Resource Capital Corp. (NYSE:RSO), a commercial real estate finance company externally managed by a subsidiary of Resource America (REXI), announced it priced an offering of 10 million common shares at 4 dollars and 50 cents. The proceeds of the offering are expected to be used to repurchase senior notes from certain of the company's CDOs at a discount to par value. FBR Capital Markets (FBCM) acted as sole book-running manager for the offering. Shares of Resource Capital were trading down more than 7 and three quarters percent.
And Banner Corporation (NASDAQ:BANR), parent of Banner Bank and Islanders Bank, announced an offering of 75 million dollars worth of common stock, with the proceeds expected to be used to provide capital to Banner Bank. Sandler O'Neill is acting as the sole book-running manager for the offering. Shares of Banner Corporation fell more than 9%.
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