Banner Corp Acquires Pacific Financial Corp, Expands to $18B in Assets

By Hao Liu • Tuesday, September 01 13:02 • Permanent Link

Banner Corporation completed its acquisition of Pacific Financial Corporation on Sept. 1, 2026, adding a $1.26 billion-asset bank with 15 Bank of the Pacific branches across Washington and Oregon to its platform.

The deal immediately shifted ownership of the combined company, with former Pacific Financial shareholders receiving 0.2633 shares of Banner common stock for each Pacific Financial share. At closing, Banner said Pacific Financial shareholders owned about 7% of the combined company, while existing Banner shareholders owned about 93%.

The acquisition expands Banner’s footprint in western Washington and western Oregon, two markets the company said it wanted to deepen. Banner said systems integration is scheduled for November, when Bank of the Pacific operations will move under the Banner brand.

Banner said the combined company now has about $18 billion in assets. Pacific Financial’s branch network and deposit base add to Banner’s existing commercial bank operations across four western states, including deposit services and lending in business, commercial real estate, construction, residential, agricultural and consumer categories. Following these announcements, the company's shares moved -0.79%, and are now trading at a price of $69.5881. If you want to know more, read the company's complete 8-K report here.

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