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Medford, Ore.-based PremierWest Bancorp, the parent of PremierWest Bank ($1.16 billion), entered into an agreement and plan of merger with Seattle-based Starbuck Bancshares Inc. and Pearl Merger Sub Corp., a newly formed subsidiary of Starbuck.
Recently, PremierWest Bank said it managed to improve its capital ratios, primarily through the company's deleveraging strategy and shift in the balance sheet mix to less risk-weighted assets.
The merger agreement provides that PremierWest Bancorp will merge with and into Pearl Merger Sub, with...