Banner Corp. in Walla Walla, Wash., terminated a common stock offering Friday, citing "current market conditions."
The $4.8 billion-asset company, which had intended to raise $75 million to fuel its growth, said it plans to try again in the new year once the market improves.
It was the second company in less than a week to call off an offering. The $1.5 billion-asset First California Financial Group Inc. in Westlake Village postponed one on Wednesday.
Banner said it would report fourth-quarter results Jan. 27 and anticipates progress in key areas, including a higher net interest margin, lower provision for loan losses and fewer loan chargeoffs. The company, which has been contending with a spike in troubled construction loans, posted a loss available to common shareholders of $8.4 million in the third quarter.
