The FAQ states that you can still take normal equipment while carrying a banner. The shield rules say that you lose the defense bonus if also carrying a bow, crossbow, two-handed weapon, or pike.
As a Banner is none of those options, I take it you still get the bonus defense from a shield while carrying a banner?
In the old blue book, you couldn't carry other equipment with a banner, and it counted as a two-handed weapon with no wound bonus. There are no such restrictions in the Hobbit rules. It simply states that the banner confers a -1 penalty to win fights due to the weight.

I believe that it has changed with the new rules, and bannermen CAN carry shields now. In fact, I think I remember some people saying that they were going to go back and add shields to some of their old models. I haven't done so, but I could see the draw, since it gives your banner a bit more staying power.

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Respectfully,
Jonathan

Do what is right, love mercy, and walk humbly

Battle Companies

You can indeed have a banner with a shield and gain the defence bonus. You can even equip yourself with pikes/ spears. Just remember you'll still have the -1 to your duel roll from the banner.

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12th GBHL 2013.
13th GBHL 2014
9th GBHL 2015


Mid Sussex Wargamers