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): January 13, 2006

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 on January 13, 2006, that it has exercised its option to purchase an additional 40.1% interest in Northrim Benefits Group. Nortrhim now owns 50.1% of the company. Northrim purchased a 10% interest in the company in March 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.
January 13, 2006	By:	R. Marc Langland
		Name: R. Marc Langland
		Title: Chairman, President & CEO

Exhibit Index

Exhibit No.	Description
99.1	Press Release dated January 13, 2006

EX-99.1

Northrim News			Exhibit 99.1
Headquarters: 3111 C Street, Anchorage, AK 99503
For Immediate Release
Date:	January 13, 2006
Contact:	Chris Knudson, EVPand Chief Operating Officer
Phone:		(907) 261-3304

Northrim Bank Exercises Option to Purchase Additional Interest in
Employee Benefits Company

Anchorage, Alaska, January 13, 2006. Northrim Bank (Nasdaq: NRIM), through its wholly-owned subsidiary, Northrim Capital Investments Company, announced today that it has exercised an option to purchase an additional 40.1% interest in Northrim Benefits Group. Northrim now owns 50.1% of the company. Northrim purchased a 10% interest in the company in March 2005.

Northrim Benefits Group offers employee benefit plans to businesses with five to 500 employees. Bruce Moore, who owns the other portion 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 he founded in 1974.

Northrim Benefits Group’s client base has been growing as a result of referrals from Northrim bank officers. “We are pleased with the performance of Northrim Benefits Group since our initial investment,” said Northrim President Marc Langland. “Our customers have received excellent service from Bruce and his staff, and in a number of cases have realized savings in their benefit costs.”

Northrim BanCorp, Inc. is the parent company of Northrim Bank, a full-service commercial bank that provides a full range of personal and business banking services through locations in Anchorage, Eagle River, Wasilla, and Fairbanks, Alaska, and a factoring division in Washington. The bank differentiates itself with a “Customer First Service” philosophy. Affiliated companies include Elliott Cove Capital Management, LLC; Residential Mortgage; and Northrim Benefits Group, LLC.

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