Shareholder law firm Monteverde & Associates said it is investigating whether the stock-for-stock terms are fair as Northrim’s planned purchase of Oregon-based PBCO would expand the bank beyond Alaska.
Northrim BanCorp and PBCO Financial signed a definitive all-stock merger agreement under which Northrim will acquire 100% of PBCO’s common stock in a transaction valued at about $167.3 million, or $32.36 per PBCO share based on Northrim’s July 21, 2026 closing price of $27.90. The exchange ratio is 1.160 Northrim shares for each PBCO share, and PBCO shareholders are expected to own about 21.1% of the combined company if the deal closes. The proposed acquisition would take Northrim beyond Alaska into Southern Oregon and the Willamette Valley. Separately, Monteverde & Associates PC said on July 23, 2026 that it is investigating the proposed merger and whether the terms are fair to PBCO shareholders. PBCO also reported second-quarter 2026 net income of $2.2 million, or $0.43 per diluted share. The transaction is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to regulatory and shareholder approvals.