KBRA Affirms Ratings for Banner Corporation
19 Juillet 2023 - 12:38AM
Banner Corporation (NASDAQ GSM: BANR) (“Banner”), the parent
company of Banner Bank, today announced that Kroll Bond Rating
Agency, LLC (KBRA) affirmed the senior unsecured debt rating of
BBB+, the subordinated debt rating of BBB, and the short-term debt
rating of K2 for Banner Corporation. In addition, KBRA affirmed the
deposit and senior unsecured debt ratings of A-, the subordinated
debt rating of BBB+, and the short-term deposit and debt ratings of
K2 for the company's principal subsidiary, Banner Bank. The agency
also noted they determined the outlook for all of Banner’s
long-term ratings is Stable.
“We are pleased to receive an affirmation of our
investment grade rating from KBRA,” said Mark Grescovich, President
and CEO. “We believe that this rating in KBRA’s latest report
validates the financial strength and stability of Banner, and is an
affirmation of our strong financial performance and sound credit
practices. It also positions us as a reliable partner for our
valued clients and investors.”
About Banner Corporation
Banner Corporation is a $15.53 billion bank holding
company operating one commercial bank in four Western states
through a network of branches offering 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.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA) is a
full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. Kroll Bond Rating
Agency Europe Limited is registered as a CRA with the European
Securities and Markets Authority. Kroll Bond Rating Agency UK
Limited is registered as a CRA with the UK Financial Conduct
Authority. In addition, KBRA is designated as a designated rating
organization by the Ontario Securities Commission for issuers of
asset-backed securities to file a short form prospectus or shelf
prospectus. KBRA is also recognized by the National Association of
Insurance Commissioners as a Credit Rating Provider.
Forward-Looking Statements
This press release contains statements that the
Company believes are “forward-looking statements.” These statements
relate to the Company’s financial condition, results of operations,
plans, objectives, future performance or business. You should not
place undue reliance on these statements, as they are subject to
risks and uncertainties, and actual results and performance in
future periods may be materially different from any future results
or performance suggested by the forward-looking statements in this
release. Factors that might cause such differences include, but are
not limited to, those identified in our risk factors contained in
Banner Corporation’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022. Such forward-looking statements speak only
as of the date of this release. Banner Corporation expressly
disclaims any obligation to update or revise any forward-looking
statements found herein to reflect any changes in the Company’s
expectations of results or any change in events.
CONTACT: MARK J. GRESCOVICH, PRESIDENT &
CEO PETER J. CONNER, CFO (509) 527-3636
Banner (NASDAQ:BANR)
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