Northrim BanCorp, Inc. Signs Definitive Agreement to Acquire PBCO Financial Corporation

Northrim BanCorp announced it will acquire PBCO Financial Corporation (People's Bank of Commerce) in an all-stock transaction valued at approximately $167.3 million ($32.36 per share). The merger marks Northrim's first out-of-state expansion, extending its community banking operations into Southern Oregon and the Willamette Valley. The combined entity will have over $4 billion in assets, with closing expected in Q4 2026 or early Q1 2027.