07/03/2010 (7:06 am)
Banner raises $162M in stock offering
Banner Corp. said it issued more than 85 million shares of stock at $2 per share in a recent stock offering and raised about $162 million, after discounts and commissions were deducted.
Last week, Walla Walla-based Banner (NASDAQ: BANR), parent of Banner Bank and Islanders Bank, said it “intends to use a significant portion of the net proceeds from the offering 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.”
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