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www.wallstreetnewscast.com/news/2010/...PremierWest Bancorp (PRWT) on its Way Back to Recovery
Last Updated: April 09, 2010 - 9:32am EST
(NEW YORK) – Regional bank, PremierWest Bancorp (NASD:PRWT), may have cleared one of their last hurdles to help bring them back from the brink.
Premier Bancorp received an FDIC consent order requiring the company to take additional steps to bring their small regional bank back into regulatory graces, but this may also signal the chances of PRWT going the way of receivership may now be off the table.
Tom Bustamante, the Managing Partner of Ludlow Capital Group commented, "The news that the company has successfully raised around $33 million to re-capitalize their bank, and now new FDIC requirements does signal that PRWT's chances of going under may now be in the past. The Company is expected to report earnings later this month, and it will be interesting to see how their numbers have improved. If insider buying is any indication things may be looking a lot better. Also, giving that a lot of one-time charges were taking in Q4 2009, and with real signs of recovery now in effect across the economy, we are projecting a positive earnings seasons for a number of select regional banks within the sector, and PremierWest is one we like."
"We would project seeing PRWT to move back up above the $1.00 mark going into earnings announcement, and wouldn't be surprised to see this small regional bank back above the $1.50 to $2 range post-earnings as things continue to improve."