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Local bank buys eight branches PremierWest Bancorp will acquire the eight Northern California branches and nearly $100 million of assets of Timberline Community Bank. The $14 million deal announced Tuesday also will merge Timberline�s Siskiyou County banks into PremierWest. Timberline Bancshares, the California bank�s parent company, will receive $13.50 per share in cash or in PremierWest stock � or a combination, under certain terms of the deal. The deal is expected to close in early 2001, subject to shareholder and regulatory approval. The combined company will have assets of more than $425 million and 20 branches. On Friday, Medford-headquartered PremierWest declared net earnings of $871,000 for its third quarter, double over the third-quarter the year before. The company will pay a quarterly cash dividend of 10 cents per share, exclusive of one-time merger and other costs of a penny per share. PremierWest Chief Executive Officer John Anhorn said the bank is thought to be one of the first community banks to cross state lines to provide services in California. "The acquisition is a major step in our growth strategy along the I-5 corridor by extending our market presence into Northern California,�� said Anhorn. "We have watched the progress and performance of PremierWest and are pleased to join their fine organization," said Robert Youngs, Timberline chairman and CEO. Timberline, headquartered in Yreka, had assets of $96.8 million and deposits of $87.5 million as of Sept. 30. PremierWest had assets of $331 million and deposits of $276 million. PremierWest was created when Medford�s Bank of Southern Oregon and Roseburg�s Douglas National Bank merged earlier this year. Mail Tribune Home | Ottaway Newspapers, Inc. | Dow Jones & Co., Inc. | Privacy | Contact Us Copyright � 2000 Mail Tribune, Inc.