Banner Corporation to Consolidate Islanders Bank into Banner Bank

WALLA WALLA, Wash., July 22, 2020 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR), the parent company of Banner Bank and Islanders Bank, today announced leadership intends to merge Islanders Bank with and into Banner Bank, subject to regulatory approval. Islanders Bank operates in the San Juan Islands region of Washington and has been a part of Banner Corporation for more than 10 years.

“It is the right time to bring the two banks together,” said Mark Grescovich, Banner Corporation President and CEO. “In recent years Banner Bank has enjoyed strong growth in the North Puget Sound Region to the point where the two banks now have intermixed footprints. Merging the banks together will capitalize on Banner Bank’s strong brand awareness while providing expanded products and services to Islanders customers and realizing natural efficiencies associated with this type of consolidation.”

Islanders Bank operates three branches: Friday Harbor on San Juan Island, Eastsound on Orcas Island and Lopez Village on Lopez Island—all will remain open after converting to Banner Bank. Banner Bank operates 173 branches, 84 of which are in Washington State.

“Banner has tremendous respect for our island operations and approach to customer service, and I know Islanders’ customers will receive the same level of service they’ve come to expect, as well as more locations to choose from as they travel throughout the region and the West,” said Brad Williamson, Islanders Bank President. “Our customers will benefit from Banner Bank’s resources and expanded product and service offerings, while our team remains part of an outstanding community bank.”

With similar operating and data platforms, the consolidation is expected to be a smooth transition for clients. The integration is expected to be complete in the first quarter 2021.

About Banner Corporation

Banner Corporation is a $14.4 billion bank holding company operating two commercial banks 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. 

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