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Frequently Asked Questions Regarding Merger

Q: Why have Alaska Pacific Bank and Northrim Bank merged?

On October 22, 2013, it was jointly announced that Northrim BanCorp, Inc. and Alaska Pacific Bancshares, Inc. signed a definitive agreement to merge. Alaska Pacific Bank and Northrim Bank are merging to create a stronger and better community bank for you. Joining with Northrim Bank will bring solid benefits to Alaska Pacific Bank customers, employees and shareholders. In addition, the merger of both banks will provide added convenience, enhanced products and services, and higher lending limits to Southeast customers.

Q: What happens next?

On April 1, 2014, the two banks successfully completed the transaction and Alaska Pacific Bank merged with and into Northrim Bank. However, we will continue to operate under the Alaska Pacific Bank name until we fully integrate all systems and operations into Northrim Bank, scheduled to occur in early September. For the next several months, we will be working to ensure a seamless migration. Alaska Pacific Bank customers will receive a welcome packet with full details of the merger in August. This will include the features of your new Northrim accounts and other important information.

Q: What should I know about Northrim Bank?

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with ten branches in Anchorage, the Matanuska Valley, and Fairbanks; and an asset based lending division in Washington. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. Affiliated companies include Elliott Cove Insurance Agency LLC; Elliott Cove Capital Management LLC; Residential Mortgage, LLC; Northrim Benefits Group, LLC; and Pacific Wealth Advisors, LLC. Northrim has $1.2 billion in assets, and that financial strength will ensure your deposits are secure while giving you access to higher lending limits for loans.

Q: How are Alaska Pacific Bank and Northrim Bank alike?

This is an excellent opportunity to combine two well-respected Alaska community banks that share a deep commitment to our customers and local communities. We both maintain similar core values of integrity, relationship banking, and added-value service. This merger will allow us to serve you with more resources and proven stability, while preserving the spirit of community banking in Southeast and throughout Alaska.

Q: Will Alaska Pacific Bank change its name to Northrim Bank?

Yes, after the full integration of Alaska Pacific Bank and Northrim Bank operations has occurred. This is scheduled to occur in September. You may start to see the Northrim brand before September as we begin to migrate Alaska Pacific Bank to Northrim Bank.

Q: How will the bank merger impact me as a customer of Alaska Pacific Bank?

There is no immediate effect on customers. Continue to conduct your banking as you have in the past. Until full conversion of all systems, you will see minimal changes to your day-to-day banking. However, when applying for a new loan, credit card, or merchant services you will be presented with Northrim’s products. Before the conversion of your accounts to Northrim Bank, you will receive a welcome guide that will explain the features of your new Northrim accounts and other important information. Until then, you can look for updates from us directly, or on our websites, and

Q: Will Alaska Pacific Bank customers be able to bank at Northrim branches before September?

Yes, but transactions, and in some cases amounts, will be limited. You will be able to cash a check against your available balance, or make a deposit or loan payment at a Northrim Bank branch. If you visit a Northrim branch, please have your identification, account information, and/or your debit card to assist with the transaction.

Q: How do I apply for a new loan?

Starting April 1, Northrim Bank products will be available for new loans, both personal and business. You can pick an application up at your local branch or online at or Your banker will still assist you as always, but now equipped with a Northrim Bank loan product. We believe you’ll find the Northrim loans to be competitive with beneficial features. As a reminder, existing loans and payments will be serviced as normal.

Q: How do I apply for a new credit card?

Starting April 1, you can apply for Northrim Bank business and personal credit card products, including options with rewards. You can apply today for a Northrim credit card at your local Alaska Pacific Bank branch or online at or

Q: What about applying for new merchant services for my business?

New merchant services will be handled by Northrim Bank, starting in April. Your local banker will have full details regarding Northrim’s merchant services, which we believe you will find to be very competitive. You may also visit or for more information on merchant services and to complete a request for proposal.

Q: How will the merger affect FDIC insurance coverage?

