BANNER INDUSTRIES INC <BNR> COMPLETES PURCHASE Banner Industries Inc said it completed the purchase of all Rexnord Inc <REX> common shares for its 26.25 dlrs per share cash tender offer that ended Feb 27, 1987. The purchase follows Banner receiving earlier today 310 mln dlrs under a credit agreement with Citicorp Industries Credit Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs from offerings made for Banner and its subsidiary through Drexel Burnham and Lambert. As a result of the tender offer, Banner said it will own approximately 96 pct of the outstanding shares of Rexnord. The company said a merger of Rexnord and a subsidiary of Banner will be completed before mid-May.