Form 8-K

8-K — BANNER CORP

Accession: 0000946673-26-000179

Filed: 2026-08-17

Period: 2026-08-14

CIK: 0000946673

SIC: 6022 (STATE COMMERCIAL BANKS)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — banr-20260814.htm (Primary)

EX-99.1 — JOINT PRESS RELEASE OF BANNER CORP AND PACIFIC FINANCIAL CORP AUGUST 17, 2026 (jointpressrelease08-17x26f.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 14, 2026

Banner Corporation

(Exact name of registrant as specified in its charter)

Washington

000-26584

91-1691604

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

10 S. First Avenue, Walla Walla, Washington 99362

(Address of principal executive offices) (Zip Code)

Registrant's telephone number (including area code) (509) 527-3636

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[X] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $.01 per share BANR The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On August 14, 2026, Banner received a letter from the Federal Reserve stating it does not object to Banner’s previously requested waiver of the application requirement for the Merger. All regulatory approvals required for the Merger have now been received. On August 17, 2026, Banner and Pacific Financial issued a joint press release announcing that the parties anticipate closing the Merger on September 1, 2026, subject to the satisfaction of the remaining customary closing conditions.

A copy of the joint press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Caution Regarding Forward-Looking Statements

This report contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including all statements in this report that are not historical facts or that relate to future plans or events. These forward-looking statements include, but are not limited to, statements relating to the expected timing of the Merger. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of Banner’s management and are subject to risks and uncertainties, many of which are beyond Banner’s control, which could cause actual events or results to differ materially from those projected, anticipated or implied. This risks and uncertainties include, but are not limited to, the risk that the parties may not meet expectations regarding the timing of the proposed Merger, there may be challenges in satisfying the other conditions to completion of the Merger, or the Merger may fail to close for any other reason. Any forward-looking statements are based on information as of the date of filing of this report. Banner undertakes no obligation to update or revise any forward-looking statement, except as required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1

Joint Press Release of Banner Corporation and Pacific Financial Corporation dated August 17, 2026

104 Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

BANNER CORPORATION

Date: August 17, 2026

By: /s/ Robert G Butterfield

Robert G Butterfield

Executive Vice President, Treasurer and

Chief Financial Officer

EX-99.1 — JOINT PRESS RELEASE OF BANNER CORP AND PACIFIC FINANCIAL CORP AUGUST 17, 2026

EX-99.1

Filename: jointpressrelease08-17x26f.htm · Sequence: 2

Document

MEDIA RELEASE

FOR IMMEDIATE RELEASE

August 17, 2026

Banner Corporation and Pacific Financial Corporation Set Closing Date for Merger

WALLA WALLA, Wash. and ABERDEEN, Wash. 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 Federal Reserve stating it does not object to Banner’s previously requested waiver of the application requirement for the merger. All regulatory approvals required for the merger have now been received.

Banner and Pacific Financial anticipate closing the merger on September 1, 2026, subject to the satisfaction of the remaining customary closing conditions.

About Banner

Banner Corporation is a $16.59 billion bank holding company operating a commercial bank in four Western states through a network of branches offering a full range of deposit services and business, commercial real estate, construction, residential, agricultural and consumer loans. Visit Banner Bank on the Web at www.bannerbank.com. Banner’s investor relations website is https://investor.bannerbank.com. The contents of Banner’s websites are not deemed to be incorporated by reference into this press release.

About Pacific Financial

Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At June 30, 2026, the Company had total assets of $1.26 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit Bank of the Pacific’s website at www.bankofthepacific.com. Pacific Financial Corporation’s investor relations website is https://ir.bankofthepacific.com. The contents of Pacific Financial’s websites are not deemed to be incorporated by reference into this press release.

Contacts

Robert G. Butterfield, CFO of Banner, (509) 527-3636

Carla Tucker, EVP AND CFO of Pacific Financial (360) 533-8873

Cautionary Note Regarding Forward-Looking Statements

As previously reported, Banner Corporation (“Banner”) and Pacific Financial Corporation (“Pacific Financial”) entered into that certain Agreement and Plan of Merger, dated as of April 30, 2026 (the “Merger Agreement”), pursuant to which Pacific Financial will merge with and into Banner (the “Merger”). This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including all statements in this report that are not historical facts or that relate to future plans or events. These forward-looking statements include, but are not limited to, statements relating to the expected timing of the Merger. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of Banner’s and Pacific Financial’s management and are subject to risks and uncertainties, many of which are beyond Banner’s or Pacific Financial’s control, which could cause actual events or results to differ materially from those projected, anticipated or implied. This risks and uncertainties include, but are not limited to, the risk that the parties may not meet expectations regarding the timing of the proposed Merger, there may be challenges in satisfying the other conditions to completion of the Merger, or the Merger may fail to close for any other reason. Any forward-looking statements are based on information at the time the statement is made. Neither Banner nor Pacific Financial undertakes any obligation to update or revise any forward-looking statement, except as required by law.

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Aug. 14, 2026

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