-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O+heucoY3XCWLV9/aqpuBf3dTAVOIMv0ixmWixlcRTNhnEWCgIofC1IH3pq7JclN FtsDd5FfNaPIKid/tDgPTw== 0000939057-06-000153.txt : 20060607 0000939057-06-000153.hdr.sgml : 20060607 20060607170005 ACCESSION NUMBER: 0000939057-06-000153 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060607 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060607 DATE AS OF CHANGE: 20060607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANNER CORP CENTRAL INDEX KEY: 0000946673 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911691604 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26584 FILM NUMBER: 06892038 BUSINESS ADDRESS: STREET 1: 10 S FIRST AVENUE CITY: WALLA WALLA STATE: WA ZIP: 99362 BUSINESS PHONE: 5095273636 MAIL ADDRESS: STREET 1: 10 S FIRST AVENUE CITY: WALLA WALLA STATE: WA ZIP: 99362 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WASHINGTON BANCORP INC /WA/ DATE OF NAME CHANGE: 19980727 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SAVINGS BANK OF WASHINGTON BANCORP INC DATE OF NAME CHANGE: 19950614 8-K 1 k8060706.htm BANNER CORPORATION FORM 8-K
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): June 7, 2006
 
 
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)
 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

[  ]   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))

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Item 8.01 Other Events

        On June 7, 2006, Banner Corporation announced that it had reached a $5.5 million insurance settlement relating to inappropriate activities of a former employee in 2001 and prior years. The settlement will result in a credit to other operating expense in the current quarter ending June 30, 2006.

 

Item 9.01 Financial Statements and Exhibits

            (c)       Exhibits

            99.1    Press Release of Banner Corporation dated June 7, 2006.

 

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SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
   
BANNER CORPORATION
 
 
 
Date: June 7, 2006 By: /s/D. Michael Jones                                     
      D. Michael Jones
      President and Chief Executive Officer




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Exhibit 99.1

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                                                                                           CONTACT:   D. MICHAEL JONES,
                                                                                                                     PRESIDENT AND CEO
                                                                                                                         LLOYD W. BAKER, CFO
                                                                                                    (509)527-3636


                                                                                    News Release

BANNER CORPORATION REACHES $5.5 MILLION SETTLEMENT IN BOND CLAIM

Walla Walla, WA - June 7, 2006 - Banner Corporation (Nasdaq: BANR), the parent company of Banner Bank, today announced that it has reached a $5.5 million insurance settlement relating to inappropriate activities of a former employee in 2001 and prior years. The settlement will result in a credit to other operating expense in the current quarter ending June 30, 2006.

"While the circumstances leading to this settlement were reprehensible, we are pleased to bring this issue to an end," said D. Michael Jones, President and CEO.

In April, Banner reported record results for the first quarter of 2006. Net income increased 44% to $6.8 million, or $0.56 per diluted share, compared to $4.7 million, or $0.39 per diluted share, in the first quarter of 2005. Loans grew 19% to $2.54 billion, deposits increased 21% to $2.42 billion and assets grew 5% to $3.12 billion from year ago levels.

About Banner Corporation

Banner Corporation is the parent of Banner Bank, a commercial bank that operates a total of 58 branch offices and twelve loan offices in 24 counties 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.

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