Northrim BanCorp announces acquisition of Sallyport Commercial Finance

Northrim BanCorp (NRIM) announced the acquisition of Sallyport Commercial Finance in an all cash transaction that closed on October 31, 2024 and is valued at approximately $53.9M. Sallyport Commercial Finance is a provider of factoring, asset based lending and alternative working capital solutions to small and medium sized enterprises in the United States and Canada. The transaction is expected to provide earnings accretion of approximately 15% to Northrim’s 2025 operating results. SCF was founded in 2014 and in 2023 the company surpassed $5 billion in debts factored. SCF’s mission is to provide access to capital through tailored funding solutions to fuel growth and provide entrepreneurs opportunities to create value. SCF has generated consistent profitability since inception including through periods of macroeconomic disruption by cultivating relationships with an approach based on a thorough understanding of each of their clients’ business operations, opportunities, and challenges. SCF will operate as a wholly-owned subsidiary, and is expected to complement the products currently offered by Northrim Funding Services, a factoring division of Northrim Bank. Executive management at SCF has over 100 years of combined industry experience and will remain in their current positions.