SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
Banner Corporation
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
06652V208
(CUSIP Number)
December 31, 2014
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
x Rule 13d-1(b)
¨ Rule 13d-1(c)
¨ Rule 13d-1(d)
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| CUSIP No. 06652V208 | 13G | 73-1597141
| ||
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Forest Hill Capital, L.L.C., 73-1597141 | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) ¨
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5 | SOLE VOTING POWER
0 | ||||
| 6 | SHARED VOTING POWER
375,544 | |||||
| 7 | SOLE DISPOSITIVE POWER
0 | |||||
| 8 | SHARED DISPOSITIVE POWER
1,114,006 | |||||
| 9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,114,006 | |||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* ¨
| |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7% ** | |||||
| 12 | TYPE OF REPORTING PERSON*
IA, OO | |||||
| * | SEE INSTRUCTIONS BEFORE FILLING OUT |
| ** | SEE ITEM 4(b). |
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| CUSIP No. 06652V208 | 13G | |||
| 1 | NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mark Lee | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨ (b) ¨
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5 | SOLE VOTING POWER
0 | ||||
| 6 | SHARED VOTING POWER
375,544 | |||||
| 7 | SOLE DISPOSITIVE POWER
0 | |||||
| 8 | SHARED DISPOSITIVE POWER
1,114,006 | |||||
| 9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,114,006 | |||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* ¨
| |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7% ** | |||||
| 12 | TYPE OF REPORTING PERSON*
HC, IN | |||||
| * | SEE INSTRUCTIONS BEFORE FILLING OUT |
| ** | SEE ITEM 4(b). |
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SCHEDULE 13G
This Schedule 13G (this “Schedule 13G”) is being filed on behalf of Forest Hill Capital, L.L.C., a Delaware limited liability company (“Forest Hill”), and Mr. Mark Lee, principal of Forest Hill.
This Schedule 13G relates to Common Stock, par value $.01 per share (the “Common Stock”), of Banner Corporation, a Washington corporation (the “Issuer”), purchased by Forest Hill for the accounts of (i) Forest Hill Select Fund, L.P. (“Forest Hill Select”), of which Forest Hill is the general partner and retains voting authority, (ii) Forest Hill Strategic Value Fund, L.P. (“Forest Hill Value”), of which Forest Hill is the general partner and retains voting authority, (iii) managed account #1, to which Forest Hill acts as investment advisor, but does not retain voting authority (the “Non-Voting Account”), (iv) managed account #2, to which Forest Hill acts as investment advisor and retains voting authority (“Account #2”), (v) managed account #3, to which Forest Hill acts as investment advisor and retains voting authority (“Account #3”) and (vi) managed account #4, to which Forest Hill acts as investment advisor and retains voting authority (“Account #4” and collectively with Forest Hill Select, Forest Hill Value, Account #2 and Account #3, the “Voting Accounts,” and the Voting Accounts together with the Non-Voting Account, the “Forest Hill Accounts”).
| Item 1(a) | Name of Issuer. |
Banner Corporation
| Item 1(b) | Address of Issuer’s Principal Executive Offices. |
10 South First Avenue
Walla Walla, Washington 99362
| Item 2(a) | Name of Person Filing. |
Forest Hill Capital, L.L.C. and Mark Lee
| Item 2(b) | Address of Principal Business Office, or, if none, Residence. |
100 Morgan Keegan Dr., Suite 430
Little Rock, Arkansas 72202
| Item 2(c) | Citizenship or Place of Organization. |
Forest Hill is a limited liability company organized under the laws of the State of Delaware. Mark Lee is the principal of Forest Hill and a United States citizen.
| Item 2(d) | Title of Class of Securities. |
Common Stock, par value $.01 per share (the “Common Stock”)
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| Item 2(e) | CUSIP Number. |
06652V208
| Item 3 | Reporting Person. |
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) | x An investment advisor 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) | x A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G). | |||||
| (h) | ¨ A savings association 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) | ¨ Group, in accordance with §240.13d-1(b)(1)(ii)(J). | |||||
| Item 4 | Ownership. |
| (a) | Forest Hill and Mr. Lee are the beneficial owners of 1,114,006 shares of Common Stock held by the Forest Hill Accounts. |
| (b) | Forest Hill and Mr. Lee are the beneficial owners of 5.7% of the outstanding shares of Common Stock held by the Forest Hill Accounts. This percentage is determined by dividing 1,114,006 by 19,571,713, the number of shares of Common Stock issued and outstanding as of October 31, 2014, as reported in the Issuer’s Form 10-Q filed on November 6, 2014. |
| (c) | Forest Hill has the power to vote the 375,544 shares of Common Stock held in the Voting Accounts and beneficially owned by Forest Hill. As the principal of Forest Hill, Mr. Lee may direct the vote of the 375,544 shares of Common Stock held in the Voting Accounts and beneficially owned by Forest Hill. Neither Forest Hill nor Mr. Lee has the power to vote the 738,462 shares of Common Stock held in the Non-Voting Account. Forest Hill has the power to dispose of the 1,114,006 shares of Common Stock held in the Forest Hill Accounts and beneficially owned by Forest Hill. As the principal of Forest Hill, Mr. Lee may direct the disposition of the 1,114,006 shares of Common Stock held in the Forest Hill Accounts and beneficially owned by Forest Hill. |
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| Item 5 | Ownership of Five Percent or Less of a Class. |
Inapplicable.
| Item 6 | Ownership of More Than Five Percent on Behalf of Another Person. |
The Forest Hill Accounts have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of securities.
| Item 7 | Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company. |
Inapplicable.
| Item 8 | Identification and Classification of Members of the Group. |
Inapplicable.
| Item 9 | Notice of Dissolution of Group. |
Inapplicable.
| Item 10 | Certification. |
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 for the 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.
| Exhibits | Exhibit 99.1 |
Joint Filing Agreement dated February 13, 2015, between Forest Hill and Mark Lee.
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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.
Date: February 13, 2015
| Forest Hill Capital, L.L.C. | ||
| By: | /S/ MARK LEE | |
| Mark Lee, Manager | ||
| /S/ MARK LEE | ||
| Mark Lee | ||
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Exhibit 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, par value $.01 per share, of Banner Corporation, and further agree that this Joint Filing Agreement shall be included as an Exhibit to such joint filings.
The undersigned further agree that each party hereto is responsible for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy or completeness of the information concerning any other party, unless such party knows or has reason to believe that such information is inaccurate.
This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature on each counterpart were upon the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of February 13, 2015.
| Forest Hill Capital, L.L.C. | ||
| By: | /S/ MARK LEE | |
| Mark Lee, Manager | ||
| /S/ MARK LEE | ||
| Mark Lee | ||