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You are here now : Puget Sound Bank > Articles by: Brad Ogura

BauerFinancial Continues to Rate Puget Sound Bank with 5 Stars

2014 December 18 by

17th Consecutive Quarter for Top Rating

December 18, 2014 – Puget Sound Bank received BauerFinancial’s 5-Star rating, indicating our sound performance based upon their performance criteria. For a bank to bear the 5-Star (superior) emblem, it must have received an excellent or superior rating for 11 consecutive quarters.

BauerFinancial uses the information compiled by federal regulators from banks and then uses a complex formula factoring in current and historical data. Some of the criteria rated (but are not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.

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Puget Sound Bank Teams with Bellevue LifeSpring

2014 December 15 by

Milinda Tang, Puget Sound Bank wire specialist, pauses a moment at the Bank's wrapping party in preparation to deliver gifts to Bellevue LifeSpring's distribution center.

Milinda Tang, Puget Sound Bank wire specialist, pauses a moment at the Bank’s wrapping party in preparation to deliver gifts to Bellevue LifeSpring’s distribution center.


Bank Participates in Adopt-a-Family Program

December 15, 2014 — Now a Christmas tradition at Puget Sound Bank, employees once again teamed with Bellevue LifeSpring to help make the holiday season a bit merrier for a local family. This year Puget Sound Bank employees adopted a family for both Thanksgiving and Christmas, providing food, gifts and a grocery-store gift card.

Bellevue LifeSpring’s Adopt-a-Family program matches local families in need with organizations such as Puget Sound Bank. Those interested in helping distribute food and gifts at the Christmas distribution center may contact the organization at info@BellevueLifeSpring.org. Support is needed to pack food boxes, load and unload deliveries and distribute food to individuals or families that lack transportation or are disabled.

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Puget Sound Bank Wants You to Stay Safe

2014 December 1 by

Avoid Holiday Shopping Scams

December 1, 2014 — In the wake of recent data breaches, shoppers should be on high alert while purchasing their presents this holiday season. While millions of credit and debit card transactions are conducted safely every day, it’s important to be aware of potential holiday scams. The American Banking Association has asked member banks to share these tips to help consumers keep their information safe whether shopping in the store or online:

  • Monitor your account. Use online and mobile banking to keep an eye on your transactions, especially during the holidays. Notify your bank right away if there’s any fraudulent activity.
  • Beware of phishing scams. During the holidays, criminals will often create a fake email for a deal that’s too good to be true. If you click on any links within the email, you may be downloading malware onto your computer or you may be asked for payment information that could lead to fraud.
  • Limit large sums of cash. Even though we’ve seen financial crime migrate from physical to cyber, consumers should be careful not to carry around large sums of cash when shopping.
  • Secure your internet connection. If shopping online, make sure you do so from a password protected wi-fi network. Never access online banking from a public wi-fi network.
  • Shop safely. Before making an online purchase, make sure the website uses secure technology. When you’re at the checkout screen, verify that the web address begins with https. Also, check to see if a tiny locked padlock symbol appears on the page.
  • Read the site’s privacy policies. Though long and complex, privacy policies tell you how the site protects the personal information it collects. If you don’t see or understand a site’s privacy policy, consider doing business elsewhere.

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Puget Sound Bank Ranked 52nd Healthiest Bank in America

2014 October 29 by

Top 200 Deposit Accounts Award trans

October 29, 2014 – Bellevue, Wash. – Puget Sound Bank was ranked 52 out 6,500 banks in the United States by DepositAccounts.com, an online publication that grades federally insured banks based on capitalization, deposit growth, loan-to-reserve ratios and other factors.

At number 52, Puget Sound Bank is the top-rated Washington state bank.
In addition to ranking banks, DepositAccounts.com also gathers and reports deposit information and publishes articles highlighting current banking deals, providing expert depository market and product analyses.

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Troy Runner Joins Puget Sound Bank

2014 October 28 by

Troy Runner

October 28, 2014 — Puget Sound Bank (OTCQB: PUGB) today announced Troy Runner has joined the Bank as a customer service associate.

“We’re pleased to have Troy join our team,” said LoAnn Phung, Puget Sound Bank vice president and customer service manager.“ As we continue to grow it’s critical we hire and retain accomplished bankers such as Troy.”

