Banner Corporation to Consolidate Islanders Bank into Banner Bank
Banner Corporation (NASDAQ: BANR) announced plans to merge Islanders Bank into Banner Bank, pending regulatory approval. The merger aims to leverage Banner Bank's strong growth and brand presence in the North Puget Sound Region. Islanders Bank operates three branches in the San Juan Islands, all of which will remain open post-merger. This consolidation is expected to enhance product offerings and operational efficiencies. The integration process is anticipated to be completed by the first quarter of 2021.
- Enhanced product offerings for Islanders Bank customers due to Banner Bank's resources.
- Increased operational efficiencies from the merger, streamlining services.
- Potential regulatory hurdles that could delay the merger process.
- Uncertainties related to the impact of the COVID-19 pandemic on financial performance.
WALLA WALLA, Wash., July 22, 2020 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR), the parent company of Banner Bank and Islanders Bank, today announced leadership intends to merge Islanders Bank with and into Banner Bank, subject to regulatory approval. Islanders Bank operates in the San Juan Islands region of Washington and has been a part of Banner Corporation for more than 10 years.
“It is the right time to bring the two banks together,” said Mark Grescovich, Banner Corporation President and CEO. “In recent years Banner Bank has enjoyed strong growth in the North Puget Sound Region to the point where the two banks now have intermixed footprints. Merging the banks together will capitalize on Banner Bank’s strong brand awareness while providing expanded products and services to Islanders customers and realizing natural efficiencies associated with this type of consolidation.”
Islanders Bank operates three branches: Friday Harbor on San Juan Island, Eastsound on Orcas Island and Lopez Village on Lopez Island—all will remain open after converting to Banner Bank. Banner Bank operates 173 branches, 84 of which are in Washington State.
“Banner has tremendous respect for our island operations and approach to customer service, and I know Islanders’ customers will receive the same level of service they’ve come to expect, as well as more locations to choose from as they travel throughout the region and the West,” said Brad Williamson, Islanders Bank President. “Our customers will benefit from Banner Bank’s resources and expanded product and service offerings, while our team remains part of an outstanding community bank.”
With similar operating and data platforms, the consolidation is expected to be a smooth transition for clients. The integration is expected to be complete in the first quarter 2021.
About Banner Corporation
Banner Corporation is a
Forward-looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could” and the negative of these terms and similar words, although some forward-looking statements may be expressed differently. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of Banner Corporation (referred to below as “we,” “us” or “our”) and its subsidiaries. Our ability to predict results or the actual effects of future plans or strategies is inherently uncertain. You should be aware that our actual results could differ materially from those contained in the forward-looking statements. The novel coronavirus disease, or COVID-19, pandemic is adversely affecting us, our customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on our business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions, including further increases in unemployment rates, or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding, lead to a tightening of credit, and further increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices as a result of, or in response to COVID-19, could affect us in substantial and unpredictable ways.
Other factors that could cause or contribute to such differences include, but are not limited to: the credit risks of lending activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses, which could necessitate additional provisions for credit losses, resulting both from loans originated and loans acquired from other financial institutions; results of examinations by regulatory authorities, including the possibility that any such regulatory authority may, among other things, require increases in the allowance for credit losses or writing down of assets or impose restrictions or penalties with respect to Banner's activities; competitive pressures among depository institutions; interest rate movements and their impact on customer behavior and net interest margin; the impact of repricing and competitors' pricing initiatives on loan and deposit products; fluctuations in real estate values; the ability to adapt successfully to technological changes to meet customers' needs and developments in the market place; the ability to access cost-effective funding; changes in financial markets; changes in economic conditions in general and in Washington, Idaho, Oregon and California in particular; the costs, effects and outcomes of litigation; legislation or regulatory changes, including but not limited to the impact of the Dodd-Frank Act and regulations adopted thereunder, changes in regulatory capital requirements pursuant to the implementation of the Basel III capital standards, other governmental initiatives affecting the financial services industry and changes in federal and/or state tax laws or interpretations thereof by taxing authorities; changes in accounting principles, policies or guidelines; future acquisitions by Banner of other depository institutions or lines of business; future goodwill impairment due to changes in Banner's business, changes in market conditions, including as a result of the COVID-19 pandemic or other factors; natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which we operate; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks detailed from time to time in our filings with the SEC including our Quarterly Reports on Form 10-Q and our Annual Reports on Form 10-K, all of which could cause actual results to differ from those set forth in the forward-looking statements.
There can be no assurance that other factors not currently anticipated by us will not materially and adversely affect our business, financial condition and results of operations. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the recent outbreak of the COVID-19 pandemic. You are cautioned not to place undue reliance on any forward-looking statements which reflect management’s analysis and expectations only as of the date of such statements. Forward-looking statements speak only as of the date they are made, and the Company does not intend, and undertakes no obligation, to publicly revise or update forward-looking statements after the date of this press release, whether as a result of new information, future events or otherwise, except as required by federal securities law.
Mark Grescovich,
President & CEO
Banner Corporation
(509) 527-3636
FAQ
What is the purpose of the merger between Islanders Bank and Banner Bank?
When is the merger between Islanders Bank and Banner Bank expected to be completed?
How many branches does Islanders Bank operate?
What is the current status of the merger between Islanders Bank and Banner Bank?
How will the merger affect Islanders Bank customers?
