Banner Corporation Renews Stock Repurchase Program
April 04 2016 - 9:00AM
Banner Corporation (NASDAQ GSM:BANR), the parent company of Banner
Bank and Islanders Bank, today announced that its Board of
Directors has renewed its authorization to repurchase of up to 5%
of its common stock, or 1,711,540 shares. Under the plan,
shares may be repurchased by the Company in open market
purchases. The extent to which the Company repurchases its
shares and the timing of such repurchases will depend upon market
conditions and other corporate considerations.
“We believe having the option to repurchase
shares offers an additional capital management tool for building
long-term shareholder value,” said Mark J. Grescovich, President
and Chief Executive Officer.
About the Company
On October 1, 2015, Banner Corporation completed
the acquisition of AmericanWest Bank which was merged into Banner
Bank, a transformational merger that brought together two
financially strong, well-respected institutions and created a
leading Western bank. Banner Corporation is now a $9.8
billion bank holding company operating two commercial banks in five
Western states through a network of branches offering 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, 2015. 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.
Contact:
Mark J. grescovich,
President & CEO
Lloyd W. Baker, CFO
(509) 527-3636
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