Northrim and PBCO shareholders approve merger; deal expected to close on or about Jan 1, 2027

NORTHRIM BANCORP INC

Northrim share issuance for PBCO holders approved: 15,748,028 for, 213,530 against, 42,746 abstained; 16,004,304 votes cast, 72% of 22,244,766 shares outstanding.
PBCO shareholders separately approved the merger agreement at their own special meeting held October 20, 2026.
Merger dated July 22, 2026: PBCO (People's Bank of Commerce, Medford, Oregon) merges into Northrim sub Whitewater Sub, Inc., then into Northrim.
Closing targeted on or about January 1, 2027, still subject to receipt of regulatory approvals and remaining customary closing conditions.
CEOs Michael Huston (Northrim) and Julia Beattie (People's Bank) cited community banking ties and a broader combined product offering.

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