| Type | Public (NASDAQ: BANR, Russell 3000[1]) |
|---|---|
| Industry | Commercial Banks |
| Founded | 1890 (as National Building Loan & Trust Association) |
| Headquarters | Walla Walla, Washington, United States |
| Products | Checking accounts Savings Commercial banking Consumer lending Construction loans Consumer finance |
| Revenue | US$247M (FY 2010)[2] |
| Net income | US$-69.7M (FY 2010)[2] |
| Total assets | US$4.41B (FY 2010)[3] |
| Total equity | US$511M (FY 2010)[3] |
| Employees | 1,011 full-time, 87 part-time (2009) |
| Website | Official website |
Banner Bank, the primary subsidiary of Banner Corporation (NASDAQ: BANR), is a Washington-chartered commercial bank headquartered in Walla Walla, Washington. Founded as the National Building Loan & Trust Association in 1890, it is the oldest savings and loan institution in Washington.[4] Banner Bank has a network of 89 branch offices and seven loan production centers in 29 counties, throughout Washington, Oregon, and Idaho.[5] The company offers Personal and Community Banking, Commercial Banking, and Real Estate Lending, among other financial services. A portion of the Banner Bank's construction and mortgage lending activities are conducted through its subsidiary, Community Financial Corporation, headquartered in Lake Oswego, Oregon.[5] Banner Bank also has a sister company, Islanders Bank,[6] also a Washington-chartered commercial bank located in San Juan County, Washington.
Contents |
Banner offers services including online banking and bill-pay, bank-by-phone, various types of consumer loans, IRA's/CD's, and credit cards. It emphasizes involvement in the communities in which it serves, and offers programs for corporation and employees.
Banner offers services tailored for the small- to medium-sized businesses; other services include commercial cards, cash management, international banking, merger and acquisition financing, night deposits, SBA lending, agriculture lending.[7]
Banner is an active participant in the secondary mortgage market. It offers home loans, commercial loans, builder financing, income property loans, and alternatives to foreclosures, as well as fixed- and adjustable-rate mortgages, equity lines of credit, multi-family loans, and numerous other programs for builders, speculators, and home-buyers.
Banner Bank was a participant in the Troubled Asset Relief Program; as of March 2011, it had troubled assets totaling $214,514,000, down from the $287,047,000 in troubled assets it had a year earlier.[8]
In October 2000, First Washington Bancorp (NASDAQ: FWWB) changed its name to Banner Corp and announced its 38 branches would all operate as Banner Bank; the Washington and Idaho branches had been operated under names such as First Savings Bank, Whatcom State Bank, Seaport Citizens Bank and Towne Bank.[9]
In December 2006, Banner bought F&M Bank of Spokane, Washington, a century-old bank with 14 branches.[10]
On July 2, 2010, the company announced it had raised about $162 million after issuing more than 85 million shares of stock at $2 per share.[11] Less than a year later, Banner underwent a one-for-seven reverse stock split in order to make its stock "more attractive to institutional investors."[12]