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MVB And PremierWest Will Join Forces 9/16/2018

PremierWest Bancorp (Nasdaq: PRWT), the parent company of PremierWest Bank, headquartered in Medford, Oregon; and MVB (OTCBB: MIVB), headquartered in Red Bluff, California, have signed a definitive agreement forming strategic alliance whereby MVB will operate under the PremierWest Bank umbrella. The agreement, which is valued at approximately $25 million in cash and stock to Mid Valley shareholders, is expected to be completed in the first quarter of 2018. Mid Valley shareholders will receive an aggregate of 1,715,000 shares of PremierWest stock and $9,811,000 in cash.

MVB, with $176 million in assets, presently has five locations in the Northern California communities of Red Bluff, Redding, Corning and Chico and is one of the leading real estate construction lenders in the Shasta and Butte county markets. The addition of Mid Valley to the PremierWest family will expand the PremierWest presence in Northern California to fourteen full service offices serving Shasta, Siskiyou, Tehama and Butte counties. PremierWest Bank also has seventeen branches serving three counties in Southern Oregon. The combined entity will have total assets exceeding $720 million.

“This is an extremely positive event for MVB’s customers, shareholders and employees,” stated John B. Dickerson, Chairman & CEO of MVB. “The increased capacity, enhanced financial services and expanded resources that accrue from this partnership will make us an even more formidable competitor in our local markets. PremierWest is very committed to a responsive community banking strategy and their real estate lending expertise mirrors our strongest market niche. We expect our ability to serve and expand our customer base to be strongly enhanced through the synergy of this combination.”

John L. Anhorn, President & CEO of PremierWest Bancorp stated, “This partnership is consistent with our announced expansion strategy focusing on key markets up and down the I-5 corridor, and we are very pleased to welcome MVB and their employees into the PremierWest family. Mid Valley’s long history of strong customer relationships and service to their local communities mirrors our own core values. Their business philosophy of community support and building personal relationships can now be enhanced with the expanded capacity and resources of our combined organizations.”

As part of the agreement, Dickerson will join the PremierWest Bancorp board of directors and Joan M. Blocker, President & COO of MVB, will be named Senior Vice President & Regional Administrator for PremierWest Bank’s California Division. The transaction will need regulatory as well as MVB shareholder approval, which is expected in the fourth quarter of this year. More information about these banks can be found on their respective websites at www.premierwestbank.com and www.midvalleybank.com.

PremierWest Bancorp is the parent company of PremierWest Bank with banking offices located in Jackson, Josephine, Douglas and Klamath counties of Oregon; and Shasta and Siskiyou Counties in California. PremierWest Investment Services, Inc. and Premier Finance Company are subsidiaries of PremierWest Bank. PremierWest Investment Services maintains investment personnel in Medford and Roseburg, Oregon. Premier Finance Company has offices located in Medford, Klamath Falls and Portland, Oregon. PremierWest Mortgage is a division of PremierWest Bank and operates through offices in Roseburg, Klamath Falls, Grants Pass and Medford, Oregon, and Yreka and Redding, California.

This report contains certain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in those statements. These forward-looking statements are based on management's assumptions and projections, and are sometimes identifiable by use of the words, "expect to," "plan," "will," "believe" and words of similar predictive nature. Because management's assumptions and projections are based on anticipation of future events, you should not place undue emphasis on forward-looking statements. You should anticipate that our actual performance may vary from these projections, and variations may be material and adverse. You should not rely on forward- looking statements in evaluating an investment or prospective investment in our stock, and when reading these statements you should consider the uncertainties and risks discussed in PremierWest reports to the Securities and Exchange Commission, including their annual report on Form 10-K for the fiscal year ended December 31, 2018 and their quarterly report on Form 10-Q for the period ended June 30, 2018. Risks specific to this announcement include the parties’ ability to timely obtain the necessary regulatory and shareholder approvals; their individual and collective ability to manage the combining organizations; the ability to realize the cost savings and other benefits anticipated as a result of the merger; and PremierWest’s ability to manage a rapidly growing and geographically expanding organization. Copies of PremierWest securities filings are available on their Internet website at http://www.premierwestbank.com; however, readers should note that the contents of PremierWest’s website are not incorporated into this release or into any of our securities filings, except to the extent expressly noted therein. PremierWest and Mid Valley undertake no obligation to update any forward-looking statements contained herein.

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