Banner Corp. (BANR) Commences $150M Common Offering

Banner Corporation (Nasdaq: BANR), the parent company of Banner Bank and Islanders Bank, today announced that it has commenced an underwritten public offering of $150.0 million of its common stock. The Company intends to use a significant portion of the net proceeds from the offering to provide capital to Banner Bank to strengthen Banner Bank's regulatory capital ratios and to support managed growth. The Company expects to use the remaining net proceeds for general working capital purposes.

D.A. Davidson & Co. is serving as sole book-running manager of the offering, and Sandler O'Neill + Partners, L.P. and McAdams Wright Ragen are serving as co-managers. The Company intends to grant the underwriters a 30-day option to purchase shares representing gross proceeds to the Company of up to an additional $22.5 million to cover over-allotments, if any.