Both Northrim Bank and Alaska Pacific Bank are FDIC insured institutions. As a result of the merger, the deposits from Alaska Pacific Bank will be combined with the deposits at Northrim Bank. The combined balances will determine whether a depositor has exceeded the FDIC insurance limit, expect that deposits at Alaska Pacific Bank prior to the merger will generally receive separate insurance coverage for six months from the date of the merger. This grace period provides an opportunity to restructure accounts, if necessary, to ensure the accounts do not exceed the insurance threshold. Certificates of Deposit from Alaska Pacific Bank are generally separately insured until the earliest maturity date after the end of the six month grace period.

Q: What will happen to Alaska Pacific Bank branches?

There will be no immediate effect on Alaska Pacific Bank branch locations.

Q: What will happen to the Alaska Pacific Bank employees?

Northrim will retain as many Alaska Pacific Bank employees as possible. All branch and lending personnel will be retained, as well as others from various departments. Employees that will not be staying with the bank after the transition will be assisted in finding other employment. Alaska Pacific Bank employees will help create a smooth transition during the merger and Northrim Bank is looking forward to welcoming the employees into the Northrim family.

Q: How will my account(s) at Alaska Pacific Bank be affected? What about my checks, debit cards, online banking and statements?

Until we complete the account conversion, set for September, there will be no impact to your bank accounts and services. A month before the conversion, you will receive a full welcome guide, which will include the specific details of your new Northrim accounts, debit cards, checks and statements. You will receive a Northrim Bank debit card in September and will be accessing your accounts through Northrim’s online banking, which has enhanced features and mobile options. After September, you will be able to continue to use your Alaska Pacific Bank checks or you can order new Northrim checks. We will work to make this an easy process for you.

Q: Will Alaska Pacific Bank online banking security be changing?

There will be a small update to your current online banking login security effective in early June. This update was planned prior to the merger. The image and passphrase verification will no longer be displayed on the password page when you log in to online banking. This change will not affect the security of your accounts. We will continue to utilize advanced security technology designed to protect against unauthorized access to your online account. You will continue to use your regular Access ID and password to log in to personal online banking until converting into Northrim’s online banking in September. You will be notified through online banking prior to this change.

Q: Why was PopMoney discontinued?

As of March 31, 2014, PopMoney was discontinued for Alaska Pacific Bank customers. This is not a service Northrim Bank currently offers. We apologize for the inconvenience. Please contact customer service for alternative payment methods offered, such as online bill payment and wire transfers.

Q: How will my Alaska Permanent Fund Dividend (PFD) direct deposit be affected by the merger?

Direct deposits of the PFD will not be affected by the merger. Customers who selected their Alaska Pacific Bank account on their 2014 PFD application will see the money deposited into their chosen account, even after it is converted to Northrim Bank.

Q: After the merger, will everything be centralized at Northrim Bank’s headquarters in Anchorage?

After the merger is completed, some operations will be centralized, but Northrim expects to maintain local decision making and to continue a strong regional presence.

Q: Where can I learn more about Northrim Bank’s products and services?

You can learn more at Or by calling Northrim toll-free at 1-800-478-BANK (2265).

Q: What about my stock in Alaska Pacific Bancshares?

Northrim BanCorp, Inc. is purchasing all of the outstanding stock of Alaska Pacific Bancshares, Inc. A press release that describes the transaction can be found under News Releases on our Investor Relations page.

Q: How do I get in contact with Alaska Pacific Bank or Northrim Bank if I have any questions?

Alaska Pacific Bank

2094 Jordan Avenue
Juneau, Alaska 99801
(907) 789-4844

410 Mission Street
Ketchikan, Alaska 99901
(907) 228-4655

315 Lincoln Street, Suite 206
Sitka, Alaska 99835
(907) 747-8688
Member FDIC • Equal Housing Lender

Northrim Bank

3111 C Street
Anchorage, Alaska 99503
(907) 562-0062 • 1-800-478-BANK (2265)

12812 Old Glenn Highway
Eagle River, Alaska 99577
(907) 694-8998

850 E. USA Circle
Wasilla, Alaska 99654
(907) 562-0062

360 Merhar Avenue
Fairbanks, Alaska 99701
(907) 562-0062
Member FDIC • Equal Housing Lender


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Member FDICEqual Housing Lender