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- Exchange Ratio Adjustment Triggers (new) — The exchange ratio can be reduced if PBCO's adjusted tangible common equity falls below $102.5 million or if Northrim's stock price underperforms the NASDAQ Bank Index by more than 20%, potentially lowering the value PBCO shareholders receive.
Northrim Bancorp to acquire PBCO Financial in all-stock deal valued at $166M, expanding into Oregon
Filed September 17, 2026 · ~1 min read
Key Changes
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PBCO shareholders will receive 1.160 Northrim shares per PBCO share, implying $32.36 per PBCO share based on Northrim's $27.90 closing price on July 21, 2026.
The Offering verify on EDGAR → -
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The merger is Northrim's first out-of-state expansion, extending into Southern Oregon and the Willamette Valley, with combined assets over $4 billion.
The Offering verify on EDGAR → -
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PBCO reported net income of $4.9 million for H1 2026, up 22.1% year-over-year, driven by higher net interest income.
Management's Discussion and Analysis verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 17, 2026 · How we verify