Northrim and PBCO secure shareholder approval for bank merger

Northrim BanCorp, Inc. (NASDAQ: NRIM) and PBCO Financial Corporation have received all required shareholder approvals for Northrim's proposed acquisition of PBCO, the holding company for People's Bank of Commerce. The two institutions jointly announced the approvals on October 22, 2026, following special shareholder meetings held on October 20, 2026, in Anchorage, Alaska, and Medford, Oregon.

The final vote results from Northrim's special meeting will be detailed in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission. PBCO's shareholders separately approved the merger agreement at their own special meeting on the same date. Michael Huston, President and CEO of Northrim Bank, stated that the approval is a significant step toward combining two organizations focused on community banking and local relationships. Julia Beattie, President and CEO of People's Bank of Commerce, noted that the combined entity aims to offer a broader product range while maintaining local decision-making capabilities.

The transaction remains subject to regulatory approvals and the satisfaction or waiver of customary closing conditions. Northrim and PBCO anticipate closing the deal on or about January 1, 2027, provided these conditions are met. Northrim Bank operates 21 branches across Alaska and includes divisions such as Northrim Funding Services in Washington state, along with subsidiaries Sallyport Commercial Finance and Residential Mortgage. People's Bank of Commerce, founded in 1998, is headquartered in Medford, Oregon, with branches in ten other Oregon cities including Albany, Eugene, and Salem. The bank also acquired Steelhead Finance in 2017, a factoring company that serves the U.S. transportation industry.

The announcement includes standard forward-looking statement disclaimers under the Private Securities Litigation Reform Act of 1995. Northrim management cautions that actual results may differ from projections due to risks such as integration difficulties, potential disruptions to customer and employee relationships, and the possibility that regulatory approvals may be delayed or denied. The company also notes that management attention may be diverted from daily operations during the merger process, and there is a risk of dilution from the issuance of Northrim common stock to complete the transaction. Investors are directed to Northrim's Annual Report on Form 10-K for the year ended December 31, 2025, for a more detailed discussion of these risks.