Northrim BanCorp Acquires Sallyport Commercial Finance in $53.9 Million Deal

Northrim BanCorp, Inc., parent company of Alaska-based Northrim Bank, has acquired Sallyport Commercial Finance, LLC in a $53.9 million all-cash transaction. The acquisition, completed on October 31, 2024, aims to enhance Northrim’s offerings by integrating Sallyport's leading factoring and asset-based lending solutions for SMEs in the US and Canada. The transaction is projected to contribute a 15% increase in Northrim's earnings for 2025. Sallyport, established in 2014 and managing over $5 billion in debts factored in 2023, will continue operations as a wholly-owned subsidiary. Northrim views this acquisition as complementary to its existing Northrim Funding Services. All of Sallyport's executive management will retain their positions, emphasizing continued partnership and strategic alignment. The acquisition is supported by financial and legal advisors, including Janney Montgomery Scott LLC for Northrim and Keefe, Bruyette & Woods, a Stifel Company, for Sallyport. This move is part of Northrim’s growth and diversification strategy, while it also holds interests in Pacific Wealth Advisors and Pacific Portfolio Consulting. An investor call is scheduled to discuss future opportunities and synergies resulting from the acquisition.