2015 March 16 by Brad Ogura
18th Consecutive Quarter for 5-Star Award
March 16, 2015 – BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars) for the 18th consecutive quarter. For a bank to bear the five-star (superior) emblem, it must have received an excellent or superior rating for 11 consecutive quarters. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.
Since 1983 BauerFinancial has been compiling information that federal regulators require financial institutions to file every quarter. The information is subjected to a thorough analysis and is compared with historical data for consistency. Upon completion of the analysis, a star rating is assigned based on a scale of zero to five starts, with five stars the highest.
No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about BauerFinancial visit their website.
2015 March 11 by Brad Ogura
“Washington’s Banks Looking Pretty Good” says Industry Analyst
March 11, 2015 – In a recent Puget Sound Business Journal article by local digital managing editor Emily Parkhurst, Puget Sound Bank is highlighted as Washington state’s fifth-best as ranked several ratios, including earnings, asset quality, capitalization, growth and other factors.
The list was compiled by St. Louis-based industry analyst Kirk Briden, a banking industry veteran who goes beyond traditional measure criteria to measure performance. As Parkhurst points out in her article, the strength of a bank is important for businesses looking for a loan because banks that are not performing well can have issues with regulators, which can make it more difficult to work with them.
She quotes Briden as saying “When you start running into trouble, regulators often define a very narrow box to confine (the bank) to.” Read her full article to see Briden’s top 25 banks in Washington state.
2015 March 5 by Brad Ogura
Join Puget Sound Bank at Bellevue LifeSpring’s March Benefit Luncheon
March 5, 2015 — This year’s Step Up to the Plate benefit luncheon for Bellevue LifeSpring will focus on two critical areas for those in Bellevue living in poverty: food and education. Puget Sound Bank is honored to support Bellevue LifeSpring’s outreach to those struggling with these basic needs.
Jim Mitchell, Puget Sound Bank president and chief executive officer — and chair of Bellevue LifeSpring’s board of directors as well — invites community members to attend the event on Thursday, March 26, 2015 at Meydenbauer Center in Bellevue. The event begins at 11:30 with a lunch and program. Suggested donation is $150. For more information visit Bellevue LifeSpring online.
2015 January 30 by Brad Ogura
Recognized for Dedication and Commitment to Service
January 30, 2015 — Puget Sound Bank recently announced Teresa Lundman has been promoted to assistant vice president, customer service supervisor.
“Teresa’s dedication and commitment to consistently exceeding our customers’ expectations has been critical to supporting the Bank’s phenomenal growth,” said LoAnn Phung, Puget Sound Bank vice president and customer service manager.
Ms. Lundman joined Puget Sound Bank in 2011 and was promoted to customer service associate supervisor in 2012. She is a Seattle native and has worked in customer service positions for a number of community banks for nearly 20 years.
2015 January 28 by Brad Ogura
American Bankers Association Raises Awareness for Data Privacy Day
January 26, 2015 — WASHINGTON — In recognition of Data Privacy Day on Jan. 28, the American Bankers Association is urging bank customers to take an active role in protecting their privacy. Banks use a combination of safeguards to protect customer data, which allows them to detect unusual spending patterns and protect accounts. Customers also play an important role in safeguarding personal financial information.
“Banks’ first priority is protecting their customers’ information,” said Frank Keating, ABA president and CEO. “While banks provide strong data protections, customers are the first line of defense. A partnership between banks and customers is the most effective way to protect financial data.”
To help ensure the safety of personal and financial information, ABA suggests following these four tips:
Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft – theft by someone the victim knows – is the most common type of identity theft or fraud, don’t share your passwords with family members and be mindful of who has access to your personal information.
Keep tabs on your accounts. Check account activity and online statements often, instead of waiting for the monthly statement. You are the first line of defense because you know right away if a transaction is fraudulent. If you notice unusual or unauthorized activity, notify your bank right away. When a customer reports an unauthorized transaction in a timely manner, the bank will cover the loss and take measures to protect the account.
Stay alert online. Be sure computers and mobile devices are equipped with up-to-date anti-virus and malware protection. Never give out your personal financial information in response to an unsolicited email, no matter how official it may seem. Your bank will never contact you by email asking for your password, PIN, or account information. Only open links and attachments from trusted sources. When submitting financial information on a website, look for the padlock or key icon at the top or bottom of your browser, and make sure the Internet address begins with “https.” This signals that your information is secure during transmission.
Mobilize your defenses. Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. Before you donate, sell or trade your mobile device, be sure to wipe it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen. Use caution when downloading apps, as they may contain malware and avoid opening links and attachments – especially from senders you don’t know.
Tips for Victims:
If you are a victim of fraud and suspect your personal information has been compromised, you should take the following steps:
Call your bank and credit card issuers immediately so they can take necessary steps to protect your account.
File a police report and call the fraud unit of the three credit-reporting companies.
Consider placing a victim statement in your credit report and a fraud alert on your account.
Keep a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.
Contact the FTC’s ID Theft Consumer Response Center at 1-877-ID THEFT (1-877-438-4338) or www.ftc.gov/idtheft.
Data Privacy Day commemorates the 1981 signing of the first legally binding international treaty dealing with privacy and data protection. It is led by the National Cyber Security Alliance, a non-profit, public private partnership focused on cyber security education for all online citizens.
The American Bankers Association is the voice of the nation’s $15 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend more than $8 trillion in loans. Learn more at aba.com.
ABA Media Contact: Sarah Grano
Follow us on Twitter: @ABABankers
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2015 January 21 by Brad Ogura
Fourth Quarter ROE reaches 10.29% and ROA hits 1.01%
January 21, 2015 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $3.2 million or $1.06 per share for the year ending December 31, 2014, which compares to $2.2 million or $.77 per share for the year-earlier period. Net income for the quarter ending December 31, 2014 was $952,426 or $0.31 per share as compared to $553,366 or $0.18 per share for the year-earlier quarter.
2015 January 6 by Brad Ogura
Please note that Puget Sound Bank will be closed on Monday, January 19, 2015 in observance of the birthday of Martin Luther King, Jr. We will reopen normal business hours on Tuesday, January 20, 2015.
For a full schedule of bank holidays refer to our calendar.
2014 December 18 by Brad Ogura
17th Consecutive Quarter for Top Rating
December 18, 2014 – Puget Sound Bank received BauerFinancial’s 5-Star rating, indicating our strength based upon their performance criteria. For a bank to bear the five-Star (superior) emblem, it must have received an excellent or superior rating for 11 consecutive quarters. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.
BauerFinancial is an independent research firm that analyzes and reports on bank and credit unions. Since 1983 BauerFinancial has been compiling information federal regulators require financial institutions to file every quarter. The information is subjected to a thorough analysis and is compared with historical data for consistency. Upon completion of the analysis, a star rating is assigned based on a scale of zero to five starts, with five stars the highest.
No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about
BauerFinancial visit their website.
2014 December 15 by Brad Ogura
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.
2014 December 1 by Brad Ogura
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.