JUNEAU, Alaska — Anchorage-based Northrim BanCorp is purchasing Alaska Pacific Bank.
KINY reports (http://is.gd/sKl6EF) the purchase of the Juneau-based bank was announced in a joint release from two companies.
The purchase price is currently valued at $14.3 million, which could change based on fluctuations in the price of Northrim's common stock because of the transaction.
Alaska Pacific will be merged into Northrim, which has 10 branches in the greater Anchorage and Fairbanks areas. Pacific Alaska has two branches each in Juneau and Ketchikan and one in Sitka.
The boards of both banks have approved the merger, which is subject to approval by shareholders of Alaska Pacific and banking regulators.
Information from: KINY-AM, http://www.kinyradio.com