Banner Corp. (NASDAQ: BANR) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding a secondary offering. No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder.

The underwriters for the offering are Merrill Lynch, Goldman Sachs and Keefe Bruyette & Woods.

This bank holding company incorporated in the State of Washington is primarily engaged in the business of planning, directing and coordinating the business activities of its wholly owned subsidiaries, Banner Bank and Islanders Bank.

Banner Bank, founded in 1890, is a Washington-chartered commercial bank that conducts business from its main office in Walla Walla and currently has 102 branch offices and nine loan production offices located in Washington, Oregon and Idaho.

Islanders Bank is also a Washington-chartered commercial bank that conducts business from three locations in San Juan County.

In March 2015, Banner acquired Siuslaw Financial Group, the holding company of Siuslaw Bank, an Oregon state chartered commercial bank headquartered in Florence, Ore., with 10 branches serving multiple locations in Lane County including Eugene. By the terms of that acquisition, Siuslaw Bank merged with and into Banner Bank.

At the end of September, this company had total consolidated assets of $5.3 billion, total loans of $4.4 billion, total deposits of $4.4 billion and total stockholders’ equity of $671 million.

The company will not receive any of the proceeds from the offering. Instead, the selling shareholders will.

Shares of Banner closed Thursday relatively flat at $48.41, with a consensus analyst price target of $53.69 and a 52-week trading range of $39.00 to $53.55.

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