Mr. Runner has worked in various customer service positions for a number of local financial institutions for nearly 20 years. Throughout his career he has consistently earned accolades for his ability to connect with customers, build relationships and create operational efficiencies.

He is a Seattle native and active with The Arc of King County, a local organization serving individuals with intellectual and development disabilities.

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Third Quarter Results Up 41%

2014 October 15 by

Quarterly Performance Sets Stage for Extraordinary Year

October 15, 2014 — Puget Sound Bank (OTCQB: PUGB) reported net income for the third quarter of 2014 of $849,682 or $.28 per share, a 41% increase as compared to $601,533 or $.20 per share for the third quarter of 2013.

“The surge in performance driving our net income to nearly $850,000 – the highest level since our founding – results from all areas of the Bank performing at exceptional levels,” said Jim Mitchell, president and chief executive officer. “The board and I are particularly pleased with this earnings growth, which has been driven by strong loan and deposit growth.”

Read the complete earnings release

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Nancy Pellegrino Joins Puget Sound Bank as New Board Member

2014 September 17 by

September 17, 2014 – Puget Sound Bank (OTCQB: PUGB) announced that Nancy Pellegrino was appointed to the Company’s board of directors in a new board position, expanding the number of directors to 11.

Ms. Pellegrino has more than 30 years of experience in the private banking and wealth management industry. Most recently she was managing director and Pacific Northwest market head for Citi Private Bank where she and her team provided comprehensive wealth management, banking and capital markets solutions to ultra wealthy clients, family offices and nonprofits.

“We’re thrilled to bring Nancy’s incredible depth of industry knowledge and nonprofit board experience to the Bank,” said Jim Mitchell, Puget Sound Bank president and chief executive Officer. “Her background and insight will help the board, management and staff achieve new levels of success as we continue to grow this organization.”

Read the complete announcement.

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16th Consecutive Quarter for Superior Financial Soundness

2014 September 9 by

September 9, 2014 – Puget Sound Bank has received the five-star rating from BauerFinancial for the 16th consecutive quarter. This “superior” rating is only available to banks that have received an excellent or superior rating for a minimum of 11 consecutive quarters.

BauerFinancial is a nationally recognized, independent bank rating and research firm. Only 10 percent of the nation’s approximate 7,000 banks have earned this 5-Star Superior Quality Rating. This rating indicates they have done their research to determine the overall financial picture of the Bank. Areas reviewed include but are not limited to capital ratio, profitability/loss trend, evaluating the level of delinquent loans, charge-offs and repossessed assets, the market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), historical data and liquidity.

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Curtis Drury Joins Puget Sound Bank

2014 July 17 by

New Relationship Manager Joins Team of Business Bankers

July 17, 2014 — Puget Sound Bank (OTCQB: PUGB) announced that Curtis Drury has joined the Bank as vice president, senior relationship manager.

Mr. Drury joins Puget Sound Bank as it continues to expand its presence in the region as one of the leading commercial banks serving small- to medium-size businesses. “We’re pleased to add Curtis to our team of seasoned business bankers,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “He has a community-banking focus and understands how to best serve customers’ wide range of needs, and he has a well-rounded background to serve a variety of types of customers.”

Mr. Drury is a Northwest native and a graduate of the University of Washington. A resident of Mukilteo, Washington, he is a longtime supporter of youth athletics and currently coaches youth baseball and soccer teams.

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Profits Increase 40% in Second Quarter

2014 July 16 by

Results Driven by Acquisition,
Organic Growth and Excellent Credit Quality

July 16, 2014 — Puget Sound Bank (OTCQB:PUGB) reported net income for the second quarter 2014 of $668,798 or $.22 per share, a 40% increase as compared to $476,416 or $.18 per share for the second quarter of 2013.

Puget Sound Bank’s loan portfolio increased 21% compared to a year ago to $300.7 million as the Bank continues to focus on relationships with small- and medium-sized businesses. Commercial and industrial (C&I) loans account for approximately 63% of the Bank’s portfolio, placing the Bank in the top 15% of all commercial banks in Washington state as a percentage of total loans.

Read the complete earnings release.

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