In regards to their option to buy newly issued common stock, PremierWest Bancorp will be advising there shareholders in the coming weeks. Being part of the Medford-based parent of PremierWest Bank, they have already released plans to raise $36 million. Shares are now available at just 44 cents each. PremierWest Bank will make use of their income of the sale to increase their capital position.
For those who want to buy these newly issued shares, PremierWest Bancorp (NASDAQ: PRWT) if offering to their shareholders nontransferable subscription rights. What began on Dec. 15, the stockholders were offered to buy 3.3 new shares per common stock share. The current shareholders will also be given the availability to purchase shares that were not already purchased by other shareholders. This is only if the offering is not fully subscribed.
Next in line will be the high-net-worth investors, but only if the rights are not exercised by March 10 of this year. The company is hoping that directors and executive officers will be able to buy about $7.2 million of common stock. This is again, only if the offering is fully subscribed.
