Banner and Pacific Financial set September 1 merger closing date

Banner Corporation (NASDAQ: BANR) and Pacific Financial Corporation (OTCQX: PFLC) have announced that their planned merger is set to close on September 1, 2026, pending satisfaction of remaining customary closing conditions.

According to a joint press release, Banner received a letter from the Federal Reserve stating it does not object to Banner's previously requested waiver of the application requirement for the merger. The companies said all required regulatory approvals have now been received.

The merger agreement, under which Pacific Financial will merge into Banner, was originally signed on April 30, 2026. Banner is the holding company for Banner Bank, a $16.59 billion commercial bank operating across four Western states. Pacific Financial is the holding company for Bank of the Pacific, which had total assets of $1.26 billion as of June 30, 2026, and operates 15 branches in Washington state and three branches in Oregon.

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