Bank holding company Banner Corp. (BANR) said Friday it has decided to cancel the $75 million public offering of common stock it announced last Monday, due to unfavorable market conditions.
The Walla Walla, Wash.-based company also said it expects fourth-quarter results to be an improvement upon the third quarter, based on “management’s current assessment.”
The company said it planned to use the proceeds of the offering for “general capital purposes” and to support the growth of Banner Bank, the company’s Pacific Northwest regional bank. It plans to hold a new offering in 2010 after it releases fourth-quarter results and market conditions have improved, according to a release.
Banner shares rose a penny in Friday’s session, closing at $2.38 a share.
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