8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  April 27, 2012

Banner Corporation

(Exact name of registrant as specified in its charter)

Washington	0-26584	91-1691604
(State or other jurisdiction	(Commission File	(I.R.S. Employer
of incorporation)	Number)	Identification No.)

10 S. First Avenue

Walla Walla, Washington  99362

(Address of principal executive offices and zip code)

(509) 527-3636

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01  Other Events

 On April 27, 2012, Banner Corporation (the “Company”) announced that the Company’s Board of Directors declared a regularly quarterly cash dividend of $12.50 per share on the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Preferred Stock”).  Shareholders of the Company’s preferred stock at the close of business on May 8, 2012 will be entitled to receive the cash dividend.  The cash dividend will be payable on May 15, 2012.

 The news release announcing the quarterly cash dividend on the Preferred Stock is attached as Exhibit 99.1 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

(d)         Exhibits

The following exhibits are being filed herewith and this list shall constitute the exhibit index:

       99.1                      News release regarding the cash dividend dated April 27, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	BANNER CORPORATION
Date:  April 27, 2012	By: /s/Lloyd W. Baker
	Lloyd W. Baker
	Executive Vice President and           Chief Financial Officer

EX-99.1

		Exhibit 99.1
		Contact: Mark J. grescovich, President & CEO Lloyd W. Baker, CFO (509) 527-3636 News Release

Banner Corporation Declares $12.50 Quarterly Cash Dividend

On Fixed Rate Cumulative Perpetual Preferred Stock, Series A

Walla Walla, WA – April 27, 2012 – Banner Corporation (NASDAQ GSM: BANR), the parent company of Banner Bank and Islanders Bank, today announced its Board of Directors declared a regular quarterly cash dividend of $12.50 per share on the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A.  The dividend is payable May 15, 2012, to preferred shareholders of record on May 8, 2012.

About the Company

Banner Corporation is a $4.2 billion bank holding company operating two commercial banks in Washington, Oregon and Idaho.  Banner serves the Pacific Northwest region with a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans.  Visit Banner Bank on the Web at www.bannerbank.com.