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Puget Sound Bancorp Reports First Quarter Results

2016 April 20 by

Third Consecutive Million-Dollar Net-Income Quarter

April 20, 2016 — Puget Sound Bancorp (OTCQB:PUGB), the holding company for Puget Sound Bank, today reported net income of $1,016,034 or $0.30 per share for the quarter ending March 31, 2016, as compared to $979,470 or $0.31 per share for the year earlier period.

Read the complete news release.

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Puget Sound Bank Named a Top Corporate Philanthropist

2016 April 14 by

One of Washington State’s Top 75

Corporate Citizenship bestApril 13, 2016 — Once again, the Puget Sound Business Journal will honor Puget Sound Bank as one of Washington state’s top corporate philanthropists.

The annual event recognizes cash giving to Washington state nonprofits, and announces the ranking at their annual lunch event (this year, May 19 at the Seattle Sheraton).

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Sam F. Adrian Joins Puget Sound Bank

2016 April 11 by

April 11, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced that Sam F. Adrian joined the company as vice president, relationship manager.

Mr. Adrian works with business owners in the greater Puget Sound market helping them to grow, prosper and effectively manage their organizations. “Hiring Sam supports the Bank’s commitment in building strong partnerships with our clients,” said Katherine Thompson, Puget Sound Bank senior vice president and team leader. “He brings a broad range of community banking experience, especially with small- to medium-size businesses, and will be instrumental in supporting our growth.”

Mr. Adrian currently serves as the treasurer for the board of directors of Firland Foundation, a nonprofit based in Shoreline, Washington that provides employment opportunities for individuals with disabilities. He is a graduate of the University of Iowa.

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Puget Sound Bank Marks 11th Anniversary

2016 April 11 by

April 11, 2016 — Today marks the 11th anniversary of Puget Sound Bank, and each year the Bank pauses to reflect on 11 years of resounding success made possible by our customers, business and community partners, employees and shareholders.

Today, Puget Sound Bank is one of the strongest and most successful business banks in the country. We’ve enjoyed working with our customers, helping them grow and succeed through the years, and we’re pleased to partner with our service providers who have helped us grow and succeed as well.

We are proud to support a variety of community organizations, ranging from basic needs, education and civic support. Puget Sound Business Journal has named Puget Sound Bank one of Washington state’s top corporate philanthropists — and as well, we have been named a Puget Sound Business Journal Best Workplace.

On this special day, we reach out to thank everyone and every organization who has made our success possible.

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Puget Sound Bank Nominated as a Best Workplace

2016 March 31 by

2016 PSBJ logoMarch 31, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced it has been nominated as a Puget Sound Business Journal Best Workplace.

Each year hundreds of companies and nonprofit organizations of all sizes compete for the top honors. Last year Puget Sound Bank was a finalist and participated in Puget Sound Business Journal’s August event honoring the regions’s top 80 organizations.

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Puget Sound Bank a Bellevue LifeSpring HERO FOR HOPE

2016 March 25 by

Event raises $365,000 to support children and families in need


March 25, 2016 – Bellevue LifeSpring’s 17th annual “Step up to the Plate “ lunch, held at Bellevue’s Meydenbauer Center Thursday, hit it out of the park, raising almost $365,000 in one hour.

Puget Sound Bank president and chief executive officer Jim Mitchell, shown at far left, also serves as Bellevue LifeSpring’s president and chair. With him are Bellevue LifeSpring executive director Jennifer Fischer and Bellevue School District superindendent Dr. Tim Mills (at right). Photo by Patti Payne.

For the full story, read Patti Payne’s report as published by the Puget Sound Business Journal on March 25, 2016.

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22nd Consecutive 5-Star Rating for Puget Sound Bank

2016 March 9 by

5-star logo JAN 2016

Highest Rating (“Superior”)

March 9, 2016 – For the 22nd 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.

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Puget Sound Bank Announces Promotions

2016 February 26 by

February 26, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced recent staff promotions:

Joe Cholewczynski has been promoted to document imaging supervisor. In his new role he will distribute workflow for imaging team members and ensure quality control. He joined Puget Sound Bank in 2015 as a document imaging specialist.

Jenny Guimond has been promoted to customer service officer II. In her new role she will help create and implement training programs for the customer service team in addition to continue to service customers. Ms. Guimond joined Puget Sound Bank in 2013 as a customer service associate and was promoted shortly thereafter to customer service officer I.

“Both these promotions reflect Puget Sound Bank’s ongoing commitment to recognizing individuals who understand the Bank’s above-and-beyond service philosophy – within the organization and to our external customers,” said Elaine Wolfe, Puget Sound Bank senior vice president and Bank services manager.

Puget Sound Bank has been named a best workplace, fastest growing company and top corporate philanthropist by the Puget Sound Business Journal and is consistently rated one of the country’s strongest banks by independent analysts.

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

About Puget Sound Bank
Puget Sound Bank, the primary subsidiary of Puget Sound Bancorp, is one of Washington state’s top commercial banks (as measured by commercial and industrial loans as a percentage of total loans). 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 or call (425) 455-2400.

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

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Puget Sound Bancorp Reports
Record Year as Net Income Increases 27%

2016 January 20 by

Fourth Quarter ROE reaches 10.04% and ROA hits 0.95%

January 20, 2016 — Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported record net income of $4.1 million or $1.22 per share for the year ending December 31, 2015, which compares to $3.2 million or $1.06 per share for the year-earlier period, a 27% increase in net income. For the quarter ending December 31, 2015, net income was $1.1 million or $0.33 per share as compared to $952,426 or $0.31 per share for the year-earlier quarter, a 20% increase in net income.

Read the complete news release.

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Puget Sound Bank Offers 7 Tips to Prevent Tax ID Fraud

2016 January 12 by

January 12, 2016 — Tax identity theft has been the most common form of identity theft reported to the Federal Trade Commission for the past five years. It takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, Puget Sound Bank is offering the following tips from the American Bankers Association:

  • File early. File your tax return as soon as you’re able giving criminals less time to use your information to file a false return.
  • File on a protected wi-fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a wi-fi hotspot at a coffee shop.
  • Use a secure mailbox. If you’re filing by mail, drop your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
  • Find a tax preparer you trust. If you’re planning to hire someone to do your taxes, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  • Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  • Beware of phishing scams by email, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS. Know that the IRS will not contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.
  • Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately.
  • If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1-800-908-4490. In addition, you should:
    o Respond immediately to any IRS notice and complete IRS Form 14039, Identity Theft Affidavit.
  • o Contact your bank immediately, and close any accounts opened without your permission or tampered with.

  • Contact the three major credit bureaus to place a ‘fraud alert’ on your credit records:
  • o Equifax,, 800 525-6285
    o Experian,, 888 397-3742
    o TransUnion,, 800680-7289

  • Continue to pay your taxes and file your tax return, even if you must do so by paper.

More information about tax identity theft is available from the FTC at and the IRS at

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