branches to 48. Additionally, the acquisition will increase PremierWest's California deposits to more than $800 millon and total bank deposits to almost $1.6 billion. "The acquisition adds significantly to our core deposit base, while substantially increasing our liquidity," says James M. Ford, president and CEO of PremierWest. A transition to brand the new locations as PremierWest Bank was initiated on July 20. The former Wachovia Bank branch management and staff personnel transitioned to the PremierWest Bank team as of July 18. SOURCE: PremierWest

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