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Banner Corporation Message Board

  • senior6analyst senior6analyst Feb 27, 2010 12:15 PM Flag

    Offering Scenarios?

    For Banner to issue new equity below $3 per share (let alone the low $2s), with their favorable capital adequacy, NPAs and NIM, it would be rather self defeating, even if it postured them for an FDIC bank deal behind Umpqua, WFSL, Columbia and possibly, Chase and Zions IMHO. A lot of you are trading BANR between $2.70 and $3.00 because of the anticipated overhang of a secondary offering and may miss (I hope so) a surge in the stock if they suddenly reach profitability. Alternatively, with an executive team in their 60s and a CEO that has fixed and sold a bank before, we may find that a larger bank buys BANR which is trading at a fraction of its tangible book value. With its size, demographics, core deposite liquidity and favorable ratios, BANR is an ideal candidate. In fact, an acquiror at $5-$7 per share could possibly improve its own ratios with consolidation given the current price of its stock. At ~$5 billion, Banner is at the perfect size to be either an acquiror or an acquired BHC. Do your own due diligence.

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