December 9, 2009 (FinancialWire) — Banner Corp. (NASDAQ: BANR), the parent company of Banner Bank and Islanders Bank, has commenced an underwritten public offering of its common stock to raise gross proceeds of up to $75.0 million.

Banner Corp. intends to use a significant portion of the net proceeds from the offering to provide capital to Banner Bank to support its growth and to take advantage of opportunities created by changes in the competitive environment in its market areas. The company expects to use the remaining net proceeds for general working capital purposes.

Sandler O’Neill + Partners, L.P. is serving as sole book-running manager of the offering, and D.A. Davidson & Co. is serving as co-manager.

The company intends to grant the underwriters a 30-day option to purchase shares representing gross proceeds of up to an additional $11.25 million to cover over-allotments, if any.

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