Banner Bank
Encyclopedia
Banner Bank, the primary subsidiary of Banner Corporation , 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. Banner Bank has a network of 89 branch offices and seven loan production centers in 29 counties, throughout Washington, Oregon
, and Idaho
. 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
. Banner Bank also has a sister company, Islanders Bank, also a Washington-chartered commercial bank located in San Juan County, Washington.
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.
. 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.
In December 2006, Banner bought F&M Bank of Spokane, Washington
, a century-old bank with 14 branches.
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. 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."
Walla Walla, Washington
Walla Walla is the largest city in and the county seat of Walla Walla County, Washington, United States. The population was 31,731 at the 2010 census...
. Founded as the National Building Loan & Trust Association in 1890, it is the oldest savings and loan institution in Washington. Banner Bank has a network of 89 branch offices and seven loan production centers in 29 counties, throughout Washington, Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...
, and Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....
. 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
Lake Oswego, Oregon
Lake Oswego is a city located primarily in Clackamas County in the U.S. state of Oregon. Small portions of the city are also located in neighboring Multnomah and Washington counties. Located south of Portland surrounding the Oswego Lake, the town was founded in 1847 and incorporated as Oswego in...
. Banner Bank also has a sister company, Islanders Bank, also a Washington-chartered commercial bank located in San Juan County, Washington.
Services
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.
Real estate lending
Banner is an active participant in the secondary mortgage marketSecondary mortgage market
The secondary mortgage market is the market for the sale of securities or bonds collateralized by the value of mortgage loans. The mortgage lender, commercial banks, or specialized firm will group together many loans and sell grouped loans as securities called collateralized mortgage obligations ....
. 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
Flipping
Flipping is a term used primarily in the United States to describe purchasing a revenue-generating asset and quickly reselling it for profit...
, 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.
History
In October 2000, First Washington Bancorp 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.In December 2006, Banner bought F&M Bank of Spokane, Washington
Spokane, Washington
Spokane is a city located in the Northwestern United States in the state of Washington. It is the largest city of Spokane County of which it is also the county seat, and the metropolitan center of the Inland Northwest region...
, a century-old bank with 14 branches.
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. Less than a year later, Banner underwent a one-for-seven reverse stock split
Reverse stock split
On a stock exchange, a reverse stock split or reverse split is a process by a company of issuing to each shareholder in that company a smaller number of new shares in proportion to that shareholder's original shares that are subsequently canceled. A reverse stock split is also called a stock merge...
in order to make its stock "more attractive to institutional investors."