Business Context and Reporting Period
This Form 8-K Current Report was filed by Banner Corporation on October 26, 2021. The filing discloses significant personnel changes within its wholly-owned subsidiary, Banner Bank, specifically regarding the Chief Risk Officer position.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed is a one-time compensatory payment of $175,000 to a retiring executive.
Material Changes
- Departure: Judith A. Steiner, Executive Vice President and Chief Risk Officer of Banner Bank, announced her retirement effective November 25, 2021. She joined the Bank in August 2016.
- Appointment: James M. Costa, age 53, was appointed as the new Executive Vice President and Chief Risk Officer of Banner Bank, effective October 26, 2021.
- Compensation: In connection with her retirement, Banner Bank will pay Ms. Steiner a lump-sum payment of $175,000.
Management Commentary and Background
Mr. Costa brings extensive experience from TCF Financial Corporation, where he served in progressively increasing roles including Executive Vice President and Chief Risk Officer. He previously led the merger integration of TCF and Chemical Bank and managed the bank's response to the COVID-19 pandemic. Prior to TCF, he founded Mann Lake Group, providing advisory services on credit strategy and risk management. The filing confirms no family relationships exist between Mr. Costa and other directors or officers, and no reportable related party transactions have occurred.
Investor Verification Checklist
- Verify the effective date of Ms. Steiner's retirement (November 25, 2021) and the interim coverage of the Chief Risk Officer role.
- Confirm the $175,000 lump-sum payment terms and any potential impact on the company's short-term cash flow or expense recognition.
- Review Mr. Costa's transition plan and integration strategy for the risk management function.
- Check for any subsequent filings regarding the appointment of other senior officers or changes to the Board of Directors.