Market Overview

Banner Bank Expands Pandemic Relief and Support Initiatives

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Banner Bank today announced the addition of several new relief and support elements to assist clients, colleagues and communities with the issues and challenges related to the Coronavirus pandemic.

"We are in unprecedented times—for the first time ever a health crisis has quickly evolved to also become an economic crisis, creating far-reaching impacts to clients and the communities we serve," said Mark Grescovich, President & CEO. "In our 130 years, we have navigated many economic cycles without a disruption in providing clients with access to their funds and I have complete confidence that will continue. At Banner, we are in a unique position to do more during this time by drawing on our financial strength to provide assistance and relief for those who are facing financial hardship."

The financial relief and accommodations we've made available include:

Relief for Individuals and Families

For consumer clients experiencing financial hardship as a result of coronavirus, we are offering the following accommodations:

  • Increased daily limits for Snapshot mobile check deposit;
  • Increased daily limits for debit card ATM withdrawals;
  • Waived penalties for early CD withdrawals up to $25,000 (Federal guidelines do not allow us to offer on the first 6 days of CD term, or within 6 days of a prior withdrawal);
  • Options for payment deferrals for up to 90 days on mortgages, home equity lines, personal loans and credit cards; and
  • Waived late fees for personal loans and credit cards.

Relief for Businesses

For our business clients who have been adversely impacted, the following relief and assistance options are available:

  • Options for payment deferrals on most commercial credit cards, small business loans, and commercial loans;
  • Increased daily limits for Snapshot mobile check deposit;
  • Increased daily limits for business debit card ATM withdrawals;
  • Expedited processing for SBA Coronavirus Aid, Relief, and Economic Security (CARES) Loans.

Business clients who are unsure what financial relief they may need are encouraged to reach out to their Banner banker who is ready to help identify solutions available for specific client situations.

Colleague Support

All Banner Bank employees are eligible to receive additional paid time-off for coronavirus-related exposure or sickness. In addition, colleagues in critical roles who are directly serving our clients are receiving supplemental compensation in recognition of their dedication and unwavering professionalism to ensure our clients continue to receive exceptional service.

"Our employees are our greatest asset," Grescovich said. "Offering supplemental compensation during this time is a natural extension of our long-standing guiding principle to ‘do the right thing."

Community Assistance

Banner is making additional donations to a number of local and regional nonprofits that serve the immediate needs of the most vulnerable populations during this time of crisis. The charities selected are special COVID-19 community funds and nonprofits focused on food insecurity.

"It is during challenging times like these that we intend to demonstrate just how much we value our clients, colleagues and community," Grescovich said. "Together, we will get through these current difficulties."

About Banner Bank

Banner Bank, a subsidiary of Banner Corporation (NASDAQ:BANR), is a Washington-chartered commercial bank with more than 200 locations in Washington, Oregon, California and Idaho. Founded 130 years ago, Banner Bank is a financially strong community bank with more than $12.6 billion in assets offering a wide variety of commercial banking services and financial products to individuals and small- and medium-sized businesses and their employees. Visit Banner Bank at www.bannerbank.com.

Supplemental Sources:

Details about Banner Bank's financial relief and assistance offerings:

https://www.bannerbank.com/announcements/covid-19-response#.Xod54eRYbIU

More about how we're ready to help businesses impacted by coronavirus:

https://www.bannerbank.com/financial-resources/business-resources

Existing clients can submit an inquiry about an SBA CARES Payroll Protection Loan with us:

https://www.bannerbank.com/sba-cares-loans

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