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EX-99.1 - EXHIBIT 99.1 - PREMIERWEST BANCORP | f8kprwt122010ex991.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 16, 2010
PremierWest Bancorp
(Exact Name
of Registrant as specified in its charter)
Oregon |
000-50332 |
93 -
1282171 |
503 Airport Road, Medford,
Oregon 97504 |
Registrant's telephone number including area code 541-618-6003
(Former name or former address, if
changed since last report)
Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.07 Financial Statements and Exhibits.
(a) On December 16, 2010, PremierWest Bancorp held a special meeting of shareholders.
(b) At the special meeting, shareholders approved each of the following matters (with the votes on each matter as set forth below):
MATTER |
|
VOTES FOR |
VOTES AGAINST |
ABSTENTIONS |
BROKER NON-VOTES |
|
|
|
|
|
|
Proposal 1 – To approve a one-for-five reverse stock split |
|
72,802,180 |
10,164,335 |
555,026 |
- |
|
|
|
|
|
|
Proposal 2 – To approve a one-for-ten reverse stock split |
|
72,223,993 |
10,259,916 |
1,037,632 |
- |
|
|
|
|
|
|
Proposal 3 – To approve a one-for-fifteen reverse stock split |
|
69,590,600 |
12,975,147 |
955,794 |
- |
|
|
|
|
|
|
Proposal 4 – Adjournment of meeting, if necessary |
|
74,635,487 |
7,641,526 |
1,244,528 |
- |
Shareholders approved three proposed exchange ratios for a reverse stock split. The Board of Directors, in its sole discretion and without the need for any further action on the part of shareholders, will determine prior to the date of our 2011 annual meeting of shareholders whether to effect a reverse stock split. If the Board determines to effect a reverse stock split, the Board will elect one of the three approved exchange ratios. The Board may elect not to effect the reverse stock split.
Item 9.01 Financial Statements and Exhibits.
|
(a) |
Not applicable. |
|
(b) |
Not applicable. |
|
(c) |
Not applicable. |
|
(d) |
Exhibits. |
|
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
PREMIERWEST BANCORP /s/ Michael Fowler |