Banner Reports 1-for-7 Reverse Stock Split (BANR)

Banner Corporation BANR, the parent company of Banner Bank and Islanders Bank, today announced its Board of Directors voted to proceed on a 1-for-7 reverse stock split to be effective June 1, 2011. As previously disclosed, the Company's shareholders approved an amendment to the Company's Articles of Incorporation to effect a reverse split at the annual meeting of shareholders held on Tuesday, April 26, 2011. The Company expects that the reverse stock split will take effect prior to the opening of the NASDAQ Global Select Market on June 1, 2011 and will be effective with respect to shareholders of record at the close of business on May 31, 2011. At the effective time of the reverse stock split, every seven shares of Banner's pre-split common shares will automatically be consolidated into one post-split share.