Banking Institute Centered on Catering to Alaskans, Headed by Northrim

Northrim Bank, a long-standing financial institution established in Alaska in 1990, continues to grow and serve Alaskans with its latest expansion and a series of accolades.

In 2023, Northrim opened financial centers in Kodiak and Nome, expanding its branch network in the state. The Kodiak financial center is Northrim's 19th branch location and also the new home for Residential Mortgage on the island. Meanwhile, the Nome branch, which had been operating in a temporary location for six months due to the critical need caused by Typhoon Merbok, finally opened a full-service branch to better serve the community.

Northrim's growth didn't stop there. In the same year, the bank expanded its branch network further with new locations in Wasilla and Kenai, Alaska.

The bank's commitment to its employees and customers is evident. Northrim was recognized by the Alaska Journal of Commerce as one of the Best Workplaces in Alaska for the second year in a row in 2023. The bank places a high priority on monitoring and responding to the needs of its more than 400 employees, ensuring a positive work environment.

Northrim's services cater to businesses and individuals alike. For businesses, Northrim offers a Commercial Purchase Card program designed to increase efficiency and reduce costs. The bank also provides Integrated Payables, a new payment solution that increases efficiency, lowers costs, and implements controls to combat fraud.

In FY2022, Northrim Bank approved 23 SBA 7a loans totaling $9,054,200 and nine 504 loans totaling $10,754,955, demonstrating its support for small businesses. The bank's dedication to its customers earned it the title of the 2022 SBA Alaska Community Lender of the Year and the 2022 SBA Alaska 504 Third Party Lender of the Year.

Northrim Bank's President, Mike Huston, stated that these awards highlight the bank's dedication to serving Alaskans and supporting communities. The bank also hosts annual community summits for business customers and prospects to connect, learn about the state's economy, and discuss bank products and services.

Moreover, Northrim offers investment services through Elliott Cove Capital Management and insurance products via Elliott Cove Insurance Agency. Its wholly-owned subsidiary, Residential Mortgage Lending, LLC, provides financing and refinancing for homeowners.

Northrim's Treasury Management team is growing and delivering new and enhanced services and solutions to its customers. The bank appears in the Corporate 100, a list representing the top businesses in Alaska by number of Alaska-based employees.

In 2023, Northrim Funding Services purchased the accounts receivable of capital-constrained small to mid-size businesses, further demonstrating its commitment to supporting businesses in Alaska. With its continued growth and recognition, Northrim Bank remains focused on serving Alaskans and strengthening the state.