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Puget Sound Bank Rated One of Healthiest in Nation

2015 July 21 by

healthiest-banks

Independent Rating Firm Gives Puget Sound Bank an Overall A+

July 21, 2015 — Puget Sound Bank (OTCQB: PUGB) announced that for the second consecutive year it has been named one of the nation’s healthiest banks by DepositAccounts.com, an online publication that assesses the health of banks on various criteria, including capitalization, deposit growth and loan-to-reserve ratios.

Puget Sound Bank is one of only three Washington-state banks that made the list of 200. Every federally insured bank in the United States (over 6,900) was evaluated and graded in order to establish a comprehensive health score and rating.

This recognition for Puget Sound Bank is in addition to maintaining its 5-star rating (“superior,” the highest rating) for 19 consecutive quarters from BauerFinancial, another independent rating firm that analyzes similar financial data to determine and report on the health of banks and credit unions.
Common stock for Puget Sound Bank trades on the OTCQB® electronic marketplace under the symbol PUGB.

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Puget Sound Bank Profits Increase 44% in Second Quarter

2015 July 15 by

Total Assets Grow 19% to Reach $425 Million

July 15, 2015 — Puget Sound Bank (OTCQB: PUGB) reported net income for the second quarter of 2015 of $961,775 or $.28 per share, a 44% increase as compared to $668,798 or $.22 per share for the second quarter of 2014.

“This sustained growth results from Puget Sound Bank’s continued focus on our original model of serving small- to medium-size businesses with outstanding service from preeminent bankers,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “As we celebrate our 10-year anniversary we are continually thankful to our customers who have grown with us and expanded their relationships, and to those who continue to refer new business to us.”

Read the complete earnings release

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Puget Sound Bank Named a Best Workplace

2015 June 23 by

best workplaces 2015

2015 Finalists Announced by Puget Sound Business Journal

June 23, 2015 — Puget Sound Bank (OTCQB: PUGB) today announced that it has been named a finalist in Puget Sound Business Journal’s annual Best Workplaces competition.

“As we celebrate our 10-year anniversary, we are pleased to once again be named a Best Workplace finalist,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “The board, management and I are thrilled that Puget Sound Bank employees consider the Bank one of the region’s best workplaces.”

Puget Sound Business Journal has conducted the Best Workplace awards since 2007. The awards recognize Washington state companies and nonprofits whose employees believe they work at the best places. Thousands of employees at hundreds of workplaces were polled on job satisfaction, employee engagement, advancement practices, senior leadership, organizational communication, benefits, culture and work/life balance.

Puget Sound Bank was named a Best Workplaces finalist in 2012 and most recently was named a top corporate philanthropist by Puget Sound Business Journal for both 2014 and 2015.

Common stock for Puget Sound Bank trades on the OTCQB® electronic marketplace under the symbol PUGB.

About Puget Sound Bank

Puget Sound Bank is one of Washington state’s top commercial banks (as measured by commercial and industrial loans as a percentage of total loans) proudly serving the greater Puget Sound region. Based in Bellevue, Washington, the bank was founded to meet the specialized needs of small- and medium-sized businesses, select commercial real estate projects, professional service providers and high net worth individuals. Puget Sound Bank offers a full range of competitive financial products including an advanced suite of cash management services. Customers can access their accounts in-branch, online, on mobile devices or through Puget Sound Bank’s ATM network throughout the continental United States. For more information visit www.PugetSoundBank.com or call (425) 455-2400.

Puget Sound Bank is consistently rated one of the country’s safest and strongest banks by independent analysts and celebrates its 10-year anniversary this year.

To access investor relations information for Puget Sound Bank, visit www.PugetSoundBank.com/IR or call (425) 467-2037.

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Debbie L. Balovich Joins Puget Sound Bank

2015 June 12 by

Debbie Balovich

Joins Bank as Vice President, Operations Support Services Manager

BELLEVUE, Wash.–(BUSINESS WIRE)– Puget Sound Bank (OTCQB: PUGB) today announced that Debbie L. Balovich joined the Bank as vice president, operations support services manager.

