Banner Corporation Announces Employment Inducement Award
September 09 2010 - 9:00AM
Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank
and Islanders Bank, today announced that it has granted Mark J.
Grescovich, President and Chief Executive Officer of the Company
and Banner Bank, 115,955 restricted shares of common stock of the
Company. The restricted shares are scheduled to vest in one-third
annual increments beginning August 22, 2011, provided that Mr.
Grescovich is then employed by the Company and the Bank and subject
to any additional vesting requirements necessary to comply with
applicable regulatory guidance. The vesting of the restricted
shares will accelerate in the event of Mr. Grescovich's death or
disability while employed by the Company and the Bank or in the
event of a change in control of the Company, also subject to any
requirements necessary to comply with applicable regulatory
guidance. The restricted shares also are subject to certain
transferability restrictions.
The restricted shares were granted to Mr. Grescovich in
accordance with his employment agreement, which, as an inducement
material to his joining the Company and the Bank, provided for the
granting of restricted shares on the six-month anniversary of the
effective date of the agreement. The restricted stock grant
was among the terms promised to Mr. Grescovich prior to his
accepting employment with the Company and the
Bank.
The restricted shares granted to Mr. Grescovich were approved by
the Compensation Committee of the Company's Board of Directors in
reliance on the employment inducement exception to the NASDAQ
listing rule that generally requires shareholder approval of
equity-based incentive plans and awards. The NASDAQ listing
rules require the public announcement of such employment inducement
awards.
About the Company
Banner Corporation is a $4.7 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.
CONTACT: Banner Corporation
Mark J. Grescovich, President & CEO
Lloyd W. Baker, CFO
(509) 527-3636
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