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EX-99.1 - EXHIBIT 99.1 - PREMIERWEST BANCORPf8kprwt040512erbeaex991.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): April 5, 2012

 

 

PremierWest Bancorp

(Exact Name of Registrant as specified in its charter)

 

Oregon

(State or other jurisdiction of

incorporation)

000-50332

(Commission File Number)

93 - 1282171

(IRS Employer

Identification No.)

 

 

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 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
   
(e) On April 5, 2012, PremierWest Bank, wholly owned subsidiary of PremierWest Bancorp, entered into an Employment Agreement with Steve Erb, Executive Vice President / Head of Community Banking. PremierWest Bank received required bank regulatory approvals to enter into the agreement. The initial term of the agreement is three years from the effective date of January 15, 2012. On December 31, 2012, and on each December 31st thereafter, the term of the agreement is automatically extended for an additional year unless a party gives notice of non-renewal. The agreement provides that Mr. Erb’s base annual salary is $130,000 and Mr. Erb will receive benefits similar to the other executive management employees, including eligibility to participate in executive insurance programs, benefit plans and deferred compensation plan. Upon termination of employment without cause or by Mr. Erb for good reason, PremierWest will continue pay Mr. Erb’s base salary for twelve months conditioned upon compliance with any applicable regulatory or TARP restrictions on such severance payments, PremierWest’s receipt of a release of claims from Mr. Erb and Mr. Erb not engaging in competitive activities for twelve months. The agreement is attached as Exhibit 99.1 and contains a more detailed explanation of the specific benefits and the terms and conditions of Mr. Erb’s employment and is incorporated herein by this reference.

 

Item 9.01 Financial Statements and Exhibits.
   
(d) Exhibits.
   
  99.1 Employment Agreement with Steve Erb

 

 

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.

 

Date: April 5, 2012

 

PREMIERWEST BANCORP

(Registrant)

 

By: /s/ Tom Anderson

Tom Anderson

Executive Vice President and Chief Administrative Officer