“We are pleased to have a new team member join us with such extensive banking experience,” said Jana Westphal, senior vice president and operations manager. “After a long search we knew we found someone who understands what customers expect and is able to effectively manage systems and people to meet those expectations.”

Read the complete news release

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19th Consecutive 5-Star Rating for Puget Sound Bank

2015 June 10 by

“Superior” Rating for Strength

5-star logo June 2015June 10, 2015 – For the 19th consecutive quarter BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars). The rating system ranges from zero to five stars. 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.

No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about BauerFinancial visit their website.

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Puget Sound Bank Promotes Dean T. Peterson

2015 June 5 by

June 5, 2015 — Puget Sound Bank (OTCQB: PUGB) recently announced the promotion of Dean T. Peterson to assistant vice president, relationship manager.

“Dean has been an important part of our lending team,” said Steve Vincent, Puget Sound Bank senior vice president and team leader. “He has played a critical role in our continued ability to provide great commercial banking services, exceeding our clients standards during the phenomenal growth we have experienced this past year.”

Mr. Peterson joined Puget Sound Bank in 2013 after serving local commercial banking clients for over a decade. His new position will expand his responsibilities to include the development of new relationships as well as continuing to work to ensure the Bank’s services meet clients’ goals and business objectives. He grew up in Seattle and is a graduate of Western Washington University (Bellingham, Wash.).

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Rhonda C. Beck Joins Puget Sound Bank

2015 June 2 by

New Customer Service Officer to Support Bank’s Growth

June 2, 2015 — Puget Sound Bank (OTCQB: PUGB) recently announced that Rhonda C. Beck joined the Bank as a customer service officer.

“We are pleased to have a new team member join us with such extensive banking experience,” said LoAnn Phung, vice president and customer service manager. “In addition,” Ms. Phung added, “her team approach will help continue to ensure our clients receive consistent, timely and knowledgeable service as the Bank grows.”

Ms. Beck has over 15 years of banking experience in various roles, including compliance, new business development and customer service.

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Puget Sound Bank Recognized as a Top Corporate Philanthropist

2015 May 27 by

PSBJ Corp Philanthropist cert 2015 for WordPress

Second Consecutive Year for Bank to Receive Statewide Award

BELLEVUE, Wash.–(BUSINESS WIRE)– Puget Sound Bank (OTCQB: PUGB) announced that the Puget Sound Business Journal named the Bank as one of Washington state’s top 75 corporate philanthropists for the second consecutive year. Puget Sound Bank was ranked twelfth in the small company category (revenues below $20 million) for both 2014 and 2015.

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Puget Sound Bank to Present at Investment Conference

2015 May 5 by

May 5, 2015 — Puget Sound Bank announced that it will present at the annual D.A. Davidson Financial Services Conference on Tuesday, May 12, 2015 in Denver. CO. Jim Mitchell, president and chief executive officer as well as Phil Mitterling, executive vice president and chief financial officer will address conference attendees.

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Net Income Up 30% for Puget Sound Bank

2015 April 15 by

First Quarter ROE reaches 10.07% and ROA at 1.01%

April 15, 2015 – Puget Sound Bank (OTCQB: PUGB) today reported net income of $979,470 or $0.31 per share for the quarter ending March 31, 2015, an increase of 30% as compared to $752,521 or $0.25 per share for the year earlier period.
For the second consecutive quarter, Puget Sound Bank achieved a return on equity above 10% and return on assets above 1% – primary industry ratios used to measure high-performing banks.

“We continue to grow earnings as we build our loan portfolio, prudently balancing risk and return,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “At the same time, we are expanding our service team and supporting technology to ensure the customer experience is the best in the marketplace, and we are always seeking new efficiencies to lower operating costs.”

Read the complete earnings release

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