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): January 9, 2012
PremierWest Bancorp
(Exact Name of Registrant as specified in its charter)
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Oregon (State or other jurisdiction of incorporation) |
000-50332 (Commission File Number) |
93 - 1282171 (IRS Employer Identification No.)
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503 Airport Road, Medford, Oregon 97504 Address of Principal Executive Office |
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 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On January 9, 2012, PremierWest Bancorp (the “Company”) received written notice from NASDAQ indicating that the Company is not in compliance with the $1.00 minimum bid price per share requirement for continued listing on The NASDAQ Capital Market, as set forth in Listing Rule 5550(a)(2). The notice has no effect on the listing of the Company’s common stock at this time, and the Company’s common stock will continue to trade on The NASDAQ Capital Market under the symbol PRWT. The Company will be provided 180 calendar days, or until June 27, 2012, to regain compliance. To regain compliance, the bid price of the Company’s common stock must close at $1.00 or higher for a minimum of 10 consecutive business days within the stated 180-day period. If the Company is not in compliance by June 27, 2012, the Company may be afforded a second 180 calendar day grace period if it meets The NASDAQ Capital Market initial listing criteria (except for the minimum bid price requirement), as set forth in Listing Rule 5810(c)(3)(A)(ii). If the Company otherwise meets the initial listing criteria, NASDAQ will notify the Company that it has been granted an additional 180 calendar day compliance period. If the Company does not regain compliance within the allotted compliance period, including any extensions that may be granted by NASDAQ, the Company’s common stock will be subject to delisting from The NASDAQ Capital Market. The Company would then be entitled to appeal the NASDAQ Staff’s determination to a Hearings Panel and request a hearing.
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.
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Date: January 9, 2012 |
By: |
PREMIERWEST BANCORP (Registrant)
/s/ Douglas N. Biddle Douglas N. Biddle Executive Vice President and Chief Financial Officer |