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                                                                    EXHIBIT 10.8

                                  NORTHRIM BANK

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

                             Amended January 6, 2000

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                                TABLE OF CONTENTS
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SECTION 1                  DEFINITIONS.........................................................................     1

         1.1      Beneficiary..................................................................................     1
         1.2      Committee....................................................................................     1
         1.3      Company......................................................................................     1
         1.4      Early Retirement Date........................................................................     1
         1.5      ERISA........................................................................................     1
         1.6      Normal Retirement Date.......................................................................     1
         1.7      Participant..................................................................................     2
         1.8      Plan.........................................................................................     2
         1.9      Retirement Plan..............................................................................     2
         1.10     Trust........................................................................................     2
         1.11     Trust Fund...................................................................................     2
         1.12     Trustee......................................................................................     2

SECTION 2                  ELIGIBILITY AND PARTICIPATION.......................................................     2

SECTION 3                  SUPPLEMENTAL RETIREMENT BENEFIT.....................................................     2

         3.1      Amount.......................................................................................     2
         3.2      Form of Payment..............................................................................     3
         3.3      Benefit Commencement.........................................................................     3
         3.4      Survivor's Benefits..........................................................................     4

SECTION 4                  GENERAL PROVISIONS..................................................................     4

         4.1      Right to Amend or Terminate..................................................................     4
         4.2      No Right of Employment.......................................................................     4
         4.3      Plan Funding.................................................................................     4
         4.4      Unsecured Benefit............................................................................     4
         4.5      Reporting....................................................................................     4
         4.6      Trust Agreement..............................................................................     4
         4.7      Administration...............................................................................     5
         4.8      No Assignment................................................................................     5
         4.9      Binding Effect...............................................................................     6
         4.10     Governing Law................................................................................     6

SECTION 5                  DUTIES UPON INSOLVENCY..............................................................     6

         5.1      Duty to Inform...............................................................................     6
         5.2      Actions Required.............................................................................     6
         5.3      Insolvency...................................................................................     6
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                                  NORTHRIM BANK
                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

         The purpose of this Supplemental Executive Retirement Plan (the "Plan")
is to award individuals for their continued commitment to Northrim Bank
("Bank"), and to provide a supplemental retirement benefit, since retirement
benefits under Northrim Bank Retirement Plan have been limited in recent years
by Congress under the Internal Revenue Code. It is intended that this Plan will
assist in retaining and attracting individuals of exceptional ability by
providing them with the benefits provided hereunder.

         This Plan will be effective as of July 1, 1994.

                                    SECTION 1

                                   DEFINITIONS

         1.1      Beneficiary shall mean the individual(s) designed by the
Participant on a form provided by the Committee. If no individual is designated,
the Beneficiary shall be: (i) the spouse, if the participant is married on the
date of death; or if unmarried, the Participant's estate.

         1.2      Committee shall mean the individuals as may from time to time
be appointed by the Board of Directors of Northrim Bank to administer the Plan
in accordance with Section 4.7 hereof.

         1.3      Company shall mean Northrim Bank or any successor corporate
entity. The Company may delegate authority necessary to administer the Plan to
any person or committee.

         1.4      Early Retirement Date shall mean the first day of any month
between a Participant's 55th and 65th birthdays, provided the Participant has
then completed at least 5 years of vesting service under the terms of the
Company's Retirement Plan.

         1.5      ERISA shall mean the Employee Retirement Income Security Act
of 1974, as amended, and any regulations issued pursuant thereto.

         1.6      Normal Retirement Date shall mean the Participant's 65th
birthday. No Participant shall be forced to mandatorily retire merely because
such Participant attains his or her Normal Retirement Date.

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         1.7      Participant shall initially mean those individuals listed on
Exhibit "A" to this Plan. Other individuals may be added from time to time with
the consent of the Board of Directors of Northrim Bank.

         1.8      Plan shall mean this Supplemental Executive Retirement Plan.

         1.9      Retirement Plan shall mean the Northrim Bank Defined Benefit
Retirement Plan and Trust Agreement as may be amended from time to time.

         1.10     Trust shall mean the Rabbi Trust Agreement entered into
between the Company and the Trustee, as amended from time to time, if adopted by
the Board of Directors of the Company.

         1.11     Trust Fund shall mean the cash and other investments held and
administered by the Trustee in accordance with the provisions of the Trust and
the Plan.

         1.12     Trustee shall mean the Committee or any duly appointed
additional or successor corporate or independent trustee appointed and acting in
accordance with Paragraph 4.6 and Section 4 hereof and the Trust Agreement.

                                    SECTION 2

                          ELIGIBILITY AND PARTICIPATION

         Initially, only the individuals listed on Exhibit "A" shall be the only
eligible Participants under this Plan. The Company may, in its sole discretion,
select other eligible Participants from among a select group of the Company's
management or highly compensated employees within the meaning of Sections 201,
301 and 401 of ERISA. All such additional Participants, when added, shall be
listed on Exhibit "A" to this Plan.

