Northrim BanCorp acquires Sallyport Commercial Finance for ~$53.9M; expects 15% EPS accretion in 2025

NORTHRIM BANCORP INC

All-cash acquisition of factoring and ABL provider closed Oct 31, 2024; total consideration ~$53.9M.
SCF surpassed $5B in debts factored in 2023; serves small/medium enterprises in U.S. and Canada.
Deal expected to add ~15% to Northrim’s 2025 diluted earnings per share.
SCF co-founder Nick Hart and existing management team will remain in place.
Northrim funded through cash on hand; had prior lending relationship with Sallyport.

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