After going five years without making an acquisition, Banner Corp. in Walla Walla, Wash., announced its second deal in a week Tuesday.
The $3.5 billion-asset Banner said it agreed to buy the $152 million-asset San Juan Financial Holding Co. in Friday Harbor, Wash., for about $40.8 million in cash and stock. San Juan's subsidiary, Islanders Bank, has three branches in the Puget Sound region north of Seattle, and this deal would give Banner nine branches and one loan production office in the area. The deal is expected to close in the second quarter.
Last week Banner announced it was buying the $406 million-asset F&M Bank in Spokane for $99 million in cash and stock. That deal is also expected to close in the second quarter.
Banner's last acquisition was of Oregon Business Bank of Lake Oswego, in 2001.
