SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 22, 2000
Banner Corporation
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(Exact name of registrant as specified in its charter)
Washington 0-26584 91-1632900
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State or other jurisdiction Commission (I.R.S. Employer
of incorporation File Number Identification No.)
10 S. First Avenue, Walla Walla, Washington 99362
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (including area code) (509) 527-3636
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(Former name or former address, if changed since last report)
Item 5. Other Events
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On November 22, 2000, Banner Corporation ("Company") issued a press
release which announced that its Board of Directors has authorized the
repurchase up to 5% of the Company's outstanding shares, or approximately
600,000 shares, during the next 12 months.
For further information, reference is made to the Registrant's press
release dated November 22, 2000, which is attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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Exhibits
99 Press Release dated November 22, 2000
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
BANNER CORPORATION
DATE: November 22, 2000 By: /s/ Gary Sirmon
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Gary Sirmon
President and Chief Executive Officer
Exhibit 99
Press Release dated November 22, 2000
Wednesday November 22, 6:00 am Eastern Time
Press Release
BANNER CORPORATION ANNOUNCES 5% STOCK REPURCHASE PROGRAM
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WALLA WALLA, Wash.--(BUSINESS WIRE)--Nov. 22, 2000--Banner Corporation
(Nasdaq: BANR - news) today announced that the Board of Directors has
authorized a new stock repurchase program. The program gives management the
authority to acquire up to 5% of the Corporation's outstanding shares, or
approximately 600,000 shares, on an ongoing basis throughout the next twelve
months. This program will replace all previously announced authorizations.
"We believe our stock is an attractive investment in light of our earnings
growth as well as our twenty consecutive quarters of cash dividends," stated
Gary Sirmon, president and chief executive officer. "With our consolidation
under the Banner Bank name and recent expansion into the Seattle area, we
expect continuing growth well into the new year. We also anticipate that this
repurchase will add value for our investors over the next twelve months."
During the past year, the Corporation has acquired approximately 400,000
shares, adjusted for the recent 10% stock dividend.
Banner Corporation, formerly First Washington Bancorp, Inc., is the parent of
two commercial banking subsidiaries, through which it operates a combined
total of 38 branch offices and five loan offices in 17 counties in three
states. Banner Bank, the Washington state chartered commercial bank, operates
32 bank branches and four loan offices in Washington, Oregon and Idaho. Banner
Bank of Oregon operates six commercial bank branches and one loan office
within that state. BANR serves the rapidly growing Pacific Northwest region
with a full-range of deposit services and business, commercial real estate,
construction, residential, agricultural and consumer loans.
Statements concerning future performance, developments or events, expectations
for growth and market forecasts, and any other guidance on future periods,
constitute forward-looking statements, which are subject to a number of risks
and uncertainties that might cause actual results to differ materially from
stated objectives. These factors include but are not limited to BANR's ability
to generate cash profits adequate to support stock repurchases and the
availability and liquidity of shares available for purchase.
Contact:
Banner Corporation
Gary Sirmon, 509/527-3636