Northrim BanCorp in Anchorage, Alaska, has agreed to buy PBCO Financial in Medford, Ore.
The $3.4 billion-asset Northrim said in a press release that it will pay $167.3 million in stock for the $777 million-asset PBCO. The deal is expected to close in the fourth quarter or early next year.
“Both of our organizations share a core value that community banking is built on strong relationships, local expertise, and commitment to our communities,” Mike Huston, Northrim’s chairman, president, and CEO, said in the release. “Together, we expect to be able to invest more in our people, technology, customer experience, and community organizations, while preserving the personalized service and local decision-making that have defined our banks for decades.”
One PBCO director will join Northrim’s board.
Hovde Group and Accretive Legal advised Northrim. D.A. Davidson and Hunton Andrews Kurth advised PBCO.