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Northrim Bancorp Inc Acquires Alaska Pacific Bancshares for Approximately $14 Million

Tuesday, 22 Oct 2013 08:00am EDT 

Northrim BanCorp, Inc and Alaska Pacific Bancshares jointly announced the signing of a definitive agreement for Northrim BanCorp to acquire Alaska Pacific in a stock and cash transaction valued at approximately $14.31 million or approximately $17.28 per share of Alaska Pacific common stock. The transaction value is expected to change based on fluctuations in the price of Northrim BanCorp's common stock. In connection with the transaction, Alaska Pacific will merge into a wholly-owned subsidiary of Northrim BanCorp, and Alaska Pacific Bank will merge with and into Northrim Bank. The current value of the transaction represents approximately 87% of Alaska Pacific's adjusted book value per common share2 based on full exercise of warrants and options. 

Company Quote

-0.14 -0.57%
15 Apr 2014