PremierWest Bancorp announced results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss applicable to common shareholders of $5.5 million or $0.22 per diluted common share compared to net income applicable to common shareholders of $1.2 million or $0.05 per diluted common share for the same period last year. Pre-tax loss was $8.3 million, interest income was $19.155 million and net interest income was $13.977 million compared to pre-tax income of $1.9 million, interest income of $22.69 million and net interest income of $15.54 million for the same period last year. Return on average common equity was negative 15.30% and Return on average assets was negative 1.14% against 2.68% and 0.34% respectively for the same period a year ago. For the nine months, the company reported net loss applicable to common shareholders of $38.088 million or $1.54 per diluted common share compared to net income applicable to common shareholders of $3.5 million or $0.15 per diluted common share for the same period last year. Pre-tax loss was $61.43 million, interest income was $58.4 million and net interest income was $42.65 million compared to pre-tax income of $5.6 million, interest income of $68.3 million and net interest income of $46.3 million for the same period last year. Return on average common equity was negative 31.02% and return on average assets was negative 3.10% against 2.68% and 0.34% respectively for the same period a year ago.

Premierwest Bancorp expected to Report Fiscal Year 2009 Results on January 25, 2010. This event was calculated by Capital IQ (Created on October 28, 2009).

Premierwest Bancorp and PremierWest Bank named Georges St. Laurent to its Board of Directors. Mr. St. Laurent is a seasoned business executive with diverse investments in financial services, real estate and agricultural operations. He has hands-on banking experience having served as Chairman & CEO and controlling shareholder of Western Bank.