Business Context and Reporting Period
This Form 8-K Current Report was filed by Banner Corporation on October 24, 2002, regarding events occurring on October 28, 2002. Banner Corporation is the parent company of Banner Bank, a commercial bank operating 41 branch offices and six loan offices across 19 counties in Washington, Oregon, and Idaho. The bank provides deposit services and various loan products including commercial real estate, construction, residential, agricultural, and consumer loans.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and does not contain financial statements or pro forma financial information.
Material Changes
The primary material change reported is the election of a new member to the Board of Directors. On October 28, 2002, the Board elected Gordon E. Budke, a Certified Public Accountant who retired from Coopers & Lybrand in 1997. Mr. Budke has agreed to serve as the Chairman of the Audit Committee.
Guidance, Outlook, and Management Commentary
Management commentary highlights Mr. Budke's qualifications, noting his seven years as an audit team leader for a publicly held Northwest bank and his extensive knowledge of commercial businesses in the Spokane area, a key target market for Banner. There is no financial guidance, outlook, or discussion of risks and contingencies in this filing. Mr. Budke will stand for election at the annual meeting in April 2003.
Key Facts for Investor Verification
- New Board Member: Gordon E. Budke, CPA, elected October 28, 2002.
- Role: Chairman of the Audit Committee.
- Background: Former managing partner of the Spokane office of Coopers & Lybrand; 34-year accounting career.
- Next Action: Mr. Budke will stand for shareholder election at the April 2003 annual meeting.
- Operational Scope: Banner Bank operates in Washington, Oregon, and Idaho with 41 branches and 6 loan offices.