WALLA WALLA, Wash. - Banner (NASDAQ:BANR) Corporation (NASDAQ: BANR), the holding company for Banner Bank, has publicized a new stock repurchase initiative. The Board of Directors has approved the repurchase of up to 1,722,787 shares, amounting to roughly 5% of the company's current outstanding common stock.
The President and Chief Executive Officer of Banner Corporation, Mark J. Grescovich, stated that the company views its stock as an attractive investment and considers stock repurchase as a strategy to enhance long-term shareholder value. According to the announcement, the repurchase of shares will be conducted in the open market, depending on prevailing market conditions and other corporate factors.
Banner Corporation is a bank holding company with a reported total asset value of $15.82 billion. Through its subsidiary, Banner Bank, it operates in four Western states, providing a variety of deposit services as well as business, commercial real estate, construction, residential, agricultural, and consumer loans.
The press release also included a cautionary note that the statements regarding the stock repurchase program are forward-looking and subject to various risks and uncertainties. These could lead to actual results differing significantly from those projected. Banner Corporation has referred to risk factors outlined in its Annual Report on Form 10-K for the fiscal year ending December 31, 2023, as potential sources of discrepancy.
Investors are reminded to consider the forward-looking nature of statements in the press release and are advised that the company does not undertake any obligation to update these statements based on subsequent events or new information. The information for this article is based on a press release statement from Banner Corporation.
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