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Northrim Bank Is Focused On Serving Alaskans

May 2, 2023 | Finance

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Northrim has been rooted in Alaska since its inception in 1990 – and we have remained focused on serving Alaskans and strengthening our state ever since. We understand the opportunities and challenges of living and working here and are committed to proactively serving the unique needs of Alaskans and the businesses that power the Last Frontier. This Alaska focus, adaptability, and responsiveness have provided a strong foundation for the Bank’s growth.

Expanding our Footprint

Northrim has a sincere appreciation for our customers. We want to build lasting customer relationships through professional, prompt, and caring service, something we call Superior Customer First Service. Expanding our branch network into new areas of Alaska is one example of how we support that mission.

We are always looking for ways to serve Alaskans. So, while we offer the convenience and security of online and mobile banking, we also understand that our customers want the benefits of an in-person branch – and we strive to offer them that balance.

A year ago, we opened a loan production office in Nome, an important hub for the people and businesses of Northwest Alaska, and planned to open a full-service branch in early 2023; however, the devastation wreaked by Typhoon Merbok late last year created a critical need for banking services in the community. Northrim received expedited permission under a disaster relief, “regulatory relief exception,” from the FDIC to open a temporary branch, and departments across the Bank quickly came together, accelerating the opening of our 18th branch. A larger, permanent financial center will follow this summer.

Building on the successful presence of a Kodiak loan production office we opened in March 2020, we opened a full-service financial center in February, housing the lending team and Residential Mortgage.

We continue to expand within Alaska to meet the needs of Alaskans and look forward to reaching new communities in the coming year.

Focused on Employees

The Bank’s success is closely tied to the success of our more-than 400 employees, and we place a high priority on monitoring and responding to the needs of our people. Driven by our vision to be an employer of choice, we focus on providing competitive salaries and top-tier benefits for our employees so we can recruit and retain key performers. We are proud to be recognized by the Alaska Journal of Commerce as one of the Best Workplaces in Alaska in 2022.


Leader in Financial Expertise, Products and Services

Treasury Management Services

In today’s economic climate, businesses must constantly evolve and improve their customers’ experience by identifying growth opportunities. The Northrim Treasury Management team is growing and delivering new and enhanced services and solutions to our customers faster.

Commercial Purchase Card

Northrim’s Commercial Purchase Card program is designed to increase efficiency by:

  • simplifying your purchasing oversight.
  • reducing your number of purchase orders and checks.
  • streamlining your payment process.
  • providing a comprehensive picture of general business expenses.
  • generating easy-to-access management reports.

Integrated Payables

Send vendor payments in a single, secure online payment file from your accounting system to Northrim, which then processes and executes payments by ACH, check, virtual card (vCard) or wire on your behalf.

This new payment solution, accessed through Northrim’s Business Online Banking, can:

  • increase efficiency by eliminating the manual process of printing and mailing checks.
  • convert check transactions to vCard transactions, which may be eligible for revenue share.
  • save money by lowering the costs associated with printing and mailing checks.
  • implement controls to combat fraud, including submit, review and release capability.

Cash Sweeps

Unlike banks with risky practices that have been in the news recently, Northrim has a conservative strategy that includes strong liquidity and credit quality, exceeding the regulatory requirements of a well-capitalized bank, a diversified investment portfolio and the ability to borrow if needed. Northrim is also part of the IntraFi network and offers IntraFi Cash Service (ICS), a convenient and safe cash management solution that provides access to FDIC insurance on deposits above $250,000 placed into demand deposit accounts that often provide prime-like returns with a Treasury- or federal government-like risk profile. Your funds are sent from your demand deposit account at Northrim into deposit accounts at other IntraFi network banks in amounts below $250,000, the standard FDIC insurance maximum. As a result, you can access FDIC insurance coverage from many institutions to safeguard all your money while working directly with Northrim. You do not pay a fee to use this service.

There are representatives of Treasury Management available to serve customers at Northrim locations around the state.

Awards & Recognition 

Northrim consistently appears in Top 49ers, Alaska Business Magazine’s list of Alaska businesses, all of which were founded within the state and continue to operate their headquarters here. Ranked by gross revenue, Northim was 28 on the most recent list. We also appear in Alaska Business Magazine’s Corporate 100, a list representing the top businesses in Alaska ranked by their number of Alaska-based employees.

Northrim was recently presented with the 2021 SBA Alaska Lender of the Year and the 2021 SBA Alaska 504 Third Party Lender of the Year awards. These awards recognize Northrim Bank’s commitment to providing financial assistance to Alaska’s small business owners which resulted in the approval of 40 SBA 7a loans totaling $30,564,400 and seven 504 loans totaling $2,111,401 during FY2021.

“We are honored to be named the 2021 SBA Alaska Lender of the Year and the 2021 SBA Alaska 504 Third Party Lender of the Year for our work with small businesses throughout the state. Our Proud to Be Alaskan values are based on supporting our communities and these two awards highlight the dedication of our employees to serving Alaskans. At Northrim we are proud to contribute to the strength of Alaska by supporting these businesses,” said Mike Huston, President, Northrim Bank. “We focus on listening and responding to the needs of the small business community and The SBA Loan Guarantee program provides us with additional opportunities and resources.”

Adding Value for Our Customers, Communities, and Shareholders

Northrim’s annual community summits are an opportunity for business customers and prospects to connect with the bank and enjoy presentations of data and analysis about the state’s economy along with information about Bank products and services that help local businesses achieve their goals.

Northrim is hosting summits in Anchorage, Fairbanks and Soldotna this spring and has fall events planned for Southeast Alaska.

The theme for the summits is “Understanding Today’s Economic Landscape and Where to Find Opportunities.” Mark Edwards, EVP – Chief Credit Officer and Bank Economist, will provide an overview of the present Alaska economy. Huston and Joe Schierhorn, Northrim Chairman and CEO, will provide additional comments.

Prior to lunch, there will be an informational session, “Treasury Management Services: Learn how Northrim’s new and enhanced services can assist you reach your strategic goals” presented by Doug Ladenburger, SVP – Director of Treasury Management Services.

Supporting the Community

Everyone at Northrim takes their commitment to Alaska seriously and is honored to be able to help our communities with contributions throughout the year. Northrim focuses its corporate giving on organizations that help in community and economic development, programs to strengthen low income families, and higher education. During 2022, Northrim Bank contributed over $950,000 to organizations throughout Alaska.

Northrim employees shared their generous spirit by participating in the annual United Way Campaign and raised $141,000 in support of local communities throughout Alaska and in Washington State.

Volunteerism throughout the Bank is very important, and employees continued to support local organizations by volunteering in the communities where they live. In 2022, Northrim employees volunteered over 1,600 hours in their local communities.

This article is sponsored content provided by

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