San Diego, CA -- (SBWIRE) -- 10/02/2013 -- An investigation on behalf of investors, who currently hold shares of Home Federal Bancorp, Inc. (NASDAQ:HOME) shares, was announced concerning whether the takeover of Home Federal Bancorp, Inc. by Banner Corporation is unfair to NASDAQ:HOME stockholders.

Investors who purchased shares of the Home Federal Bancorp, Inc. (NASDAQ:HOME) and currently hold any of those NASDAQ:HOME shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Home Federal Bancorp, Inc. breached their fiduciary duties owed to NASDAQ:HOME investors in connection with the proposed acquisition.

On Sept. 24, 2013, Banner Corporation (Nasdaq:BANR), the holding company for Banner Bank and Islanders Bank, and Home Federal Bancorp, Inc. (Nasdaq:HOME), the holding company for Home Federal Bank, announced the signing of a merger agreement pursuant to which Banner Corporation will acquire Home Federal Bancorp, Inc.

The transaction provides for the payment to Home Federal Bancorp, Inc stockholders and option holders of $87.6 million in cash (subject to adjustment based on closing capital and other adjustments fully described in the definitive merger agreement) and to Home Federal Bancorp, Inc stockholders 2,904,000 shares of Banner Corporation (Nasdaq:BANR common stock, subject to price collars. Based on the closing price of $37.66 for Banner shares on September 24, 2013, the transaction would have an aggregate value of $197.0 million.

However, given that at least one analyst has set the high target price for NASDAQ:HOME shares at $15.00 per share and that NASDAQ:HOME shares traded as recently as July 25, 2013, as high as$14.55 per share, the investigation concerns whether the offer is unfair to NASDAQ:HOME stockholders. More specifically, the investigation concerns whether the Home Federal Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Home Federal Bancorp, Inc. reported that its Net loss of $4.63 million for the 12months period that ended on Sept. 30, 2011 turned into a Net Income of $1.80 million for the 12months period that ended on Dec. 31, 2012.

Shares of Home Federal Bancorp, Inc. (NASDAQ:HOME) grew from $7.82 per share in September 2011 to as high as $14.55 per share in July 2013.

On Oct. 1, 2013, NASDAQ:HOME shares closed at $12.50 per share.

Those who are current investors in shares of Home Federal Bancorp, Inc. (NASDAQ:HOME) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com