Northrim Bancorp Announces Acquisition of Sallyport Commercial Finance, LLC
Northrim BanCorp, Inc. has announced the acquisition of Sallyport Commercial Finance, LLC.
Sallyport Commercial Finance, based in Frederick, Maryland, is a leading provider of financial solutions to the government contracting sector
The acquisition will significantly expand Northrim's presence in the government contracting market and provide new opportunities for growth. Sallyport Commercial Finance brings a team of experienced professionals with deep expertise in the government contracting industry. The company has a strong track record of providing innovative financial solutions to government contractors of all sizes.
Northrim BanCorp is a leading provider of banking and financial services to businesses and individuals in the Northern California and Nevada markets. The acquisition of Sallyport Commercial Finance will complement Northrim's existing offerings and provide the company with a broader range of products and services to offer its customers.
Benefits of the Acquisition
- Expands Northrim's presence in the lucrative government contracting market
- Provides new opportunities for growth and diversification
- Brings a team of experienced professionals with deep expertise in the government contracting industry
- Complements Northrim's existing offerings and provides the company with a broader range of products and services to offer its customers
Executive Quotes
"We are excited to welcome Sallyport Commercial Finance to the Northrim family," said Northrim BanCorp President and CEO, Rick Bauer. "This acquisition will significantly expand our presence in the government contracting market and provide new opportunities for growth. We are impressed with the team at Sallyport Commercial Finance and their track record of providing innovative financial solutions to government contractors."
"We are excited to join the Northrim team," said Sallyport Commercial Finance CEO, Jim Sweeney. "Northrim's commitment to providing exceptional customer service and innovative financial solutions aligns perfectly with our own. We believe that this partnership will allow us to offer even more comprehensive solutions to our government contracting clients."
About Northrim BanCorp
Northrim BanCorp, Inc. is a bank holding company headquartered in Roseville, California. The company's wholly-owned subsidiary, Northrim Bank, provides a broad range of banking and financial services to businesses and individuals in the Northern California and Nevada markets. Northrim BanCorp has assets of approximately $3.5 billion and operates 30 banking offices in California and Nevada.
About Sallyport Commercial Finance
Sallyport Commercial Finance, LLC is a leading provider of financial solutions to the government contracting sector. The company offers a variety of financing products and services tailored to meet the needs of government contractors of all sizes. Sallyport Commercial Finance is headquartered in Frederick, Maryland.
The acquisition is expected to close in the fourth quarter of 2023, subject to regulatory approvals and other customary closing conditions.
