Alaska Pacific Bank is merging with Northrim Bank in a $14.31 million stock and cash transaction, pending shareholder and regulatory approval.

If approved, Northrim BanCorp would acquire Alaska Pacific Bancshares, the Southeast Alaska bank’s parent company, as a wholly-owned subsidiary.

Both companies’ boards of directors have unanimously approved the transaction, but it is still subject to approval by bank regulators and Alaska Pacific shareholders.

Northrim is based primarily in Southcentral and Interior Alaska, and the acquisition would expand its reach to Southeast Alaska, where Alaska Pacific operates.

Under the terms of the transaction, Northrim BanCorp will pay about $6.4 million in cash and approximately 304,631 shares of Northrim BanCorp common stock.