Northrim Bank Embraces Its Mission of Catering to Alaskans

In the year 2023, Northrim Bank, a long-standing Alaskan institution, continued to make significant strides in serving its community. Established in 1990, the bank has remained committed to its mission of strengthening the state.

The bank hosted community summits in Anchorage, Fairbanks, Soldotna, Kodiak, Sitka, and Juneau, fostering dialogue and engagement with Alaskans. This was followed by the opening of the Nome Financial Center in the Summer, becoming an essential hub for the people and businesses of Northwest Alaska. The Kodiak financial center, Northrim's 19th branch location, also served as the new home for Residential Mortgage on the island.

Northrim Bank's dedication to supporting local businesses was evident in its participation in the 2023 State Small Business Credit Initiative. The bank was the largest participant in Alaska, accounting for 13 loans totaling over $16 million. It also approved 11 SBA 504 loans, amounting to $10,518,078 during the fiscal year.

The bank's commitment to giving back extended beyond its financial services. Northrim contributed over $1,000,000 to various organisations throughout Alaska in 2023. Employees also volunteered over 2,500 hours in their local communities and raised $153,000 during the annual United Way Campaign.

Northrim's commercial endeavours also saw growth. The bank's Commercial Purchase Card program aims to increase efficiency by simplifying purchasing oversight, reducing the number of purchase orders and checks, streamlining the payment process, providing a comprehensive picture of general business expenses, and generating easy-to-access management reports.

Moreover, Northrim's Treasury Management team is expanding and delivering new and enhanced services and solutions to customers. The bank offers the IntraFi Cash Service (ICS), a cash management solution that provides access to FDIC insurance on deposits above $250,000, with prime-like returns and a Treasury- or federal government-like risk profile.

Northrim Bank's efforts were recognised with several accolades in 2023. The bank was named the 2023 SBA Alaska 504 Third Party Lender of the Year and appeared in their website Magazine's Corporate 100, a list representing the top businesses in Alaska ranked by their number of Alaska-based employees.

Looking towards the future, Northrim Bank is set to open a full-service branch in Homer in March 2024, offering additional services to the community. The bank continues to prioritise the needs of its employees, offering competitive salaries and top-tier benefits. With its expanding branch network and commitment to community, Northrim Bank remains a vital part of Alaska's economic landscape.