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Date of Show:Tue 24th January
Hot on the heels of recently announced branch closures, Medford-based PremierWest Bank has disclosed some more bad news. Steve Best has the details…
After posting fourth quarter losses in 2010 of just over $700,000, PremierWest says losses for the same period in 2011 totaled $4.1 million.
Much of the loss total was made up of loan-loss provisions and foreclosure related expenses, but the good news is that bad loans are disappearing from the bank’s books, albeit slowly.
Although the bank is still some way from returning to profitability, it is confident that once the expenses related to problem loans are gone, that return will be possible.