PremierWest Bank to consolidate 11 branches by April 2012
PremierWest Bank, a wholly-owned subsidiary of PremierWest Bancorp, will close its 11 branches by the end of April 2012 in order to consolidate its network and reduce costs.
According to the bank, the decision for branch consolidation and projected reduction in expenses follows an extensive branch network analysis with a focus on reducing expenses and improving efficiency.
The branch located on Bechelli Lane will be consolidated to the bank's Cypress Avenue location.
Other branches slated for closure include Dorris, Dunsmuir, Tulelake and McCloud. Dunsmuir, McCloud and Weed will be consolidated to Mount Shasta. Dorris and Tulelake will be transferred to Klamath Falls.
Oregon branches scheduled for closure are located in Drain, Glide, Shady Cove, Running Y resort near Klamath Falls and the Airport Road office in Medford near the bank's corporate headquarters.
PremierWest Bank President and CEO Jim Ford said all customers will receive necessary communication for access to their accounts through the transition, which will be transferred to a nearby branch.
Branch consolidation is projected to result in expense savings of around $1.9m annually in the second quarter of 2012.
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