Banner Bank, based in Walla Walla, has decided to terminate the stock offering it had planned earlier this year. Here are the details in the company press release:
Banner Corporation Announces Termination Of Common Stock Offering And Expected Fourth Quarter Improvement In Certain Key Operating Areas
Walla Walla, Washington (December 18, 2009) Banner Corporation (NASDAQ GMS: BANR), today announced that it has decided to terminate its previously announced common stock offering in light of current market conditions. The Company plans to commence a new offering in 2010 after market conditions become more favorable and after it has released its operating results for the fourth quarter of 2009.
While its operating environment has continued to be challenging, the Company currently believes that its fourth quarter results will represent an improvement over its third quarter results. Some of the key areas expected to improve include a higher net interest margin, lower provision for loan losses, lower loan write-offs, reduced operating expenses, a flattening of the level of non-performing assets and increased levels of core deposits. This belief is based on management’s current assessment only and, as a result, the Company’s actual reported results could differ materially from the anticipated results reflected in the immediately preceding statement. The Company cannot predict the level of its net income at this time because net income is subject to fair value and other year-end adjustments. The Company expects to report fourth quarter and annual results for 2009 on or about January 27, 2010.