Banner Corporation Announces Merger Closing with Pacific Financial on Sept 1

What Happened
Banner Corporation (BANR) filed an 8‑K on August 17, 2026, reporting that all regulatory approvals required for its previously announced merger with Pacific Financial Corporation have been received. Banner received a Federal Reserve letter on August 14, 2026, stating it does not object to Banner’s requested waiver of the application requirement for the merger. Banner and Pacific Financial issued a joint press release on August 17, 2026, saying they anticipate closing the merger on September 1, 2026, subject to customary closing conditions.

Key Details

• Merger Agreement between Banner and Pacific Financial was dated April 30, 2026.
• Federal Reserve non‑objection to the waiver was received on August 14, 2026.
• The companies announced an anticipated closing date of September 1, 2026.
• Joint press release is attached as Exhibit 99.1 to the August 17, 2026 8‑K.

Why It Matters
Regulatory approval was a major condition for this bank merger; receiving the Federal Reserve non‑objection and all required approvals removes a key hurdle and puts the transaction on track for near‑term closing. For investors, a successful close may affect Banner’s assets, operations and capital structure as the two banks combine, but the transaction remains subject to remaining customary closing conditions and the companies’ forward‑looking statements.