Banner to acquire Pacific Financial in all-stock deal valued at ~$177M

BANNER CORP

Exchange ratio: 0.2633 Banner shares per Pacific Financial share; implied value $17.44/share.
Transaction valued at ~$177 million aggregate; expected to close in Q3 2026.
Combined company to have ~$18 billion in assets; Pacific Financial had $1.29B assets at 3/31/26.
Deal unanimously approved by both boards; expected to be immediately accretive to 2027 EPS.
Pacific Financial CEO Denise Portmann to join Banner Bank as executive vice president.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BANNER CORP entered into Agreement and Plan of Merger with Pacific Financial Corporation (effective 2026-04-30).

Action: entry
Agreement: merger
Counterparty: Pacific Financial Corporation
Effective: 2026-04-30

Exact text from the filing

On April 30, 2026, Banner Corporation, a Washington corporation (“Banner”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Pacific Financial Corporation, a Washington corporation (“Pacific Financial”), pursuant to which Pacific Financial will merge with and into Banner (the “Merger”), with Banner as the surviving corporation in the Merger.

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BANNER CORP filing history →

Source: SEC EDGAR

accession 0000946673-26-000123

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