Banner Bank Completes Sale of Utah Branches to People’s Intermountain Bank

WALLA WALLA, Wash., Oct. 09, 2017 -- Banner Bank, a subsidiary of Banner Corporation (NASDAQ:BANR), today announced that it has completed the sale of its Utah branches and related assets and liabilities to People’s Intermountain Bank, a banking subsidiary of People’s Utah Bancorp (NASDAQ:PUB).

Under the terms of the purchase and assumption agreement, the sale included approximately $250 million in loans, $165 million in deposits and all of Banner Bank’s seven Utah branches located in Provo, Orem, Salem, Springville, South Jordan, Salt Lake City and Woods Cross.  The branches will operate under the name of Bank of American Fork, a division of People’s Intermountain Bank.  The deposit premium is estimated to be approximately $13.4 million based on average deposits at closing.

About Banner Corporation
Banner Corporation is a $10.2 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.

About Banner Bank
Banner Bank is a Washington-chartered commercial bank conducting business from 175 locations in Washington, Oregon, California and Idaho.  Banner Bank is a community bank which offers a wide variety of commercial banking services and financial products to individuals and small- and medium-sized businesses and their employees throughout the western U.S. Visit Banner Bank at www.bannerbank.com.

This press release contains statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, plans, objectives, future performance or business, including the timing and impact of the sale of the branches. 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, 2016.  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 here in to reflect any changes in Banner Corporation’s expectations of results or any change in events.

Transmitted on Globe Newswire on October 9, 2017 at 6:00 a.m. PDT.

Contact: Kelly McPhee
Vice President of Communications
(509) 232-1968
[email protected]