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Stock Offerings: Banner

NEW YORK (TheStreet) -- Banner (BANR) shares were indicated higher ahead of Friday's opening bell after the bank holding company priced an offering of common stock

Banner announced the $150 million public offering late Thursday, saying it will offer 75 million shares of common stock at $2 per share. Underwriters were granted a 30-day option to purchase up to an additional 15% of the shares sold to cover overallotments, if any.

Banner said it expects net proceeds of approximately $141.75 million, with a majority to be used to strengthen Banner Bank's regulatory capital ratios and to support managed growth.

Shares of Banner, which close Thursday at $2.05, were up 1% in Friday's premarket session to $2.07.

On the other hand, FuelCell Energy (FCEL) shares dropped after the ultra-clean power plants manufacturer priced an offering of 24 million shares of common stock at $1.25 per share, a 16.7% discount to Thursday's closing price. Underwriters were granted a 30-day option to purchase up to an additional 15% of the shares sold to cover overallotments, if any.

FuelCell said net proceeds of approximately $28 million will be used for product development, project financing, expansion of manufacturing capacity, and general corporate purposes. Shares of FuelCell dropped by 15.3% to $1.27 in Friday's premarket session.

Elsewhere, Cypress Sharpridge Investments (CYS) said it has priced an offering of 9.5 million shares of common stock at $12.50 per share, slightly below Thursday's closing price of $12.53. Underwriters were given an option for 30 days to purchase up to an additional 1.42 million shares.

Cypress Sharpridge said net proceeds of the offering will be invested in Agency residential mortgage-backed securities and used for general corporate purposes. Shares of Cypress Sharpridge were off 0.7% to $12.44 in Friday's premarket session.

Meanwhile, Fox Chase Bancorp (FXCB) priced a conversion offering of 8.7 million shares at $10 per share as part of its conversion and reorganization plan. As part of the conversion, each existing share of Fox Chase Bancorp will be converted into the right to receive 1.0692 of a share of new Fox Chase Bancorp common stock, the company said.

Stock quotes in this article: BANR 

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