Northrim BanCorp, Inc. (NASDAQ:NRIM) ("Northrim" or the "Company"), the holding company of Northrim Bank, and PBCO Financial Corporation ("PBCO"), the holding company of People’s Bank of Commerce ("People’s Bank"), an Oregon state-chartered bank, jointly announced today that they have received all required shareholder approvals related to Northrim’s proposed acquisition of PBCO. The final vote results on the proposal presented at the special meeting of Northrim’s shareholders on October 20, 2026, will be set forth in Northrim’s Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission. PBCO’s shareholders approved the merger agreement with Northrim at a special meeting of PBCO’s shareholders held on October 20, 2026.

Completion of the transaction remains subject to the receipt of regulatory approvals and the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement. Northrim and PBCO anticipate the transaction to close on or about January 1, 2027, subject to satisfaction or waiver of such remaining customary closing conditions.

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