December 8, 2009 (FinancialWire) — PremierWest Bancorp (NASDAQ: PRWT), parent company of PremierWest Bank, announced that a record date of December 15, 2009 has been set for PremierWest’s previously announced proposed rights offering.

On November 18, 2009, PremierWest filed a registration statement on form S-1 with the Securities and Exchange Commission with respect to a proposed offering of subscription rights to purchase its common stock. Upon commencement of the proposed rights offering, PremierWest plans to distribute non-transferable subscription rights to purchase newly issued shares of PremierWest common stock to each holder of its common stock as of the close of business on December 15, 2009. The number of subscription rights to be distributed and the subscription price per share will be determined on a date closer to the date of effectiveness of the registration statement.

All shares in the offering would be sold at the same price. The gross proceeds from the offering are expected to be $36 million. Shareholders who exercise all of their basic subscription rights would also be able to subscribe for a pro rata portion of the shares not subscribed for by other shareholders. D.A. Davidson & Co. is acting as financial adviser to PremierWest. PremierWest intends to use the proceeds of the common stock offering to improve its regulatory capital position, to invest in PremierWest Bank to improve its regulatory capital position and to retain the remainder of any proceeds at PremierWest for general corporate purposes.

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