Oct 24 - Banner Corp. (Nasdaq: BANR), the parent company of Banner Bank and Islanders Bank, has announced that the agreement and plan of merger it entered into on Sept. 24, 2013, with Home Federal Bancorp Inc. has been terminated. On Oct. 16, 2013, Home's board declared that it had received a superior proposal from Cascade Bancorp. Under the terms of the agreement, Banner had the right to match Cascades' offer through Oct. 22, 2013.
"We spent a significant amount of time analyzing and structuring the transaction with Home and believe that it would have mutually benefited both organizations," said Mark Grescovich, Banner's president and CEO. "While it is unfortunate that the transaction has been terminated, we will maintain our discipline in evaluating future opportunities. That means that we will structure transactions that provide fair value with upside potential to our shareholders. Our agreement with Home struck that balance and we continue to believe it was a transaction that would have added significant value to their customers, employees and communities. We respect and maintain high regard for everyone at Home Federal and wish them the very best."
Grescovich continued, "Banner will continue to proactively seek acquisition opportunities in our markets, including Boise, and look forward to partnering with companies that share our goal of becoming the premier bank in the Northwest."
In connection with the termination of the agreement, Home paid a termination fee of approximately $3 million to Banner.
About Banner Corp.
Banner Corp. is a $4.28 billion bank holding company operating two commercial banks in Washington, Oregon and Idaho. Banner serves the Pacific Northwest region with a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com.