Northrim BanCorp in Anchorage, Alaska, has acquired Sallyport Commercial Finance.
Northrim said in a press release that its deal valued the asset-based lender at $53.9 million. The deal is expected to be 15% accretive to Northrim’s 2025 operating results.
Northrim has been a lender to SCR; it provided the lender with $6 million in subordinated debt capital in 2023.
SCF will operate as a wholly-owned subsidiary and is expected to complement Northrim’s factoring division.
“We have been impressed by the quality of the business they have built,” Mike Huston, Northrim’s president and CEO, said in the release.
“We view this as an opportunity to partner with a company that has similar core values of customer service, tailored solutions, creativity and responsiveness without distracting from our growing Alaskan banking franchise,” Huston added.
Northrim was advised by Janney Montgomery Scott and Accretive Legal. Keefe, Bruyette & Woods and Latham & Watkins advised SCF.