Long-time Spokane banker D. Michael Jones has stepped down as chairman and chief executive officer of Banner Bank and Banner Corp.

He will be succeeded at the Walla Walla bank and holding company by Mark Grescovich, who has been president of both entities since July.

Jones, 68, will remain a corporate and bank director.

Jones was president of Old National Bank before it was purchased by U.S. Bank in 1987, and Source Capital before it was acquired by Sterling Financial Corp. in 2001. ONB and Source were based in Spokane. 

Banner purchased F&M Bank of Rockford in 2006, four years after Jones joined the Walla Walla institution, which in June completed a $162 million stock offering.