Walla Walla-based Banner Bank, which operates three branches here, says its eyeing several locations for additional branches here as part of an aggressive regional expansion plan.


Banner plans to open four new branches here in the next two years, says President and CEO D. Michael Jones. The bank is close to securing sites for two branches here, and is in the initial stages of negotiations for two others, Jones says. For now, he declines to disclose where those sites are located.


We like whats happening with Spokane, Jones says. The economics of Spokane have been improving dramatically.


Banner currently has nearly 60 branch offices and 12 loan offices systemwide, in Washington, Oregon, and Idaho. The bank, which has a total of 850 employees, employs between four and 10 workers at each of its branches, he says.


Banner also is looking at opening additional branches in the Puget Sound, Boise, and Portland markets, Jones says. The bank currently has more than 20 branches in the Puget Sound area, is building four more, and is buying sites to build another six, he says.


Banner plans to open two branches next year in the Portland area, where it currently has five offices, he says. The bank opened its fourth branch in the Boise area earlier this month, is building two more offices there, and is buying sites for two more branches. The bank expects to open those four new branches within the next year, he says.


Banners aggressive expansion plans are the result of its goal to reach $5 billion in assets within the next three years, Jones says. It currently has assets of more than $3.5 billion, he says.


Weve got a lot of growing to do, Jones says.


In the last two years, Banner has opened 12 branches, adding about $400 million in deposits, he says. Its deposits this year have grown 21 percent to $2.3 billion, he says. The bank expects to have net income this year of more than $32 million, up from $12.4 million last year, he says. Part of that jump in earnings, however, will be due to the banks restructuring last year of its balance sheet and paying off high-interest rate borrowings.


Contact Emily Brandler at (509) 344-1265 or via e-mail at [email protected].