PremierWest Bancorp, parent company of PremierWest Bank, said its shareholders approved a proposal to increase the number of authorized shares of common stock to 150 million.

PremierWest Bancorp, parent company of PremierWest Bank, said its shareholders approved a proposal to increase the number of authorized shares of common stock to 150 million.

More than 95 percent of shares represented at a Tuesday meeting voted in favor.

PremierWest filed a registration statement with the Securities and Exchange Commission in November saying it wanted to raise $36 million from the sale of new stock.

PremierWest said it intends to use the proceeds of the common stock offering to improve its regulatory capital position.

— Greg Stiles