Banner Completes Acquisition of Pacific Financial for $177 Million
Banner Corporation has completed its acquisition of Pacific Financial Corporation, valued at approximately $177 million. The deal includes Bank of the Pacific, a wholly owned subsidiary with assets totaling $1.26 billion as of June 30, 2026 and operations in Washington and Oregon through 15 branches. Under the merger terms, each share of Pacific Financial was exchanged for 0.2633 shares of Banner common stock, valued at approximately $17.44 per share based on a closing price of $66.25 as of April 29, 2026. Post-merger, Pacific Financial shareholders will own about 7% of the combined entity. Banner's CEO highlighted that this acquisition strengthens its presence in Western Washington and Oregon markets by integrating Bank of the Pacific’s strong core deposits into Banner's broader network. Systems integration is expected to be completed by November.
Topics: acquisitions banking mergers