The acquisition expands Northrim’s footprint into Oregon with an all-stock transaction valued at approximately $167.3 million.
Northrim BanCorp (NRIM) announced an all-stock acquisition of PBCO Financial (PBCO), the parent company of People’s Bank of Commerce, for about $167.3 million. The deal aims to extend Northrim’s banking operations into Oregon.
PBCO shareholders will receive 1.160 Northrim shares for each PBCO share held under the agreement. The transaction is expected to close in the first half of 2025, pending regulatory and shareholder approval.
No immediate market reaction was disclosed in the announcement.