Banner Corporation's Chairman Adopts 10b5-1 Plan.WALLA WALLA Walla Walla (wŏl`ə wŏl`ə), city (1990 pop. 26,478), seat of Walla Walla co., SE Wash., at the junction of the Walla Walla River and Mill Creek, near the Oregon line; inc. 1862. , Wash. -- Banner Corporation (Nasdaq:BANR BANR Board on Agriculture and Natural Resources ), the parent company of Banner Bank Banner Bank is a Washington financial institution based in Walla Walla. Originally known as First Federal Savings And Loan Of Walla Walla, it was the oldest Savings and Loan institution in the state of Washington. , today announced that Gary Sirmon, who served as President and Chief Executive Officer of Banner Corporation and Banner Bank from 1982 to 2002 and since 2002 has continued to serve the Company under an employment agreement, has reached the end of his period of service under the employment contract effective July 16, 2005. Mr. Sirmon will continue to serve as a non-employee director and Chairman of the Board of Banner Corporation and Banner Bank but will not receive an annual salary other than Board compensation. In that context, Mr. Sirmon has established a 10b5-1 plan to sell, over a one-year period, 30,000 shares of Banner Corporation common stock, which represents approximately 12% of his current holdings. Trades under the plan will not occur before August 1, 2005. A 10b5-1 plan allows directors and officers to implement written plans when they are not in possession of material nonpublic information Nonpublic information Information about a company that is not known by the general public, which will have a definite impact on the stock price when released. See: Insider trading. and to sell shares according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the plan on a regular basis (for example, weekly or monthly) regardless of any subsequent nonpublic information they receive or the price at the time of the sale. Mr. Sirmon adopted the plan in order to gradually diversify his financial holdings, minimize the market effect of such sales by spreading them over a more extended period than the traditional trading "window" and avoid being prohibited from selling such shares for long periods of time as a result of nonpublic information he may possess. About the Company Banner Corporation is the parent company of Banner Bank, a commercial bank, which operates a total of 52 branch offices and 13 loan offices in 24 counties in Washington This is a list of counties in Washington. There are thirty-nine counties in the U.S. state of Washington. Certain residents of Snohomish County consider themselves to be part of Freedom County. , Oregon and Idaho. Banner Bank serves the Pacific Northwest region
The Northwest Region with a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com. |
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