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You are here now : Puget Sound Bank > Articles by: Richard Lester

Puget Sound Bank Completes Acquisition of Core Business Bank

2013 June 14 by

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.”

Read the complete news release.

Puget Sound Bank Earnings Increase to $533,126 in First Quarter

2013 April 17 by

April 17, 2013 – Puget Sound Bank (OTCBB: PUGB) today reported that net income for the 1Q 2013 increased to $533,126 or $.21 per share from $359,516 or $.14 per share in 4Q 2012. Net income in 1Q 2012 was $517,065 or $.21 per share.

“We continue to have strong balance sheet growth in combination with excellent asset quality. Assets grew 17% from a year ago with continued improvement in nonperforming asset levels,” said Jim Mitchell, President and Chief Executive Officer. “We were particularly pleased to announce an agreement to acquire Core Business Bank (Core). Core is a great fit culturally as their business model focuses on small and medium sized business lending like ours.”

Read the complete earnings release.

Puget Sound Bank Acquires Core Business Bank

2013 March 22 by

Acquisition comes on the heels of 53% annual earnings growth in 2012

March 22, 2013 – Puget Sound Bank (OTCBB: PUGB) and Core Business Bank (Core) today jointly announced the signing of a definitive agreement pursuant to which Puget Sound Bank will acquire Core Business Bank for $8,425,000 with a combination of 20% cash and 80% Puget Sound Bank common stock. This value represents 132% of Core’s December 31, 2012 net book value. The acquisition is expected to be accretive to Puget Sound Bank’s earnings per share and tangible book value per share in the first full year of operations. The deal is expected to close in the second quarter of 2013 and is subject to the customary requirements that include regulatory approval as well as shareholder approval.

Read the complete news release.

Puget Sound Bank Earnings Increase 53% in 2012

2013 January 16 by

January 16, 2013 — Puget Sound Bank (OTCBB: PUGB), today reported that net income for the year increased 53% to $1,932,612 or $.78 per share compared to income of $1,263,963 and $.40 per share for 2011. Net income for 4Q was $359,516 or $.14 per share.

“Puget Sound Bank’s performance was outstanding in 2012,” said Jim Mitchell, President and Chief Executive Officer. “The bank’s earnings grew by 53%, loan and deposit growth continues to be among the highest in the State and nonperforming assets improved to 0.85% of assets.”

Read the complete earnings release.

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Puget Sound Bank Second Quarter Profits Jump 27%

2012 July 18 by

July 18, 2012 — Puget Sound Bank (OTCBB: PUGB.OB), today reported that net income for second quarter increased 27% to $526,381, or $.21 per share compared to $413,145, or $.15 per share for second quarter 2011. Net income for the first six months increased 20% from the same period a year ago to $1,043,446.

“Puget Sound Bank continues to produce consistently strong earnings driven by solid loan and deposit growth and improving credit quality,” said Jim Mitchell, President and Chief Executive Officer. “We are very pleased that the bank’s nonperforming loans are just 0.75% of total assets, which is among the lowest levels in the State.”

Read the complete earnings release.

Puget Sound Bank Recognized as One of Washington’s Best Workplaces in 2012

2012 June 19 by

June 19, 2012 – Puget Sound Bank (OTCBB: PUGB), announced today that is was recently recognized by the Puget Sound Business Journal as a finalist for Washington’s Best Workplaces in 2012.

This year, 85 companies have been named finalists in the Puget Sound Business Journal’s Washington’s Best Workplaces competition. They will be featured in a special report of the Business Journal on August 10th and will be celebrated at an awards event at Safeco Field. Winners of the small, medium, large, and extra-large company categories will be announced there.

Acknowledging the recognition, Puget Sound Bank’s president and chief executive officer Jim Mitchell said, “This is a tribute to our tremendous team and customer-oriented employees that work hard every day to create a positive work environment. We are focused on continually recognizing and appreciating the dedicated banking professionals at Puget Sound Bank.”

Read the complete news release.

Puget Sound Bank Rated 5 Stars Again!

2012 June 7 by

June 7, 2012 – We’ve done it again! BauerFinancial maintained its highest rating for Puget Sound Bank at 5 Stars (“Superior”). BauerFinancial is an independent organization that has been reporting on and analyzing the performance of US banks since 1983. Institutions do not pay a fee to BauerFinancial for their ratings, nor can they avoid a rating. BauerFinancial’s Star ratings are based on the call report data that all banks are required to file with the FDIC on a quarterly basis.

Puget Sound Bank’s continued strong performance in 2012 reflects the core competitive advantage of the bank: strong capital and liquidity, robust deposit and loan growth, and solid credit quality. 

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Teresa Lundman Promoted to Supervisor

2012 May 21 by

May 21, 2012 – Puget Sound Bank is very pleased to announce the promotion of Teresa Lundman to customer service associate supervisor.  In addition to her current role as a senior customer service officer, Teresa will be managing and work closely with customer service associates to ensure effective execution of process and client service delivery.

Puget Sound Bank Hires Nicole Gomez

2012 May 4 by

May 4, 2012 — Puget Sound Bank is pleased to announce the addition of a new operations specialist, Nicole Gomez. Nicole is a University of Washington graduate and has years of back office experience at various other organizations.  In her free time, Nicole likes to camp and kayak with her family.

“Employing dedicated professionals like Nicole enable us to continue to provide stellar service to our clients,” said Jim Mitchell, Puget Sound Bank chief executive officer and president.

Puget Sound Bank First Quarter Profits Increase 13%

2012 April 19 by

April 18, 2012 — Puget Sound Bank (OTCBB: PUGB), reported that strong revenue growth and year-over-year loan growth contributed to net income of $517,065, or $.21 per share for first quarter 2012 compared to $456,124, or $.17 per share for first quarter 2011. 

“Puget Sound Bank’s strong first quarter results are attributable to our continued focus on building strong relationships with small businesses and their owners,” said Jim Mitchell, President and Chief Executive Officer. “Our focus on growing relationships lead to an increase in revenues of 14% from a year ago, compared to growth of just 2% in expenses. These strong results are due to the extraordinary effort of the Puget Sound Bank team. ”

Read the complete earnings release.