[SCHEDULE 13G] Banner Corp. SEC Filing

Rhea-AI Filing Summary

On 08/08/2025, Victory Capital Management, Inc. filed a Schedule 13G disclosing a passive stake in Banner Corp (BANR). As of 06/30/2025 the registered investment adviser beneficially owned 1,945,060 common shares, equal to 5.62 % of the outstanding class.

• Sole voting power: 1,927,082 shares
• Sole dispositive power: 1,945,060 shares
• Shared voting/dispositive power: 0
• Filed under Rule 13d-1(b); filer classified as an investment adviser (Type IA)

The disclosure states the shares were acquired in the ordinary course and not for the purpose of influencing control. While operational impact is minimal, gaining a >5 % institutional holder can support trading liquidity and may be viewed as a modest vote of confidence in BANR’s outlook.

Positive

• Victory Capital now holds 5.62 % of BANR, introducing a sizable, professional shareholder that can improve liquidity and market visibility.

Negative

• None.

Insights

Portfolio Manager

TL;DR: Passive 5.6 % position is a mild positive signal of institutional interest, but unlikely to move fundamentals.

Victory Capital’s ownership crosses the reporting threshold, adding a reputable asset manager to BANR’s register. The stake is passive, limiting governance implications, yet its size can increase float turnover and broaden analyst coverage. No intent to influence strategy means limited direct impact on earnings or capital policy. Overall effect: incremental improvement in shareholder mix, not a catalyst.

Corporate Governance Analyst

TL;DR: Filing confirms no control intentions; governance balance unchanged.

Schedule 13G, rather than 13D, signals Victory’s compliance and passive stance. Sole voting power over most shares ensures internal discretion, but absence of collaborative actions or board ambitions keeps control structure intact. Investors should monitor future amendments for any shift to an activist posture, yet for now the filing is informational and neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

BANNER CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

06652V208

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 06652V208

1

Names of Reporting Persons

Victory Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,945,060.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,927,082.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,945,060.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.62 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BANNER CORP
(b)	Address of issuer's principal executive offices: 10 South 1st Avenue Walla Walla, Wa 99362
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 06652V208
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,945,060
(b)	Percent of class: 5.62 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,927,082
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,945,060
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Victory Capital Management, Inc.

Signature:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

FAQ

Why did Victory Capital file a Schedule 13G for BANR?

Because its holdings in Banner Corp exceeded 5 %, triggering the SEC reporting requirement under Rule 13d-1(b).

How many Banner Corp shares does Victory Capital own?

The filing reports 1,945,060 common shares beneficially owned.

What percentage of BANR’s outstanding shares is owned?

Victory Capital’s stake represents 5.62 % of the class.

Does Victory Capital seek to control Banner Corp?

No. The Schedule 13G states the shares were acquired in the ordinary course and not to influence control.

What is Victory Capital’s voting power over BANR shares?

It holds sole voting power for 1,927,082 shares and no shared voting power.

What date was used to measure the ownership?

The ownership position is reported as of 06/30/2025.