Business Context and Reporting Period
This Form 8-K reports a corporate reorganization for Northrim BanCorp, Inc. (the "Registrant") effective as of the close of business on December 31, 2001. Northrim Bank became a wholly-owned subsidiary of the new bank holding company through a merger with the Registrant's interim bank subsidiary. The Registrant became a reporting company under the Securities Exchange Act of 1934 effective January 14, 2002.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on the structural change of the entity rather than financial performance data.
Material Changes
- Corporate Structure: Northrim Bank transitioned to a wholly-owned subsidiary of Northrim BanCorp, Inc.
- Shareholder Exchange: Shareholders of Northrim Bank common stock received one share of Northrim BanCorp, Inc. common stock for each share held.
- Regulatory Status: The Registrant commenced SEC reporting obligations on January 14, 2002.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors. It references a press release (Exhibit 99.1) for additional details regarding the consummation of the reorganization.
Key Facts for Investor Verification
- Confirm the one-for-one exchange ratio of Bank common stock to Registrant common stock.
- Verify the effective date of the reorganization (December 31, 2001) and the start of SEC reporting (January 14, 2002).
- Review the attached press release (Exhibit 99.1) for further details on the transaction.