Pacific Financial Acquired by Banner | Financial Services M&A Deal

Banner has acquired Pacific Financial, a banking business in Washington, for $177 million in an all-stock merger acquisition. Pacific Financial’s Bank of the Pacific operates 18 branches across Washington and Oregon with $1.29 billion in assets, including a $762 million loan portfolio and $1.14 billion in deposits. Banner acquisitions expand Western Washington and Western Oregon presence and density, adding broader product offerings, technology tools, higher commercial lending limits, and an expanded branch delivery system. The strategic acquisition is expected to close in the third quarter, subject to Pacific Financial shareholder approval and regulatory approvals, with Pacific Financial shareholders receiving 0.2633 shares of Banner common stock for each share.