Northrim-PBCO deal clears 2 shareholder votes

Northrim BanCorp and PBCO Financial said in an Oct. 22 press release that both companies secured required shareholder approvals at two Oct. 20 meetings for Northrim’s proposed acquisition of PBCO.

Northrim and PBCO said the approval moves the Alaska-Oregon community-bank deal toward a target closing on or about Jan. 1, 2027, compared with the remaining hurdles of regulatory clearance and other closing conditions.

The final Northrim vote count will be included in a Form 8-K, a current-report filing, to be submitted to the U.S. Securities and Exchange Commission, the companies said. PBCO shareholders approved the merger agreement at their own special meeting.

“We appreciate the strong support our shareholders have shown for this merger. This approval is an important step toward bringing together two organizations that share a commitment to community banking, exceptional customer service, and strong local relationships,” Michael Huston, president and CEO of Northrim Bank, said in the press release.

Northrim is the holding company for Northrim Bank, an Alaska-based community bank with 21 branches in the state. PBCO owns People’s Bank of Commerce, a Medford, Ore.-based bank founded in 1998 with branches listed in 10 Oregon communities.

Julia Beattie, president and CEO of People’s Bank of Commerce, said the combined company expects to offer more products while retaining local decision-making. The companies did not include a transaction value or vote tallies in the Oct. 22 press release.

The companies said closing remains conditional on regulatory approvals and the satisfaction or waiver of the merger agreement’s remaining requirements.

Source: press release, GlobeNewswire, Oct. 22, 2026