Northrim Bancorp Embarks on Strategic Expansion with Sallyport Acquisition

Enhancing Financial Services with Broader Geographic Footprint and Expanded Capabilities

Northrim Bancorp, Inc. (NASDAQ: NRIM), a leading financial services provider, has announced the acquisition of Sallyport Commercial Finance, LLC, a renowned provider of commercial lending and equipment lease financing solutions. This strategic move marks a significant step in Northrim Bancorp's growth journey, broadening its geographic footprint and expanding its suite of financial offerings.

Strengthening Presence in Key Markets

The acquisition of Sallyport Commercial Finance bolsters Northrim Bancorp's presence in key markets across the United States, particularly in the Southeast and Mid-Atlantic regions. This expanded geographic reach will enable the combined entity to cater to a wider customer base and capitalize on growth opportunities in these thriving areas.

Expanding Capabilities for Business Customers

Sallyport Commercial Finance's expertise in equipment lease financing significantly enhances Northrim Bancorp's capabilities for business customers. The acquisition allows Northrim Bancorp to offer a comprehensive range of financial solutions tailored to the specific needs of businesses, including equipment acquisition, working capital financing, and debt refinancing.

Driving Growth and Enhancing Value

Northrim Bancorp's acquisition of Sallyport Commercial Finance aligns with its long-term growth strategy. The expanded geographic footprint and enhanced service offerings will drive revenue growth and increase customer loyalty. The combined entity is well-positioned to create significant value for shareholders, employees, and the communities it serves.