Medford-based PremierWest Bancorp will lay off an unspecified number of workers in a $4.4 million cost-cutting effort.
Medford-based PremierWest Bancorp will lay off an unspecified number of workers in a $4.4 million cost-cutting effort.
Premier reported a net loss of $17.6 million last year and $1.27 billion in assets. It operates branches in Oregon and northern California, as well as Premier Financing Co. in Portland. The bank emlpoyed 450 as of Dec. 31, federal records show.
“We simply cannot stand still in this low interest rate environment,” said Jim West, PremierWest’s president and CEO, in a press release. “We’re committed to make changes in the operation of the Bank that will help to position us for the future.”
Read more at OregonLive.com.
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