BRIEF: PremierWest Bancorp posts loss, plans job cuts
Apr 25, 2012 (Menafn - The Sacramento Bee - McClatchy-Tribune Information Services via COMTEX) --Medford, Ore.-based PremierWest Bancorp, operator of more than a dozen branches in Northern California, reported a loss of 4.8 million, or 48 cents a share, in the first quarter ended March 31.
That compares with a loss of 7.4 million, or 74 cents a share, in the first quarter of 2011.
The bank has struggled with high loan-loss provisions and non-earning real estate assets.
In its latest quarterly report, management announced that it will institute cost-reduction measures to save about 2.5 million a year. The bank said "some staff positions will be eliminated and other currently vacant positions will not be filled." The measures are expected to be completed in the second quarter.
In January, the bank announced that it would close 11 of its 44 branches by the end of April. The closures involve five Oregon banks and six others in the Northern California communities of Weed, Dunsmuir, Dorris, Tulelake, McCloud and Redding.
Sacramento-area PremierWest branches remain in Elk Grove, Folsom, Rocklin, Galt, Davis and Woodland.
Call The Bee's Mark Glover, (916) 321-1184.
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