WALLA WALLA, Wash., March 25, 2009 (GLOBE NEWSWIRE) -- Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today announced its Board of Directors declared a regular quarterly cash dividend of $0.01 per share. The dividend will be paid April 13, 2009, to shareholders of record on April 3, 2009. This payment is Banner's 54th consecutive quarterly cash dividend paid since Banner instituted regular quarterly cash dividends in 1996.
"There are many factors we consider in setting our dividend payment policy, including capital adequacy, projected earnings, payout ratios and yield. Due to the current uncertainty in our markets, the Board believes it is prudent to preserve the Company's capital position by reducing the cash dividend payment, while continuing to maintain our dividend reinvestment and stock purchase plan, which provides additional capital funding," said D. Michael Jones, President and CEO. "We believe that we will resume paying a higher level of cash dividends in the future when the recovery in the regional economy is more evident."
On April 29, 2009, Banner plans to report first quarter 2009 results after the market closes and will host a conference the following day, April 30, at 8:00 a.m. PDT. Complete conference call details will be announced in early April.
About Banner Corporation
Banner Corporation is a $4.6 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.