Northrim BanCorp completed the acquisition of Sallyport Commercial Finance for $53.9m.

Northrim BanCorp, an Alaska-based community bank, completed the acquisition of Sallyport Commercial Finance, a specialty finance company focused on providing entrepreneurs with working capital solutions for small to medium sized businesses, for $53.9m. “Having worked with Nick and the Sallyport team for several years, we have been impressed by the quality of the business they have built. We view this as an opportunity to partner with a company that has similar core values of customer service, tailored solutions, creativity and responsiveness without distracting from our growing Alaskan banking franchise. We believe our 20 year history in the factoring business through Northrim Funding Services and our low cost deposit base makes us the ideal partner to help Sallyport capture an increased share of a dynamic market segment,” Mike Huston, Northrim President and CEO.