Northrim BanCorp to buy PBCO Financial in $167.3 million all-stock deal
NRIM•Timing of closing and systems conversion
The companies are targeting closing in Q4 2026 or early Q1 2027. System conversion is expected in Q4 2027.
Northrim to acquire PBCO Financial in all-stock deal
Northrim BanCorp said it will acquire PBCO Financial in an all-stock deal valued at about $167.3 million, expanding into Southern Oregon and the Willamette Valley.
PBCO holders are to receive 1.16 Northrim shares per PBCO share; the implied value is $32.36 per share based on Northrim’s $27.9 close on July 21.
Ownership, board representation and expected size of combined company
PBCO shareholders are expected to own about 21.1% of the combined company, and one PBCO director is to join Northrim’s board.
Based on June 30 figures, the combined company is projected to have about $4.2 billion in assets, $3 billion in loans and $3.5 billion in deposits.