                                    SECTION 3

                         SUPPLEMENTAL RETIREMENT BENEFIT

         3.1      Amount. Upon attaining Normal Retirement Age, or Early
Retirement Age, a supplemental retirement benefit shall be payable under the
terms of this Plan. The amount of such payment shall be based on a contribution
being credited annually pursuant to the terms of this Plan. Such contributions
shall be credited on January 1 to an account maintained on behalf of the
Participant. The account shall be further credited with interest compounded
annually. Interest will be credited for the year, or any portion thereof, as of
January 1 based on the Bank's average yield on the

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Bank's total assets, less a three year rolling average of net loan charge-offs
expressed as a percentage of average loans outstanding for the respective
periods. The amount payable to the Participant will be the sum of the
contribution(s) plus accrued interest credited to such Participant's account.

         The amount of a Participant's annual contribution and such
Participant's eligibility date for such contribution shall be attached hereto as
Exhibit "B". Such exhibits shall be individualized for each Participant and
shall be numbered in consecutive order beginning with B-1.

         3.2      Form of Payment. The supplemental benefit from this Plan, as
determined in Section 3.1, shall be paid in monthly installments as follows:

                  (a)      A calculation shall be made to convert the account
balance payable under Section 3.1 to equal installment payments payable over a
period not to exceed fifteen (15) years, in accordance with Participant's
election, or if no election is made, the period shall be fifteen (15) years. The
conversion shall be based upon the time period selected and the applicable
interest rate in effect as of the date of benefit commencement. For purposes of
this paragraph, the applicable interest rate will be fifty (50) basis points
over the applicable U.S. Treasury Note Rate. The applicable U.S. Treasury Note
Rate will be the preceding twelve (12) month average, preceding the commencement
of payments, and will be the nearest quoted rate for a maturity representing
two-thirds of the installment pay-out period. For example, if the installment
period is fifteen (15) years, the applicable U.S. Treasury Note Rate will be the
rate for a note whose term is two-thirds of the fifteen (15) year installment
period, i.e., a 10-Year U.S. Treasury Note. The applicable interest rate will,
therefore, be fifty (50) basis points over the prior average annual rate for a
10-Year U.S. Treasury Note.

                  (b)      Notwithstanding the above, upon the request of the
Participant, the Committee may elect, in its sole discretion, to accelerate
payments provided an irrevocable request is made in writing at least 30 days
prior to the commencement date of the first payment. If an accelerated payment
is made, the Participant will also pay to the Company a penalty equal to two
percent (2%) of the accelerated amount. No such acceleration shall be made to
the detriment of a current creditor of the Company.

         3.3      Benefit Commencement. A Participant's supplemental retirement
benefit shall commence as soon as reasonably practicable following 91 days after
the Participant's termination of employment with the Company, provided the
Participant has attained Normal Retirement Age or Early Retirement Age.

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         3.4      Survivor's Benefits. If the Participant dies prior to the
commencement of such benefits, payments shall commence to the Beneficiary as
soon as practicable after the Participant's death in installments over 15 years,
determined as provided in Section 3.2(a), unless the Committee elects to
accelerate payments without penalty to the Beneficiary. If the Participant dies
after commencement of benefits, benefits shall continue over the remaining
schedule to the Beneficiary, unless the Committee elects to accelerate such
payments without penalty to the Beneficiary.

                                    SECTION 4

                               GENERAL PROVISIONS

         4.1      Right to Amend or Terminate. The Company may, by written
resolution of its Board of Directors, in its sole discretion, terminate, suspend
or amend this Plan at any time, in whole or in part. However, no termination,
amendment or suspension of the Plan will affect a Participant's or Beneficiary's
rights to benefits accrued to the date of amendment, and no amendment shall
accelerate benefits to the Participants to the detriment of the Company's
creditors.

         4.2      No Right of Employment. Nothing contained herein will confer
upon any Participant the right to be retained in the service of the Company, nor
will it interfere with the right of the Company to discharge or otherwise deal
with any Participant without regard to the existence of the Plan.

         4.3      Plan Funding. Supplemental retirement benefits may be paid
either from a Trust Fund established by the Company or from the general or
segregated assets of the Company. All Trust Fund assets, as well as non-Trust
Fund assets, shall at all times remain subject to the claims of the general
creditors of the Company.

         4.4      Unsecured Benefit. The unpaid balance of any account
maintained pursuant to this Plan or Trust is an unsecured, general obligation of
the Company. No Participant has ownership rights with respect to any asset of
the Company or any Trust Fund by reason of his participation in this Plan or any
Trust that may be established hereunder.

