Banner Corp to Buy Pacific Financial for $177M, Adding 18 Northwest Branches
Banner Corp will acquire Pacific Financial’s $1.3B-asset Bank of the Pacific in a $177M all-stock transaction, expanding Banner’s 150-branch network with 18 additional outlets in Washington and Oregon. The merger increases Banner’s total assets to approximately $17.6B and awaits regulatory and shareholder approval for expected close by Q3.
1. Transaction Details
Banner Corp, a $16.3B-asset holding company based in Walla Walla, Washington, agreed to acquire Pacific Financial, the $1.3B-asset parent of Bank of the Pacific with 18 branches, in a $177M all-stock deal to deepen its regional footprint.
2. Strategic Impact
The merger adds 15 Washington and three Oregon branches, boosting Banner’s network to 168 locations across Washington, Oregon, Idaho and California and strengthening its low-cost deposit franchise in the Pacific Northwest.
3. Closing Conditions
The transaction requires regulatory approval and Pacific Financial shareholder consent and is expected to close by the end of Q3, with analysts characterizing it as a low-risk, in-market expansion that enhances deposit market share.