Mergers & Acquisitions ·
Banner Corporation completed its acquisition of Pacific Financial Corporation on September 1, 2026, with Banner as the…
BANRBanner Corp
Banner Corporation completed its acquisition of Pacific Financial Corporation on September 1, 2026, with Banner as the surviving entity. Each share of Pacific Financial common stock was converted into 0.2633 shares of Banner common stock, resulting in approximately 2,654,563 new shares issued and a post-closing ownership split of roughly 7% for former Pacific shareholders and 93% for existing Banner shareholders. The merger expands Banner's presence in Western Washington and Oregon markets. At June 30, 2026, Pacific Financial held $1.26 billion in total assets and operated fifteen branches. Denise Portmann, formerly CEO of Bank of the Pacific, joined Banner Bank as an executive vice president to lead integration efforts. Systems integration is scheduled for November. Banner Corporation operates as a bank holding company providing commercial banking services including deposits and various loan products across four Western states.