         4.5      Reporting. The Company is not required to render any report or
accounting to any Participant until benefits under this Plan are actually paid.

         4.6      Trust Agreement. If the Company elects to establish a Trust
Fund for the payment of supplemental retirement benefits, the Trustee shall
receive and hold all contributions to the Trust Fund made by the Company
pursuant to the Plan and shall hold, invest,

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reinvest, and distribute such fund in accordance with the terms and provisions
of this Plan and the Trust Agreement. The Company or the Committee may engage
the services of qualified, independent investment managers for the purpose of
providing some or all of the investment management for this Plan. The Company or
the Committee may modify the Trust Agreement from time to time to accomplish the
purposes of this Plan and may, with approval, remove any Trustee and select any
successor Trustee. No amendment to the Plan, however, will bind the Trustee
without its consent.

         4.7      Administration. The Company shall designate a Committee to
administer, construe and interpret this Plan. Initially, the Committee shall be
comprised of certain designated officers of the Company. The Committee shall
perform administrative duties as required herein, and shall serve for such terms
as the Company may designate or until a successor has been appointed or until
removed by the Company. No Committee member shall vote on a matter that related
solely to his entitlement to benefits hereunder.

         The construction and interpretation by the Committee of any provision
of this Plan shall be final, conclusive and binding upon all parties, including
the Company and its employees. The Committee has the sole discretion to decide
all issues under this Plan and any Trust that may be established hereunder. Any
decision of the Committee that is not an abuse of discretion or arbitrary and
capricious, shall be upheld by a court of law. The Committee may adopt rules and
regulations to assist it in the administration of the Plan. No member of the
Committee shall be liable for any act performed or determination made, unless
attributable to willful misconduct or lack of good faith. The Company shall hold
the Committee and its members harmless and indemnify them from liability unless
such liability stems from willful misconduct or lack of good faith. All expenses
of administration of the Plan shall be borne by the Company and no part thereof
shall be payable by an Participant in this Plan.

         4.8      No Assignment. Except as provided below, no rights hereunder
are assignable in whole or in part, either by voluntary or involuntary act or by
operation of law. Rights hereunder are not subject to anticipation, alienation,
sale, transfer, assignment, pledge or encumbrance. Such rights are not subject
to the debts, contracts, liabilities, engagements or torts of the Participant or
his Beneficiary. Notwithstanding the above, the Participant's and Beneficiary's
rights hereunder may be assigned to a trust created under the Participant's Last
Will and Testament or similar dispositive instrument.

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         4.9      Binding Effect. This Agreement is binding upon the parties
hereto, and their respective heirs, executors, administrators, successors and
assigns. This Agreement shall bind the Company, and any successor thereto
whether as a result of merger, sale of stock, sale of substantially all the
assets, or otherwise.

         4.10     Governing Law. This Agreement shall be governed by the laws of
the State of Alaska except as may be preempted or superseded by federal law.
Venue shall be the United States District Court, State of Alaska, at Anchorage.

                                   SECTION 5

                             DUTIES UPON INSOLVENCY

         5.1      Duty to Inform. The Board of Directors and/or the Chief
Executive Officer of the Company shall have the duty to inform the Trustee (if a
Trust is established) of the Company's bankruptcy or insolvency, as defined in
Section 5.3 below.

         5.2      Actions Required. When informed of the Company's insolvency or
bankruptcy by the Board of Directors and/or the Chief Executive Officer, the
Trustee shall suspend payments to any Participant or Trust Beneficiary and shall
hold assets for the benefit of the Company's general creditors. Furthermore, if
the Trustee receives other written allegations from any other source (with
proper written documentation supporting the same) of the Company's insolvency,
the Trustee shall suspend all such payments and hold the Trust assets for the
benefit of the Company's general creditors, and must determine within 30 days
whether the Company is in fact insolvent. If the Trustee determines that the
Company is not insolvent, the Trustee will resume payments, including any
benefits previously suspended. In all cases where the Trustee has actual
knowledge of, or has a determination of the Company's insolvency, the Trustee
shall deliver trust assets to satisfy claims of the Company's general creditors
as directed by a court of competent jurisdiction.

         5.3      Insolvency. Insolvency shall mean the complete inability of
the Company to meet its obligations to the Company's creditors in due course.

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         IN WITNESS WHEREOF, the Company has caused this Plan to be executed and
to be effective as of July 1, 1994.

                                    NORTHRIM BANK

                                    By: /s/ Marc Langland
                                        ----------------------------------------
                                        Its:  President

ATTEST:

/s/ Mary A. Finkle
------------------------------------

                      Adopted by the Board of Directors of
                       Northrim Bank on November 3, 1994.

I certify that an amendment to the Plan was approved and adopted by the Board of
Directors of Northrim Bank on January 6, 2000.

                                        /s/ Mary A. Finkle
                                        ----------------------------------------
                                        Secretary

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