Skip to main content
Advertising

Originally published October 23, 2013 at 4:57 PM | Page modified October 24, 2013 at 6:50 AM

  • Share:
           
  • Comments (0)
  • Print

Banner loses bid for Home Federal to Cascade Bancorp


By Seattle Times staff

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

Banner Corp. of Walla Walla said Wednesday that it won’t up its price for Home Federal Bancorp, allowing the much smaller Cascade Bancorp of Oregon to prevail with a significantly richer offer for the 24-branch Idaho bank.

Banner announced in September a definitive agreement to buy $1 billion-asset Home Federal for cash and stock worth $197 million at the time. Cascade topped that with a $266 million cash and stock bid last week, and Banner’s option to match the offer expired Oct. 22, the bank said.

Mark Grescovich, president and CEO of $4.2 billion-asset Banner, said the company “will maintain our discipline in evaluating future opportunities” and will seek other acquisitions in its markets, including Idaho.

Cascade said its acquisition of Home Federal will create a bank with about $2.4 billion in assets, making it the fourth-largest community bank in the Pacific Northwest.



News where, when and how you want it

Email Icon

Subscribe today!

Subscribe today!

Get 8 weeks of digital access to The Seattle Times for $1

Advertising

Advertising

The Seattle Times photographs

Seattle space needle and mountains

Purchase The Seattle Times images


Advertising
The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►