Northrim BanCorp Completes Acquisition Of Residential Mortgage - Quick Facts

(RTTNews) - Northrim BanCorp, Inc. (NRIM) Tuesday announced that a wholly-owned unit of Northrim Bank, Northrim Capital Investments Co., or NCIC, has completed the acquisition of 76.5% of the membership interest in Residential Mortgage Holding Company, LLC, in a cash transaction currently valued at about $29.5 million.

Northrim Bank was an original investor in Residential Mortgage when it was founded in 1998, and owned 23.5% of the membership interest through NCIC prior to this acquisition.

Residential Mortgage funded around $792 million in loans in 2013 and approximately $1.2 billion in 2012.