Business Context and Reporting Period
This Form 8-K Current Report was filed by Banner Corporation on September 10, 2024, with the earliest event reported on the same date. The filing pertains to a significant personnel appointment at Banner Bank, a wholly-owned subsidiary of the registrant.
Key Financial Metrics
This filing is a current report regarding corporate governance and personnel changes. It does not provide financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. Investors should refer to the company's most recent 10-Q or 10-K filings for financial performance details.
Material Changes
The material change disclosed in this report is the appointment of new executive leadership:
- Position: Executive Vice President and Chief Banking Officer at Banner Bank.
- Appointee: Mark C. Borrecco, age 52.
- Effective Date: September 10, 2024.
- Reporting Line: Reports to Mark J. Grescovich, President and Chief Executive Officer.
- Location: Based in Sacramento, California.
Management Commentary and Background
Mr. Borrecco brings over 25 years of experience in the financial services industry. His recent background includes:
- Washington Federal, Inc.: Regional President for California (March 2023 – August 2024).
- Great Western Bancorp: President and CEO (March 2020 – January 2022).
- Rabobank, NA: President and CEO (December 2015 – November 2019) and previously Executive Vice President and Chief Banking Officer (August 2011 – November 2015).
Mr. Borrecco holds a B.A. in Economics from California State University, Fresno. A press release detailing this appointment is attached as Exhibit 99.1.
Investor Verification Checklist
- Verify the official press release (Exhibit 99.1) for any additional details on Mr. Borrecco's compensation or specific strategic mandates.
- Confirm the impact of this leadership change on the Bank's California regional operations.
- Review the most recent quarterly report (10-Q) for Banner Corporation to assess current financial health, as this 8-K contains no financial figures.