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 branches across Washington and Oregon. The banks plan to complete systems integration in November, when operations will move under the Banner name, giving former Bank of the Pacific customers access to a wider range of products, higher lending limits, and a broader branch network. Under the merger terms, Pacific Financial shareholders received 0.2633 Banner common shares for each share held, implying a value of $17.44 per share, or about $177m in total, based on Banner's closing price of $66.25 on 29 April 2026. Pacific Financial investors will hold about 7% of the combined group, with Banner shareholders owning the remaining 93%. Banner president and CEO Mark Grescovich welcomed the completion, noting the expansion in Western Washington and Western Oregon markets and the addition of former Bank of the Pacific CEO Denise Portmann to the Banner executive team.
Banner CorporationBanner closed its $177m acquisition of Pacific Financial, adding $1.26bn in assets and 15 branches, expanding its Western Washington/Oregon footprint.
