Get to know Northrim
What began as a small group with a big idea turned into a start-up bank operating from a trailer in a parking lot, then grew into a trusted, statewide financial institution.
From parking lot to 100% 907
How Northrim grew out of the ashes of an Alaska recession.
It was the early 1980s, and Alaska was thriving. Oil flowed freely through the Trans-Alaska Pipeline. Businesses were booming. Houses were popping up everywhere. Then, in 1987, the stock market crashed and oil prices plummeted to single digits per barrel – devastating the Alaska economy. During this time, 13 financial institutions failed across Alaska, displacing many customers – and opening the door for Northrim.
Northrim’s founders knew that Alaska needed a different type of bank – a strong, independent, local bank with community and customer service at its heart. Through pure dedication to purpose they worked to raise the $8 million in capital needed for the start-up, and Northrim Bank opened on December 4, 1990 – born out of the ashes of recession.
Today, Northrim has matured from a small community bank with 21 employees, one branch, and $8 million in assets to an active, engaged community leader with well over 400 employees, branches from Fairbanks to Southeast Alaska, residential mortgage origination offices across the state, and more than $2 billion in assets.