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Banner Corporation and Pacific Financial Corporation Set Closing Date for Merger

WALLA WALLA, Wash. & ABERDEEN, Wash.--(BUSINESS WIRE)--Banner Corporation (“Banner”) (NASDAQ: BANR), the holding company for Banner Bank, and Pacific Financial Corporation (“Pacific Financial”) (OTCQX: PFLC), the holding company for Bank of the Pacific, today jointly announced important updates relating to the previously announced merger of Pacific Financial into Banner pursuant to that certain Agreement and Plan of Merger, dated as of April 30, 2026. Banner has received a letter from the Feder.

Pacific Financial Corporation Announces Shareholder Approval of Merger Agreement

ABERDEEN, Wash., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Pacific Financial Corporation (OTCQX: PFLC), (the “Company”), the holding company for Bank of the Pacific, announced that at the special meeting of shareholders held on August 12, 2026, the Company's shareholders approved the Agreement and Plan of Merger, dated as of April 30, 2026 (the “Merger Agreement”), between Banner Corporation (“Banner”) and the Company, pursuant to which, subject to satisfaction or waiver of certain conditions set forth in the Merger Agreement, the Company will merge with and into Banner, with Banner surviving the merger. The Company and Banner expect the closing of the merger to occur in the third quarter of 2026, subject to final regulatory approval and satisfaction or waiver of the other closing conditions set forth in the Merger Agreement.