Northrim BanCorp has agreed to acquire PBCO Financial, the parent of People's Bank of Commerce, in an all-stock deal valued at approximately $167.3 million. PBCO shareholders will receive 1.160 Northrim shares for each PBCO share, implying a per-share value of $32.36 based on Northrim's July 21 closing price, and will own about 21.1% of the combined company. The acquisition expands Northrim's footprint into Southern Oregon and the Willamette Valley through People's Bank's 11 branches. The combined company is expected to have roughly $4.2 billion in assets, $3 billion in loans, and $3.5 billion in deposits. The deal is expected to close in the fourth quarter of 2026 or early first quarter of 2027.
Northrim BanCorp IncNorthrim BanCorp is the acquirer in a $167.3M all-stock deal, expanding its footprint and scale.
PBCO Financial is being acquired at a premium, with shareholders receiving Northrim shares valued at $32.36 per share.