Banner Corporation (NASDAQ: BANR), the parent company of Banner Bank, announced that its Board of Directors has authorized the repurchase of up to 1.7 million shares of the company's common stock, representing approximately 5% of its issued and outstanding shares.

Under the program, shares may be repurchased through open market purchases. The timing and extent of repurchases will depend on market conditions and other corporate considerations, according to the company's statement.

Mark J. Grescovich, President and Chief Executive Officer, said: "We believe our stock represents an attractive value proposition, and that repurchasing shares is a sound way to build long-term value for our shareholders."

Banner Corporation is a $16.59 billion bank holding company operating a commercial bank across four Western states through a network of branches offering deposit services and various loan products.