Northrim BanCorp to acquire PBCO Financial in all-stock deal valued at ~$167M

NORTHRIM BANCORP INC

Exchange ratio of 1.160 NRIM shares per PBCO share; aggregate consideration ~$167.3M ($32.36/share based on NRIM close of $27.90 on July 21, 2026).
Transaction expected to close in Q4 2026 or early Q1 2027, subject to shareholder and regulatory approvals.
PBCO CEO Julia Beattie to become Oregon market president of Northrim Bank post-closing.
Termination fee of $6,692,331 payable by PBCO under certain circumstances.
Combined assets exceed $4 billion; marks Northrim's first out-of-state branch expansion into Oregon.

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