Banner Corporation Announces 1-for-7 Reverse Stock Split
May 02 2011 - 4:00PM
Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank
and Islanders Bank, today announced its Board of Directors voted to
proceed on a 1-for-7 reverse stock split to be effective June 1,
2011. As previously disclosed, the Company's shareholders
approved an amendment to the Company's Articles of Incorporation to
effect a reverse split at the annual meeting of shareholders held
on Tuesday, April 26, 2011. The Company expects that the
reverse stock split will take effect prior to the opening of the
NASDAQ Global Select Market on June 1, 2011 and will be effective
with respect to shareholders of record at the close of business on
May 31, 2011 (the "Effective Time"). At the effective time of
the reverse stock split, every seven shares of Banner's pre-split
common shares will automatically be consolidated into one
post-split share.
Shareholders need take no action at this time. The
Company's transfer agent will mail a letter of transmittal to each
holder of record at the Effective Time with instructions regarding
the surrender and exchange of common stock certificates. Cash
will be paid for fractional shares based on the closing price of
the common stock on May 31, 2011.
Additional information can be found in Banner's definitive proxy
statement filed with the Securities and Exchange Commission on
March 22, 2011.
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. When considering these forward-looking
statements, you should keep in mind these risks and uncertainties,
as well as any cautionary statements the Company may make.
Moreover, you should treat these statements as speaking only as of
the date they are made and based only on information then actually
known to the Company.
CONTACT: Mark J. Grescovich,
President & CEO
Lloyd W. Baker, CFO
(509) 527-3636
Banner (NASDAQ:BANR)
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