Banner Corp. Buying Oregon Business Bank for $10 Mil

LAKE OSWEGO, OR-The publicly traded parent company of Banner Bank, Walla Walla, WA-based Banner Corp. says it has signed an agreement to acquire Oregon Business Bank of Lake Oswego in an all cash transaction valued at approximately $10 million. Approved by the companies’ boards but not yet by regulators or shareholders, the transaction is expected to close by the end of the fourth quarter of 2001.

In explaining the decision, Banner Corp. president/CEO Gary Sirmon says Oregon Business Bank was the fastest growing financial institution in Oregon in 2000, and its headquarters is located a few blocks from Banner’s construction and mortgage lending subsidiary, Community Financial Corporation. “The addition of Oregon Business Bank to our franchise broadens our presence in the important Portland market,” says Sirmon.

Oregon Business Bank is a state-chartered institution that is not publicly traded. James W. Shires, president of Oregon Business Bank, says the merger will allow Oregon Business Bank to offer additional deposit products, larger lending limits, improved technology and administrative efficiencies.