Northrim BanCorp, Inc. (NASDAQ: NRIM) announced on October 22, 2026, that its shareholders have approved the company's proposed acquisition of PBCO Financial Corporation. The approval was secured during a virtual special meeting held on October 20, 2026.

According to the filing, there were 22,244,766 shares outstanding and entitled to vote at the meeting. Of these, 16,004,304 shares, representing 72% of the total, were cast either online or by proxy. The shareholders voted on a proposal to approve the issuance of Northrim common stock as merger consideration for holders of PBCO common stock.

The voting results for the Northrim Share Issuance Proposal were as follows:

The transaction involves a two-step merger structure. First, PBCO will merge with and into Northrim's wholly owned subsidiary, Whitewater Sub, Inc. Immediately following this step, the subsidiary will merge with and into Northrim, with Northrim continuing as the surviving entity.

Northrim is the holding company for Northrim Bank, an Alaska-based community bank with 21 branches. PBCO is the holding company for People's Bank of Commerce, a full-service commercial bank headquartered in Medford, Oregon, with branches across the state.

While the shareholder votes have been completed, the transaction remains subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Northrim and PBCO anticipate the deal to close on or about January 1, 2027.