Northrim's Oregon deal is on the record. The approvals are not.

Northrim's $167.3 million purchase of an Oregon bank is now on the public record, and none of the four government approvals it needs appears to have been filed yet.

The Anchorage bank holding company laid out the terms in an Aug. 25 filing with the Securities and Exchange Commission, the first detailed account of the deal it signed July 22 with PBCO Financial Corporation.

The deal needs sign-off from the Federal Reserve, the FDIC, and banking regulators in both Alaska and Oregon. Every date in the filing for when those applications went in is a blank placeholder. Federal Reserve weekly reports listing new filings do not name any of the parties through Aug. 29, and nothing naming Northrim has appeared in the Federal Register since July. That is a gap in the public record, not proof nothing was submitted.

Because People's Bank of Commerce would merge into Northrim Bank, with the Alaska charter surviving, Alaska's Division of Banking and Securities gets a say. Its director has to decide whether the merger threatens the safety and soundness of the resulting bank or the public interest.

PBCO shareholders would get 1.160 Northrim shares apiece, worth about $32.36 when the deal was announced. Northrim shareholders would end up owning roughly 79 percent of the combined company.

Northrim has 21 Alaska branches and about $3.4 billion in assets, and calls itself the state's third largest commercial bank by deposits. People's Bank of Commerce, founded in 1998 and based in Medford, has $776.6 million in assets and serves southern Oregon and the Willamette Valley.

The filing says nothing about Alaska branch closures or job numbers. One PBCO director would join Northrim's board. Some PBCO employees have signed agreements taking effect at closing, with severance for those whose jobs are cut and a year of comparable pay and benefits for those who stay.

PBCO can walk away if Northrim's stock falls far enough, below a $22.32 average and lagging the bank index by a wide margin. Northrim closed Thursday at $25.97, about 14 percent above that floor, which puts the offer closer to $30 a share than the $32 it looked like in July.

Neither company has scheduled a shareholder vote. The deadline to close can be pushed to June 30, 2027 if the approvals take that long.