Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  WAGERS GARY W
 2. Date of Event Requiring Statement (Month/Day/Year)
01/22/2008		 3. Issuer Name and Ticker or Trading Symbol
BANNER CORP [BANR]
(Last)
(First)
(Middle)
10 SOUTH 1ST AVENUE		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

WALLA WALLA, WA 99362		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, par value $.01 per share 2,363 (1)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option to buy Common Stock   (2) 09/30/2012 Common Stock, par value $.01 per share 6,000 $ 20.015 D  
Option to buy Common Stock   (3) 03/26/2013 Common Stock, par value $.01 per share 2,000 $ 15.67 D  
Option to buy Common Stock   (4) 12/16/2014 Common Stock, par value $.01 per share 2,000 $ 31.71 D  
Phantom Stock Units (5)   (6)   (6) Common Stock, par value $.01 per share 3,500 $ 38.54 (7) D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
WAGERS GARY W
10 SOUTH 1ST AVENUE
WALLA WALLA, WA 99362		       Executive Vice President  

Signatures

/s/Gary W. Wagers 01/28/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes indirect ownership of 975 shares through Deferred Compensation Plan and 1,188 shares through Employee Stock Ownership Plan.
(2) Reflects grant of 6,000 options on September 30, 2002, which are exercisable at rate of 20% per year beginning September 30, 2003.
(3) Reflects grant of 2,000 options on March 26, 2003, which are exercisable at rate of 20% per year beginning March 26, 2004.
(4) Reflects grant of 2,000 options on December 16, 2004, which are exercisable at rate of 20% per year beginning December 16, 2005.
(5) Award of Phantom Stock Units under the Banner Corporation Long-term Incentive Plan.
(6) Award vests on July 1, 2011. Each unit will be settled upon separation from service, at a specified time or upon 60 months of continuous service as determined by the participant.
(7) Market price on July 1, 2006. Upon vesting, phantom stock units settle in cash at the value in excess of the value as of the grant date, plus dividends.

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