Business
Banner Corporation Announces Completion of Subordinated Notes Offering
WALLA WALLA, Wash., June 30, 2020 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) ("Banner"), the parent company of Banner Bank and Islanders Bank
About this update from Banner Corporation
[{"type":"text","content":"WALLA WALLA, Wash., June 30, 2020 (GLOBE NEWSWIRE) -- Banner Corporation (NASDAQ GSM: BANR) (\"Banner\"), the parent company of Banner Bank and Islanders Bank (the “Banks”), today announced that it had completed its previously announced underwritten offering and sale of its $100.0 million aggregate principal amount of 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”). The Notes were sold at par, resulting in net proceeds, after underwriting discounts and estimated offering expenses, of approximately $98.0 million.\n The Company intends to use the net proceeds of the offering for general corporate purposes, which may include providing capital to support its growth organically or through strategic acquisitions, repayment or redemption of outstanding indebtedness, the payment of dividends, financing investments and capital expenditures, repurchasing shares of its common stock, and for investments in the Banks as regulatory capital. BofA Securities, Inc. and Piper Sandler & Co. acted as book-running managers for the offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of Notes was registered under the Securities Act of 1933, as amended, and issued under an effective registration statement on Form S-3 (File No. 333-239159) filed by the Company with the U.S. Securities and Exchange Commission (\"SEC\"). The offer and sale of the Notes was made only by means of a prospectus supplement and accompanying prospectus related to the offering. These documents are available at no charge by visiting the SEC's website at http://www.sec.gov or by contacting BofA Securities, Inc. by email at [email protected] or Piper Sandler & Co. by email at [email protected]. About Banner Corporation Banner Corporation is a $12.78 billion bank holding company operating two commercial banks in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Forward-looking Statements This press rele...