Northrim announces retirement of Residential Mortgage CEO, Steve Aldrich and promotion of Mike Baldwin to CEO

ANCHORAGE, Alaska, April 26, 2023 (GLOBE NEWSWIRE) -- Northrim BanCorp announces the retirement of Residential Mortgage Chief Executive Officer, Steve Aldrich. Residential Mortgage is a wholly owned subsidiary of Northrim Bank which is a wholly owned subsidiary of Northrim BanCorp. Northrim Chairman and CEO Joe Schierhorn thanks Steve for his 25 years at Residential Mortgage and dedication to our community.

Aldrich's last day with the company will be May 5, 2023. He has been with Residential Mortgage since they opened their doors in 1998 and served as the executive vice president, chief operating officer, and president, before assuming the chief executive officer role.

He has led with humor, impeccable knowledge of the business and empathy. Aldrich remains connected to Anchorage and will continue to serve on the Residential Mortgage Board of Managers after his retirement.

Residential Mortgage President Mike Baldwin is promoted to the position of President, CEO and COO, effective May 8, 2023. Baldwin has 37 years of experience in the mortgage industry, 32 years as an executive in management and has been with Residential Mortgage as the Chief Operating Officer since 2021. He was promoted in 2022 to the position of President and Chief Operating Officer.

Northrim BanCorp is the parent company of Northrim Bank, an Alaska-based community bank with 19 branches in Anchorage, Eagle River, Fairbanks, Juneau, Ketchikan, Kodiak, Nome, Sitka, Soldotna, and Wasilla serving approximately 90% of Alaska's population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska's economy and its signature "Superior Customer First Service" philosophy. Pacific Wealth Advisors, LLC is an affiliated company.

www.ir.northrim.com