Banner Corporation Announces Stock Repurchase Program
December 22 2021 - 4:00PM
Banner Corporation (NASDAQ GSM: BANR) (“Banner”), the parent
company of Banner Bank, today announced that its Board of Directors
has authorized the repurchase of up to 1,712,510 shares of Banner’s
common stock, which is the equivalent of approximately 5% of its
common stock.
“The availability of this repurchase program
aligns with our capital management strategy and offers an effective
tool for building long-term shareholder value,” said Mark J.
Grescovich, President and Chief Executive Officer. 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.
About the Company
Banner Corporation is a $16.64 billion bank
holding company operating one commercial bank in four 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.
Forward-Looking Statements
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, 2020. 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 PETER J. CONNER, CFO (509)
527-3636 |
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