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Industry observers have commended the Walla Walla, Wash., company for righting the ship after it was hammered by exposure to bad construction loans. But now investors are wondering how it will grow in a weak economy.
September 20
Banner Corp. (BANR) in Walla Walla, Wash., has named an executive from the world of philanthropy to its board.
The $4.2 billion-asset company said Thursday that Connie Collingsworth, general counsel of the Bill and Melinda Gates Foundation, has been elected a director. Collingsworth, who once was a partner at Preston Gates & Ellis, manages the Seattle foundation's legal needs and serves on its management committee.
"We … especially look forward to the valuable insight she brings with regard to the Puget Sound business community," Mark Grescovich, Banner's chief executive, said in a press release.
Collingsworth also serves on the board of Women's World Banking, a nonprofit microfinance organization, and The Parents Union, a Seattle group that focus on education reform.
Banner's net income rose 61% in the first quarter from a year earlier, to $11.6 million, or 60 cents a share. The company operates Banner Bank in Walla Walla and Islanders Bank in Friday Harbor, Wash.