Banner Corporation and Pacific Financial Corporation have agreed to an all-stock merger valued at about $177 million, with closing targeted for the third quarter of 2026.
Banner Corporation will acquire Pacific Financial Corporation in an all-stock deal valued at about $177 million, the companies said on April 30.
Under the agreement, Pacific Financial shareholders will receive 0.2633 Banner shares for each Pacific share. Based on Banner's April 29 closing price of $66.25, the deal implies $17.44 per Pacific Financial share.
The companies said the merged lender is expected to have about $18 billion in assets. They said the transaction is subject to shareholder and regulatory approvals and is expected to close in the third quarter of 2026.
The announcement was made in a joint press release and repeated in Banner's SEC filing later the same day. Market coverage cited the deal as another sign of consolidation among regional banks.
The companies did not immediately name any financing changes or integration timeline beyond the expected closing window. It was also not immediately clear when Banner will file its S-4 registration statement and related proxy materials.
The deal adds Pacific Financial to a growing list of regional-bank combinations as lenders look for scale in a more competitive market.
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