Northrim Bancorp Expands with Sallyport Acquisition

Northrim Bancorp ( (NRIM) ) has shared an announcement.

Northrim Bank has acquired Sallyport Commercial Finance for $50 million, marking a strategic move into the factoring and asset-based lending market across the U.S., Canada, and the U.K. The deal includes potential earn-out payments of up to $6 million, contingent on key employee retention and performance. This acquisition is expected to enhance Northrim’s financial capabilities and expand its market reach amidst various economic challenges. Investors are advised to consider forward-looking risks, including integration costs and economic fluctuations, which could impact expected synergies and financial outcomes.

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