WALLA WALLA, Wash.--(BUSINESS WIRE)--
Banner Corporation (NASDAQ:BANR), the parent company of Banner Bank and
Islanders Bank, today announced the termination of the Memorandum of
Understanding (MOU) dated March 29, 2010 by and between Banner
Corporation and the Federal Reserve Bank of San Francisco, effective
April 10, 2012. This action follows the termination of the MOU dated
March 23, 2010 by and between Banner Bank and the FDIC and Washington
State Department of Financial Institutions, Division of Banks, effective
March 19, 2012.
“We are pleased that all of our regulators have acknowledged the
significant improvement in the financial condition and operating results
of the Company and the Bank over the last two years, including our
return to profitability for the year ended December 31, 2011,” said Mark
J. Grescovich, President and Chief Executive Officer of both Banner
Corporation and Banner Bank. “I would like to thank the entire Banner
team for the dedication and commitment that have attained this important
milestone. With a solid capital foundation, we are well positioned to
grow our institution and focus on sustainable profitability as we
continue to execute on our strategies and priorities to strengthen our
franchise.”
Quarterly Earnings Release and Conference Call
Banner will report first quarter 2012 results after the market closes on
Monday, April 23, 2012. Management will host a conference call on
Tuesday, April 24, 2012, at 8:00 a.m. PDT, to discuss the results. The
conference call can be accessed live by telephone at (480) 629-9692 to
participate in the call. To listen to the call online, go to the
Company’s website at www.bannerbank.com.
A replay will be available for a week at (303) 590-3030, using access
code 4527868.
About the Company
Banner Corporation is a $4.30 billion bank holding company operating two
commercial banks in Washington, Oregon and Idaho. Banner serves the
Pacific Northwest region with a full range of deposit services and
business, commercial real estate, construction, residential,
agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.
This press release contains statements that the Company believes are
“forward-looking statements.” These statements relate to the Company’s
financial condition, results of operations, plans, objectives, future
performance or business. You should not place undue reliance on these
statements, as they are subject to risks and uncertainties, and actual
results and performance in future periods may be materially different
from any future results or performance suggested by the forward-looking
statements in this release. Factors that might cause such differences
include, but are not limited to, those identified in our risk factors
contained in Banner Corporation’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2011. Such forward-looking statements
speak only as of the date of this release. Banner Corporation expressly
disclaims any obligation to update or revise any forward-looking
statements found herein to reflect any changes in the Company’s
expectations of results or any change in events.
Banner Corporation
Mark J. Grescovich, President & CEO
Lloyd
W. Baker, CFO
509-527-3636
Source: Banner Corporation