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Umpqua Holdings and Sterling Financial are paying Banner $7 million to take the branches. Though negative bids are uncommon in healthy bank deals, it seems like a small price to get regulators to bless a $2 billion merger.
February 20 -
Cascade Bancorp (CACB) in Bend, Ore., has outbid another company to snag Home Federal (HOME) in Nampa, Idaho.
October 23 -
The $4.24 billion-asset Banner said Tuesday it has agreed to buy Home Federal Bancorp (HOME) in Nampa, Idaho, for $197 million in cash and stock.
September 24 -
RKJS Bank, an interim company formed by a group of local Baltimore investors, won First Mariner's bankruptcy auction Tuesday after National Penn Bancshares (NPBC) in Allentown, Pa., withdrew its offer.
April 17 -
The $3.6 billion-asset Simmons First said Thursday that it plans to pay $53.6 million in cash for the Little Rock, Ark., bank.
September 12
Banner Corp. (BANR) in Walla Walla, Wash., is set to buy a small troubled Idaho bank through a bankruptcy auction.
The $4.5 billion-asset company said late Thursday that it will pay $2.6 million to buy the $100 million-asset Idaho Banking in a sale under Section 363 of the U.S. Bankruptcy Code. The selling bank's holding company, Idaho Bancorp (IDBC), will file for Chapter 11 bankruptcy, the companies said in a press release.
"This transaction presents a unique opportunity for Banner to expand our presence in the Boise market, which is the third largest metropolitan market in the Pacific Northwest," Mark Grescovich, Banner's chief executive, said in the release. "The combination of our two organizations provides the opportunity to create revenue and cost synergies."
Idaho Banking was significantly undercapitalized and more than 10% of its assets were nonperforming at the end of last year, according to data from the Federal Deposit Insurance Corp.
""This combination allows us to partner with a strong community bank that is focused on providing great customer service, a deep commitment to the communities where it operates and an excellent environment for employees to perform and advance," said Jim Latta, Idaho Bancorp's chief executive, said in the release.
The deal is far from definite. As bankruptcy auctions become more common, they are also more frequently contested. Last year, Simmons First National's (SFNC) outbid private-equity firm Ford Financial Group and Arvest Bank of Fayetteville, Ark., to
A group of investors working as RKJS Bank was the initial bidder for First Mariner Bank in Baltimore. During the bidding process, however, National Penn Bancshares (NPBC) in Allentown, Pa.,
For Banner, the deal is its second attempt at a deal in the Boise market in the last year. In September, it
Since then, Banner has been on the hunt for additional opportunities. In February, it announced that it