ANCHORAGE, Alaska, March 7, 2008 (PRIME NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today announced its Board of Directors approved a 13% increase in its quarterly cash dividend to $0.17 per share. The dividend will be distributed on April 25, 2008, to shareholders of record as of the close of business on April 11, 2008. Northrim's last dividend of $0.15 per share was paid on February 8, 2008.
"We believe there are solid opportunities for growth in the Alaska market, especially with the strength of the energy and natural resources sectors. We are confident that our business model will continue to build value for our shareholders. Regular cash dividends represent one way we can reward our shareholders," said Marc Langland, President and CEO.
About Northrim BanCorp
Northrim BanCorp, Inc. is the parent company of Northrim Bank, a commercial bank that provides personal and business banking services through locations in Anchorage, Eagle River, Wasilla, and Fairbanks, Alaska, and an asset-based lending division in Washington. The bank differentiates itself with a "Customer First Service" philosophy. Affiliated companies include Elliott Cove Capital Management, LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC.
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