Northrim Bank has been rooted in Alaska since inception in 1990 – and we have been focused on serving Alaskans and strengthening our state ever since. We have extended our footprint into more communities across the state while maintaining a strong commitment to supporting local initiatives and fostering community development. In just over 33 years, the Bank has grown from one location in Anchorage to 20 branches from Nome to Ketchikan, including our newest location, the Homer Financial Center.
A key element of the Bank’s mission has been an understanding of the unique needs of Alaskan communities. Northrim strategically identified areas where financial services were lacking and made efforts to establish a presence there. This approach has not only enabled the Bank to reach new markets but has also provided essential banking services to residents who previously had limited access.
Another important aspect of Northrim’s success has been to empower employees to work closely with their customers to ensure their banking needs are being met by truly understanding the uniqueness of each customer. Demonstrating our commitment to local businesses, the Bank was recognized by the Small Business Administration in 2023 as the Alaska 504 Third Party Lender of the Year for the third consecutive year.
Furthermore, core lending saw an increase of 11 percent in 2023 and deposits saw nearly a nine percent growth in 2023. Northrim’s wholly-owned subsidiary, Residential Mortgage, which was the largest provider of home loans in Alaska in 2023, has also contributed to the Bank’s growth.
The Bank actively engages in various philanthropic activities and initiatives aimed at uplifting Alaskan communities. Through partnerships with local nonprofits, educational institutions, and other organizations, Northrim contributes to initiatives focused on support for low-income individuals and families, housing, community and economic development, higher education, financial literacy and overall wellness. In 2023, Northrim and our employees donated over $1.2 million to support local non-profits.
Our commitment to community support is exemplified through our financial contributions, volunteer efforts, and employee engagement programs. Northrim encourages our employees to volunteer their time and skills to support local initiatives, further strengthening our ties with the communities we serve. In 2023, Northrim Bank employees volunteered over 2,700 hours in their local communities.
As a critical issue in our state, Northrim supports affordable housing through our participation in low-income housing tax credit projects. Notable 2023 projects included providing construction and/or long-term financing for housing projects in Wasilla, Anchorage and Valdez.
Northrim Bank is invested in Alaska. By identifying opportunities to connect with underserved regions and prioritizing community support, we have positioned ourselves as a trusted financial partner and a catalyst for positive change within the state. As the Bank continues to grow and evolve, we remain dedicated to serving the needs of Alaskan communities. We invite you to join us at our community summits in Nome, Soldotna, Homer, Anchorage and Fairbanks this Spring where we share knowledge and resources to help local businesses achieve their goals. More information can be found at Northrim.com.
Whew! That was a lot of HAM in the beans…… With more than 3000 homes in foreclosure and some foreclosed on, that is a lot of syrup on the toast. Well, the bank is subject to the regulations under law of FDIC and the issues of regulations it needs to keep abreast of. So, if FDIC takes this bank into receivership, does the public have a say in the protection offered by FDIC and their insurance to cover losses attributed to its management and loan liabilities to its customers? Yes it does and the FDIC will see to it home loans and collateral are covered. But, how did the bank get to where it is in the banking losses? Account holders should ask questions and get answers on the health of this bank and the ever present problem of home foreclosures with other commercial loans and issue as well.
Go northrim – I am an ex employee but still a fan!
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