The Board of Directors and Executive Management of Banner Corporation have long recognized and carefully exercised their responsibility to ensure prudent and sound decision-making regarding all corporate expenditures.
In November 2008, Banner Corporation became a participant in the U.S. Treasury Department’s Capital Purchase Program. Therefore, in compliance with Section 111(d) of the Emergency Economic Stabilization Act of 2008, as amended, on August 25, 2009 the Board of Directors of Banner Corporation (the “Company”) adopted a policy which is intended to prohibit excessive or luxury expenditures. This policy applies to the Company and its subsidiaries, including Banner Bank and Islanders Bank, and covers all employees and directors.