---
schema_version: "secwatch.filing_event.v1"
accession: "0000946673-26-000123"
form_type: "8-K"
ticker: "BANR"
cik: "0000946673"
company_name: "BANNER CORP"
filed_at: "2026-05-01T23:59:59+00:00"
generated_at: "2026-05-15T00:29:19.827139+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000946673-26-000123
- form_type: 8-K
- ticker: BANR
- cik: 0000946673
- company_name: BANNER CORP
- filed_at: 2026-05-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/946673/000094667326000123/0000946673-26-000123-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/946673/000094667326000123/banr-20260430.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000946673-26-000123
- JSON: https://secwatch.observer/filing/0000946673-26-000123.json
- Plain text: https://secwatch.observer/filing/0000946673-26-000123.txt

## Source-grounded claims
- claim_id: 78bf68bfc16387fcbdb4abb3ce2ac70875ac199f
  claim: BANNER CORP entered into Agreement and Plan of Merger with Pacific Financial Corporation (effective 2026-04-30).
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/946673/000094667326000123/0000946673-26-000123-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.