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BANR > SEC Filings for BANR > Form 8-K on 25-Apr-2014All Recent SEC Filings

Show all filings for BANNER CORP

Form 8-K for BANNER CORP


Other Events, Financial Statements and Exhibits

Item 8.01 Other Events

On April 24, 2014, Banner Corporation (the "Company") announced that it had entered into an Asset Purchase Agreement (the "Agreement") with Idaho Bancorp, the bank holding company for Idaho Banking Company. Pursuant to the Agreement, the Company will purchase all of the stock and equity interests in Idaho Banking Company and merge it with and into Banner Bank, the Company's subsidiary bank.

As part of the transaction, the Company will pay Idaho Bancorp $2.6 million for all of its stock and equity interest in Idaho Banking Company. In addition, and as contemplated by the Agreement, Idaho Bancorp will file a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code and a sale will be conducted under Section 363 of the Bankruptcy Code.

The bankruptcy filing by Idaho Bancorp will only affect Idaho Bancorp and will not impact the operations of Idaho Banking Company. Idaho Banking Company will continue to operate separately from Idaho Bancorp, will serve its customers and conduct business as usual, and its customer deposits will continue to be insured to the fullest extent allowable by the Federal Deposit Insurance Corporation. The closing of the transaction is anticipated to take place in the third quarter of 2014 with Idaho Banking Company merging with and into Banner Bank as provided by the Agreement.

The press release announcing the transaction is attached as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibit is being filed herewith and this list shall constitute the exhibit index:

99.1 Press Release of Banner Corporation dated April 24, 2014

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