| 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): July 24, 2007 | ||
| Banner Corporation | ||
| (Exact name of registrant as specified in its charter) | ||
| Washington | 0-26584 | 91-1691604 |
| State or other jurisdiction | Commission | (I.R.S. Employer |
| of incorporation | File Number | Identification No.) |
| 10 S. First Avenue, Walla Walla, Washington | 99362 | |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant's telephone number (including area code) (509) 527-3636 | ||
| Not Applicable | ||
| (Former name or former address, if changed since last report) | ||
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01 Other Events
On July 24, 2007, the Board of Directors of Banner Corporation ("Corporation") authorized the repurchase of up to 750,000 shares (approximately five percent of the Corporation's outstanding shares). Under the repurchase program, shares will be purchased from time to time in the open market or privately negotiated transactions over a one year period depending on market conditions and the capital requirements of the Corporation. A copy of the press release announcing the repurchase program is attached hereto as Exhibit 99.1, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release of Banner Corporation dated July 26, 2007.
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| BANNER CORPORATION | |
| Date: July 26, 2007 | By: /s/Lloyd W. Baker |
| Lloyd W. Baker | |
| Executive Vice President and Chief Financial Officer | |
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| CONTACT: D. MICHAEL JONES, | |
| PRESIDENT AND CEO | |
| LLOYD W. BAKER, CFO | |
| (509) 527-3636 | |
| NEWS RELEASE | |
BANNER CORPORATION APPROVES STOCK REPURCHASE PROGRAM
Walla Walla, WA - July 26, 2007 - Banner Corporation (NASDAQ GSM: BANR), the parent company of Banner Bank, today announced its Board of Directors has authorized the repurchase of up to 750,000 shares of its common stock, representing approximately 5% of the outstanding shares. Under the plan, shares may be repurchased by the Company in open market purchases. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations.
"We believe our stock is an attractive investment and repurchasing stock affirms our optimism for the future and offers an excellent means to build long-term value for our shareholders," said D. Michael Jones, President and CEO. Yesterday, Banner reported its second quarter earnings and provided detailed financial information in a separate press release.
About Banner Corporation
Banner Corporation is the parent company of Banner Bank, a commercial bank that operates a total of 77 branch offices and 13 loan offices in 28 counties in Washington, Oregon and Idaho. It is now also the parent of Islanders Bank which operates three branch offices in Washington's San Juan Islands. 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.
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