Pacific Financial Corporation shareholders approved the merger agreement with Banner Corporation at a special meeting held on August 12, 2026, the company said. Pacific Financial, based in Aberdeen, Washington, is the holding company for Bank of the Pacific and trades on the OTCQX market under PFLC.
The agreement, dated April 30, 2026, provides that Pacific Financial will merge with and into Banner, with Banner as the surviving company. Pacific Financial as a separate corporate entity would therefore cease to exist on completion.
The company said it and Banner expect the transaction to close in the third quarter of 2026. Completion remains conditional on final regulatory approval and on the satisfaction or waiver of the other closing conditions contained in the merger agreement.
The announcement did not disclose the vote tally, and it did not restate the consideration payable to Pacific Financial shareholders or any other financial terms of the transaction. Those terms are set out in the merger agreement itself rather than in this release.
For shareholders, the remaining gate is the regulatory one. Bank mergers in the United States require approval from banking regulators, and the company's own language leaves open the possibility that closing conditions could be waived rather than met. No revised closing date was given beyond the third-quarter expectation.
Source: GlobeNewswire
This article is journalism, not investment advice. It is not an offer or solicitation to buy or sell any security. Micro-cap and penny stocks carry a high risk of loss, including illiquidity and dilution. Do your own research.