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Skagit Bancorp. shareholders approve merger with Banner Bank parent

Banner Corp., parent company of Banner Bank and Islanders Bank, is headquartered in Walla Walla. (Banner Corp.)
From staff reports
Banner Corp., parent company of Banner Bank and Islanders Bank, is headquartered in Walla Walla. (Banner Corp.)

The shareholders of Skagit Bancorp. have given their approval to the previously announced merger with Walla Walla-based Banner Corp.

The all-stock transaction, first announced in July, is valued at $191.1 million.

Skagit shareholders will receive 5.6664 shares of Banner common stock in exchange for each share of Skagit common stock. The merger, which has received regulatory approval, is expected to be finalized Nov. 1, according to a Banner statement.

The combined company will have about $11.4 billion in assets and branches across four western states.

Skagit has 12 bank locations along the Interstate 5 corridor from Seattle to the Canadian border. Banner Corp. is the parent company for Banner Bank and Islanders Bank.