Chief Risk Officer Jim Costa Promoted to Expanded Role Including Chief Operating Officer

Rhea-AI Summary

Banner Bank has promoted Jim Costa, Executive Vice President and Chief Risk Officer, to Chief Operating Officer. This move aims to streamline the bank's operations, integrating technology, operations, and risk management to foster growth while maintaining a moderate risk profile. CEO Mark J. Grescovich highlighted Costa's nearly 30 years of experience in regional banks and his previous roles at TCF Financial. This change reflects Banner Bank's commitment to internal talent development and positioning for future success in a rapidly evolving industry. Banner Bank operates in Washington, Oregon, California, and Idaho, and is part of Banner (NASDAQ: BANR), a $15.7 billion bank holding company.

Positive

• Jim Costa promoted to COO, adding to his Chief Risk Officer role.
• New role aims to streamline operations and integrate technology, operations, and risk management.
• Promotion reflects Banner Bank's commitment to internal talent development.
• Costa brings nearly 30 years of experience in regional banks, enhancing operational excellence.
• Banner Bank preparing for continuing growth while maintaining a moderate risk profile.
• Costa's past roles include Chief Risk Officer and Chief Credit Officer at TCF Financial, a $48 billion asset regional bank, now part of Huntington Bank.

Negative

• No direct mention of financial benefits or immediate revenue impact from the new role.
• Potential risks associated with combining COO and Chief Risk Officer roles.
• No concrete plans or specific strategies outlined for future growth.

WALLA WALLA, Wash.--(BUSINESS WIRE)-- The Banner Bank executive leadership team is pleased to announce Executive Vice President Jim Costa has been promoted to Chief Operating Officer in addition to his role as Chief Risk Officer.

Jim Costa, Banner Bank (Photo: Banner Bank)

“Our company is healthy, strong and planning for the future so we’re adding the COO role to our executive team now to realign some aspects of our reporting structure so we can prepare for continuing growth while maintaining our moderate risk profile,” said Mark J. Grescovich, President and Chief Executive Officer.

Costa will continue leading the risk management function while drawing on his past operational experience in the COO role to ensure we maintain our operational excellence across key back-office functions. Specifically, bringing together our technology, operations and risk management teams will create natural synergies that will benefit those teams, the broader company and our clients.

“Promoting Jim reflects our commitment to nurturing talent and fostering growth from within our organization while positioning the company for ongoing success in our rapidly-evolving industry,” Grescovich said. “With nearly 30 years of experience in large and mid-size regional banks, he is the ideal candidate for this expanded role.”

Prior to joining Banner, Costa served as Chief Risk Officer and Chief Credit Officer for Minnesota-based TCF Financial, a $48 billion asset regional bank which is now part of Huntington Bank. While there, Costa managed the credit, risk and operations functions.

“I am excited for this opportunity to collaborate in new ways with fellow leaders across our organization to ensure we’re driving further success for the Bank,” said Jim Costa, Executive Vice President, Chief Risk Officer and Chief Operating Officer.

About Banner Bank

Banner Bank is a Washington-chartered commercial bank that conducts business in Washington, Oregon, California and Idaho. Banner offers a wide variety of commercial banking services and financial products to individuals and small and medium-sized businesses and their employees. Banner Bank is part of Banner Corporation (NASDAQ GSM: BANR), a $15.7 billion bank holding company headquartered in Walla Walla, Washington. Visit Banner Bank at www.bannerbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529818023/en/

Kelly McPhee

Senior Vice President, PR & Communications

Kelly.mcphee@bannerbank.com

Source: Banner Bank

FAQ

Who is the new Chief Operating Officer of Banner Bank?

Jim Costa has been promoted to Chief Operating Officer.

What additional role does Jim Costa hold at Banner Bank?

Jim Costa is also the Chief Risk Officer.

What is the stock symbol for Banner Bank?

The stock symbol for Banner Bank is BANR.

What is the purpose of the new COO role at Banner Bank?

The new COO role aims to streamline operations and integrate technology, operations, and risk management.

How much experience does Jim Costa have in the banking industry?

Jim Costa has nearly 30 years of experience in regional banks.

What was Jim Costa's previous role before joining Banner Bank?

He served as Chief Risk Officer and Chief Credit Officer at TCF Financial.

What is the market scope of Banner Bank?

Banner Bank operates in Washington, Oregon, California, and Idaho.

What is Banner Bank's approach to growth and risk?

Banner Bank plans for continuing growth while maintaining a moderate risk profile.

What is the size of Banner 's assets?

Banner has $15.7 billion in assets.

What does the promotion of Jim Costa signify for Banner Bank?

It reflects the bank's commitment to nurturing internal talent and positioning for future success.