Banner to acquire Skagit Bancorp in all-stock transaction
Banner and Skagit announced that they have entered into a definitive merger agreement pursuant to which Banner will acquire Skagit in an all-stock transaction, subject to the terms and conditions set forth therein. Under the merger agreement, Skagit will merge with and into Banner, and immediately thereafter Skagit Bank will merge with and into Banner Bank. The combined company will have approximately $11.4B in assets. Upon completion of the merger, Cheryl R. Bishop, Skagit's Chief Executive Officer, will join the Banner board of directors. Skagit Bank is a 60 year old community bank based in the North Sound region of the Pacific Northwest focused on developing and serving long term consumer and business clients. At June 30, 2018, Skagit Bank had assets of $922M, a diverse and high-quality loan portfolio of $599M, and a low-cost deposit base of $811M with 12 banking locations along the I-5 corridor from Seattle to the Canadian border.