WALLA WALLA, Wash., June 24, 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 same as paid in the previous quarter. The dividend is payable July 10, 2009, to common shareholders of record on July 3, 2009.
"Due to the current uncertainties in our markets, the Board believes it is prudent to preserve the Company's capital position by maintaining a reduced cash dividend payment. At the same time, we will continue to maintain our dividend reinvestment and stock purchase plan, which provides additional capital funding," said D. Michael Jones, President and CEO. "We anticipate resuming payment of the higher level of cash dividends when the recovery in the regional economy is more evident and the Company returns to acceptable levels of profitability."
About Banner Corporation
Banner Corporation is a $4.5 billion bank holding company operating two commercial banks through 87 branch locations 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.