Frequently Asked Questions
Why is Banner acquiring Skagit Bank?
This is an opportunity for our two banks to create a larger collective presence in northwestern Washington, an area we have long considered a growth opportunity. The operating footprint of our two banks fit together like puzzle pieces and our culture and approach to serving clients are very similar.
We’ve been clear about our intention to continue to grow the bank with additional locations for our clients to choose and this was a great opportunity to do just that in this market.
Why is Skagit Bank interested in being acquired?
Skagit Bank leadership say they chose Banner as their merger partner because of the numerous benefits it will offer to their clients, including expanded products and services, more locations to choose from and higher lending limits for commercial clients. And they like that Banner is also a well-respected Washington-based financial institution. Finally, as a privately held organization, Skagit leaders said it was important to provide liquidity options to their shareholders.
Will Skagit Bank’s name change?
Yes. We will operate as one unified bank: Banner Bank.
When will the acquisition be finalized?
As is customary with any merger, we must receive regulatory and Skagit shareholder approval and satisfy other customary closing conditions. We anticipate the acquisition to be finalized late in the fourth quarter, and Skagit Bank clients can expect communication throughout the process.
Will branches be consolidated?
One thing that makes us a good fit is the fact that we serve some of the same communities. In the coming months, we will carefully evaluate each location to ensure we’re providing the combined organization with the best location from which to serve our clients. We will communicate any decisions and changes as we know more, and clients can expect to receive ample notice of any consolidations.
I have an account at Skagit Bank; will it change?
Your Skagit account will transition to Banner after the merger is complete. If changes are made, you will receive detailed information well in advance.
What is changing now, before the acquisition is complete?
It will be business as usual at all Skagit Bank and Banner Bank locations. You can count on the same professional colleagues serving your financial needs.
Will there be layoffs?
No decisions have been made yet, and Banner’s leadership team is committed to retaining as many employees as possible and ensuring we have the right teams in place for our future, and to notifying employees of their go-forward status as quickly as possible. If positions are eliminated due to this merger, Banner will offer employees preferred placement for open positions, severance compensation, and outplacement service.