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

Rhea-AI Summary

Northrim BanCorp has announced the retirement of Steve Aldrich, CEO of Residential Mortgage, effective May 5, 2023. Aldrich has been with the company since its inception in 1998, holding various leadership roles over the years. He will continue to serve on the Residential Mortgage Board of Managers post-retirement. Mike Baldwin, who has 37 years of experience in the mortgage industry and has been with Residential Mortgage since 2021, will succeed Aldrich as President, CEO, and COO, effective May 8, 2023. Northrim BanCorp, the parent company of Northrim Bank, operates 19 branches across Alaska and has a dedicated focus on the state's economy.

Positive

• Mike Baldwin's extensive experience (37 years in the mortgage industry) may provide stability and continuity for Residential Mortgage.
• Aldrich's long tenure and community dedication suggest a strong company culture and support for local engagement.

Negative

• The leadership transition may introduce uncertainties in strategic direction for Residential Mortgage.
• Steve Aldrich's departure might impact existing customer relationships, given his long-standing presence in the company.

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

Contact:	Joe Schierhorn, President, CEO, and COO
	(907) 261-3308
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

FAQ

Who is replacing Steve Aldrich as CEO of Residential Mortgage?

Mike Baldwin will succeed Steve Aldrich as CEO of Residential Mortgage, effective May 8, 2023.

What is the effective date of Steve Aldrich's retirement from Residential Mortgage?

Steve Aldrich's retirement becomes effective on May 5, 2023.

How long did Steve Aldrich work at Residential Mortgage?

Steve Aldrich worked at Residential Mortgage for 25 years since its establishment in 1998.

What experience does Mike Baldwin have in the mortgage industry?

Mike Baldwin has 37 years of experience in the mortgage industry, with 32 years in executive management.

What community services does Northrim BanCorp provide?

Northrim BanCorp operates 19 branches across Alaska, serving approximately 90% of the state's population.