Banner scoops up Siuslaw Financial

|About: Banner Corporation (BANR)|By:, SA News Editor

The combined company will have about $5.1B in assets and be the fourth largest commercial bank headquartered in the Pacific Northwest, as ranked by assets.

Siuslaw (OTCQB:SFGP) owners will receive $1.41622 in cash and 0.32231 share of Banner (NASDAQ:BANR) stock for each share of Siuslaw they hold. Based on Banner's close of $39.14 last night, merger consideration stands at $14.03 for each Siuslaw share (closed at $8.85 last night), and the deal has a value of $57.5M, or 1.52x tangible common equity.

Source: Press Release