Pacific Northwest Bancorp, parent company of Pacific Northwest Bank (PNWB) announced that on Oct. 16, the Board of Governors of the Federal Reserve System approved the merger of PNWB with a subsidiary of Wells Fargo & Company. In the proposed merger, Wells Fargo will acquire PNWB. PNWB shareholders will receive 0.6965 of a share of Wells Fargo common stock in exchange for each share of Pacific common stock upon completion of the merger.

Closing of the merger is scheduled to occur as soon as possible following the expiration of the 15-day regulatory waiting period after approval by the Board of Governors, and he satisfaction or waiver of certain other closing conditions specified in the merger agreement. The shareholders of PNWB approved the merger on Sept. 16.