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Shady Cove Waterworks up for sale
PremierWest Bank representatives have told Shady Cove residents at a town hall meeting that they are to sell Shady Cove Waterworks.
The bank financed construction of the waterworks system, but also took over the water company’s daily operation when its developer went into foreclosure 2 years ago.
The bank has been waiting for some months for the city to buy the works, but ran out of patience. PremierWest President James Ford told the meeting that the bank is not in the water business, and that their shareholders have lost many hundreds of thousands of dollars over the transaction.