Banner Corporation has closed its acquisition of Pacific Financial Corporation, including its wholly owned unit, Bank of the Pacific.
As of 30 June 2026, Pacific Financial reported total assets of $1.26bn and ran 15 Bank of the Pacific branches across Washington and Oregon.
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The banks plan to complete systems integration in November, when operations will move under the Banner name.
At that point, former Bank of the Pacific customers are set to gain access to a wider range of products, higher lending limits and a broader branch network outside their current markets.
Under the merger terms, Pacific Financial shareholders received 0.2633 Banner common shares for each Pacific Financial common share they hold.
Using Banner’s closing share price of $66.25 on 29 April 2026, the consideration implies a value of $17.44 per Pacific Financial share, or about $177m in total.
Pacific Financial investors will hold about 7% of the combined group, with Banner shareholders owning the remaining 93%.
Banner president and CEO Mark Grescovich said: “We are pleased to announce the completion of the merger, which expands our presence and density in attractive Western Washington and Western Oregon markets.
“Bank of the Pacific is a highly respected, financially strong community bank with exceptional core deposits making this combination a complementary fit both strategically and culturally.
“We welcome Pacific Financial’s shareholders, clients and employees to Banner, and extend a special welcome to Denise Portmann, former Bank of the Pacific CEO, to the Banner executive team. Denise will continue to play a critical role in the successful integration of the two banks and the ongoing success of the combined organisation.”
