Published December 2000

Towne, sister banks merge, change names to Banner

Herald Business Journal Staff

Towne Bank; its parent company, First Washington Bancorp; and four other subsidiaries changed their names in October, becoming known as Banner companies, all part of a financial network based in Walla Walla. First Washington, the holding company, has become Banner Corp.

The move comes as the parent company completes consolidation of its subsidiaries, which it has acquired since 1996, President and Chief Executive Officer Gary Sirmon said.

“It’s just a lot more efficient, and it certainly creates more of a unified team atmosphere,” he said. “It was really time to consolidate.”

First Washington was created by the former First Savings Bank of Walla Walla when it started its expansion. Along with Towne Bank and First Savings, First Washington owns Whatcom State Bank of Bellingham, Inland Empire Bank of Hermiston, Ore., and Seaport Citizens Bank of Lewiston, Idaho. There is a Towne Bank branch in Everett.

The corporate board of directors picked the new name from a list of three submitted by an employee committee that reviewed proposals generated by a marketing consultant, Sirmon said. Banner Bank has a nice ring to it, he said. “It’s easy to say and easy to remember.”

As part of the change, the five subsidiaries will merge into two banks. One will be chartered in Washington under the leadership of Banner Bank President Rick Meikle, who formerly was president of Towne Bank. The other bank will be chartered in Oregon.

The separate charters will allow Banner Corp. to borrow federal money to lend to farms and small businesses under federal bank rules, Sirmon said.

“It truly is exciting,” said Joe Claeys, Vice President and Manager of Banner Bank’s south Everett office. “If we have a customer from Bellingham come into our office, we can now help them.”

But aside from the new name and relationships, “it’s business as usual” with the “same seasoned professionals” taking care of customers, Claeys said.

The new name and logo — yellow and red banners with “Banner Bank” in blue — began appearing in advertising and on bank offices last month. Banner Bank is on the Web at www.banrbank.com.

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