Banner Corp. to buy Idaho bank

Banking on the beautful day, a warm-weather-attired couple stroll Monday past Banner Bank. Walla Walla appears to have turned the corner on cold weather with a recent sustained investment in sunny days and temperatures hitting the 60 to 70-degree range.

Banking on the beautful day, a warm-weather-attired couple stroll Monday past Banner Bank. Walla Walla appears to have turned the corner on cold weather with a recent sustained investment in sunny days and temperatures hitting the 60 to 70-degree range. Photo by Jeff Horner.

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WALLA WALLA — Banner Corp. will purchase Home Federal Bancorp Inc., the holding company for Nampa, Idaho,-based Home Federal Bank, in a $197 million transaction announced today by both companies.

With about $5.2 billion in assets, the combined company will become the fourth largest bank headquartered in the Pacific Northwest as ranked by assets. It also will have a top 10 deposit market share position in Washington, Idaho and Oregon with an established platform for growth and continued operational improvement throughout the Pacific Northwest, according to the announcement.

The acquisition is expected to close in the first quarter of 2014. Home will merge into Banner, and Home Federal Bank will merge into Banner Bank.

“We are excited to have Home Federal Bank join the Banner Bank team,” said Banner President and Chief Executive Officer Mark Grescovich in a prepared statement. “This combination will help us toward our goal of becoming the community bank of choice in the Pacific Northwest.”

See more details in Wednesday’s Union-Bulletin and here online.

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