Banner completes acquisition of Pacific Financial; issues 0.2633 shares per Pacific share

BANNER CORP

Effective Sept 1, 2026, Pacific Financial merged into Banner; each Pacific share converted to 0.2633 Banner shares (~2.65M shares issued).
Pacific Financial had $1.26B assets and 15 Bank of the Pacific branches in WA/OR at June 30, 2026; systems integration planned for November.
Former Pacific shareholders own ~7% of combined company; existing Banner shareholders own ~93%.
Denise Portmann, former Pacific CEO, named EVP of Banner Bank to lead integration.

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