Northrim Bank Emphasizes on Catering to Alaska's Residents
Northrim Bank Expands and Strengthens Its Presence in Alaska
Northrim Bank, a leading financial institution in Alaska, continues to make strides in the industry. Established in 1990, the bank has grown to have 20 branch locations across the state, from Nome to Ketchikan.
The bank offers a wide range of services, including investment services and insurance products through its subsidiaries, Elliott Cove Capital Management and Elliott Cove Insurance Agency. Northrim Bank also provides wealth management and investment advisory services through Pacific Wealth Advisors, serving high-net-worth individuals, families, institutions, foundations, and trustee- or participant-directed retirement plans in Alaska and the Pacific Northwest.
In 2024, Northrim Bank opened a new location, the Homer Financial Center, further expanding its reach. The bank's services are designed to cater to various needs, from the everyday consumer to businesses.
One of the bank's innovative services is the Integrated Payables solution, which eliminates the manual process of printing and mailing checks, increasing efficiency and saving money. Similarly, the Commercial Purchase Card program simplifies purchasing oversight, reduces the number of purchase orders and checks, and streamlines the payment process.
Northrim Bank's commitment to its customers is reflected in its Superior Customer First Service, which emphasizes professional, prompt, and caring customer service. This dedication has not gone unnoticed, as Northrim Bank was recognized as one of the Best Workplaces in Alaska in 2024, marking the third year in a row for this recognition.
In addition to its services and customer focus, Northrim Bank is also dedicated to giving back to the community. The bank contributed over $1,000,000 to various organizations throughout Alaska in 2023. Northrim Bank employees also volunteered over 2,500 hours in their local communities in the same year.
The bank is committed to supporting affordable, low-income, and workforce housing initiatives across Alaska. Northrim Bank has worked with Cook Inlet Housing Authority for over 20 years, financing and investing over $60MM in low-income housing tax credits that have yielded many new housing units in Southcentral Alaska.
Northrim Bank's Treasury Management Services offer solutions such as commercial purchase cards, integrated payables, and cash sweeps. The Cash Sweeps service, in particular, offers FDIC insurance on deposits above $250,000 and provides prime-like returns with a Treasury- or federal government-like risk profile.
For businesses with capital constraints, Northrim Funding Services provides a solution. This wholly-owned subsidiary purchases the accounts receivable of small to mid-size businesses and offers financial solutions to transition customers back to other bank lending programs.
In recognition of its efforts, Northrim Bank was named the 2023 SBA Alaska 504 Third Party Lender of the Year for the third consecutive year. Despite its success, Northrim Bank continues to strategically expand into areas where financial services are lacking to reach new markets and serve residents with limited access.
In conclusion, Northrim Bank is a dynamic financial institution that offers a wide range of services, prioritizes customer service, and is committed to giving back to its community. Its continued growth and recognition are a testament to its dedication to excellence and service.
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