8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 1, 2005

Northrim BanCorp, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Alaska	0-33501	92-0175752
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
3111 C Street, Anchorage, Alaska		99503
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 907-562-0062

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

Northrim Bank, a wholly-owned subsidiary of Northrim BanCorp, Inc., announced by press release that it has purchased a 10% interest in RLFS LLC, an Alaska limited liability company, to be renamed Northrim Benefits Group, to provide employee benefit services, including health insurance plans, to its customers. The Bank has the option to purchase an additional 40.1% of membership interest in RLFS by December 31, 2005.

A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in Exhibit 99.1 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise stated in such filing.

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements - not applicable

(b) Pro Forma financial information - not applicable

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Northrim BanCorp, Inc.
March 4, 2005	By:	/s/ R. Marc Langland
		Name: R. Marc Langland
		Title: Chairman, President, & CEO

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated March 1, 2005

EX-99.1

Northrim News			EXHIBIT 99.1
Headquarters: 3111 C Street, Anchorage, AK 99503
For Immediate Release
Date:	March 1, 2005
Contact:	Chris Knudson, EVPand Chief Operating Officer
Phone:		(907) 261-3304

Northrim Bank Purchases Interest in Employee Benefits Company

Anchorage, Alaska—March 1, 2005 —Northrim Bank (Nasdaq: NRIM) announced today that it has purchased an interest in RLFS LLC, to be renamed Northrim Benefits Group, to provide employee benefit services, including health insurance plans, to its customers.

Northrim now owns 10% of the company, with the option to purchase an additional 40.1% before December 31, 2005. The company offers employee benefit plans to businesses with five to 500 employees. Bruce Moore, who owns the remainder of the company, will continue to manage it. Moore has 31 years of experience in the financial services industry in Alaska, and is President of ICL Financial Services, an Alaskan company founded in 1974.

“Northrim continues to diversify our revenue sources to provide additional services to our customers, and to enhance shareholder value,” said Northrim President Marc Langland. “Through this purchase, we acquire an interest in an established employee benefits business that has a good market position and a commitment to customer service.”

A new line of business for Northrim Benefits Group is high-deductible medical plans. A high-deductible health plan combined with individual Health Savings Accounts –a medical savings account created by Congress to allow consumers to save tax-free dollars for health care costs – may allow a small business to offer employee health benefits more affordably while giving the company’s employees more flexibility in purchasing health care services.

Northrim Bank is a full-service commercial bank that provides a full range of personal and business banking services. With locations in Anchorage, Eagle River, Wasilla and Fairbanks, Alaska, Northrim Bank differentiates itself with a “Customer First Service” philosophy.

###