Simpson Thacher represented BofA Securities, Inc. and Piper Sandler & Co. in connection with the offering by Banner Corporation of $100 million aggregate principal amount of 5% Fixed-to-Floating Rate Subordinated Notes due 2030.
Banner Corporation intends to use the net proceeds from 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 its wholly owned subsidiaries, Banner Bank and Islanders Bank, as regulatory capital.
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.
The Simpson Thacher team included Lee Meyerson, Mark Brod and Ben Massey (Capital Markets); Spencer Sloan (Bank Regulatory); Jonathan Cantor (Tax); Ashlie Lawton (Executive Compensation and Executive Benefits); and Andrew Pagliughi (FINRA and Blue Sky).