June 14, 2013 -– Puget Sound Bank (OTCBB: PUGB) today announced the completion of its acquisition of Core Business Bank. With its increased assets Puget Sound Bank builds upon its long-term vision of strategically building shareholder value through expanding its customer base.
Total assets are now $320 million and net worth is approximately $43 million with a total risk-based capital ratio of over 15% (well above the FDIC’s 10% minimum it considers to be a well-capitalized bank). The acquisition is expected to be accretive to earnings per share and tangible book value per share in the first full year of operations.
“Our board and executive team carefully evaluated this acquisition to not only ensure we would enhance shareholder value in a prudent and controlled manner,” said Jim Mitchell, Puget Sound Bank president and chief executive officer, “but also better serve our customers to contribute to growth in the Puget Sound region.”