Anchorage, Alaska-based Northrim BanCorp, Inc., is expanding into the lower 48 states by acquiring PBCO Financial Corporation, Medford, Ore. .The $167.3 million deal, expected to close either late this year or in early 2027, will create a bank with $4.2 billion in assets. Northrim BanCorp is the holding company of Northrim Bank. As of April, the $3.3 billion Northrim Bank had $2.8 billion in deposits and $2.5 billion in net loans and leases. PBCO Financial Corporation is the $776 million holding company of People’s Bank of Commerce. The company has $570.1 million in gross loans, $610.1 million in deposits and nine branches in Southern Oregon and Willamette Valley. After the deal is consummated, PBCO shareholders will own 21.1 percent of the combined company. “Partnering with Northrim gives us the opportunity to enhance the products, services and resources available to our customers while maintaining the personal relationships and local decision-making that define People’s Bank,” said PBCO President and CEO Julia Beattie. Hovde Group LLC was financial advisor to Northrim, with Accretive Legal PLLC as legal counsel. D.A. Davidson & Co. was financial advisor to PBCO, while Hunton Andrews Kurth LLP was legal counsel.
