Banner Corporation (Banner) completed the acquisition of Pacific Financial Corporation (Pacific Financial) and its subsidiary, Bank of the Pacific, on September 1, 2026, according to a press release.
According to Banner, the boards of directors of Pacific Financial and Banner previously approved the merger agreement. Each outstanding share of Pacific Financial common stock was converted into the right to receive 0.2633 shares of Banner common stock. Former Pacific Financial shareholders own 7 percent of the combined company, and existing Banner shareholders own 93 percent.
Banner Bank’s origins go back to 1890, according to their website. Prior to this merger, Banner Bank had more than $16 billion in assets and locations in Idaho, Washington, Oregon and California.
According to Bank of the Pacific, the organization’s history includes the following.
- formed in 1971
- creation of Bank of Grays Harbor in 1979
- merger between the 2 banks in 1999
- Bank Northwest became part of Bank of the Pacific in 2004
As of June 30, 2026, Pacific Financial had $1.26 billion dollars in total assets and operated 15 Bank of the Pacific branches in Washington and Oregon. Following the completion of the merger, Banner has $18 billion in assets, according to the press release.
Denise Portmann, former Bank of the Pacific Chief Executive Officer, joined the Banner executive team, according to Banner. Mark Grescovich is the Banner President and Chief Executive Officer.
Systems integration is planned for November 2026, bringing all operations under the Banner name.
Discover more from Whatcom Business Journal
Subscribe to get the latest posts sent to your email.
Be First to Comment