Northrim BanCorp to Acquire Alaska Pacific Bancshares

The parent company of Northrim Bank is buying Alaska Bancshares Incorporated for over $14-million dollars. Northrim Bancorp made the announcement Tuesday noting that Alaska Pacific Bancshares will merge into a wholly-owned subsidiary and Alaska Pacific Bank will merge into Northrim Bank. The transaction has been approved by the Board of Directors for both companies. Alaska Pacific Bancshares reportedly has over $170-million dollars in assets. It’s expected that the deal will close in the first quarter of next year. Northrim Bank currently has 10-branches in Alaska. The Alaska Pacific Bank is headquartered in Juneau and has 5 offices in Juneau, Ketchikan, and Sitka.