Northrim BanCorp, Inc. announced the completion of its acquisition of Sallyport Commercial Finance, LLC in an all-cash transaction valued at approximately $53.9 million. The acquisition officially closed on October 31, 2024. Sallyport is a provider of factoring, asset-based lending, and alternative working capital solutions for small and medium-sized enterprises across the United States and Canada.
This strategic acquisition is expected to significantly expand Northrim's presence in the specialty finance industry, complementing its existing Northrim Funding Services division. Management anticipates the transaction will provide earnings accretion of approximately 15% to Northrim’s 2025 operating results. Sallyport will operate as a wholly-owned subsidiary, with its executive management team remaining in their current positions.
The integration of Sallyport is a deliberate move to diversify Northrim's offerings and leverage its low-cost deposit base to capture a larger share of the dynamic specialty finance market segment. This expansion into higher-yield areas is expected to contribute to the company's overall profitability and strategic growth.
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