2014 September 17 by Brad Ogura
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.”
2014 September 9 by Brad Ogura
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.
2014 July 17 by Brad Ogura
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.
2014 July 16 by Brad Ogura
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.
2014 April 16 by Brad Ogura
First Quarter Results Reflect Successful Acquisition Strategy
April 16, 2014 — Puget Sound Bank (OTCQB:PUGB) today reported record net income of $752,521 or $0.25 per share for the quarter ending March 31, 2014, an increase of 41% as compared to $533,126 or $0.21 per share for the year earlier period.
This quarter’s net income exceeds all previous quarterly results in the Company’s nine-year history and is the first quarter since announcing the purchase of Core Business Bank in March 2013 (completed in June 2013) to include no acquisition costs.
2014 April 9 by Brad Ogura
Industry Leaders to Share and Explore Strategies at Annual Event
BRENTWOOD, Tenn., April 9, 2014 – Jim Mitchell, president and chief executive officer of Puget Sound Bank (OTCQB: PUGB), will speak at the Bank Director’s Growth Conference on May 1, 2014 in a panel session that will discuss where and how banks should be looking for loan growth. The Growth Conference will feature Mr. Mitchell’s insights as an integral part of the event, which explores strategies and concepts to improve efficiencies to provide solutions to the growth challenges faced by the banking industry.
Over 100 chairmen and senior executives of banks, including chief executive officers, presidents, chief marketing officers and senior retail banking executives, are expected to attend the event, which will take place in New Orleans from May 1-2, 2014.
About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its quarterly magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Bank Director is headquartered in Brentwood, Tennessee. For more information about The Growth Conference, visit BankDirector.com/conferences or contact Michelle King, director of marketing, (800) 826-8987.
2014 March 19 by Brad Ogura
March 19, 2014 — Puget Sound Bank recently announced the promotion of Jane K. Miller to vice president, operations support services manager.
“As the Bank has grown and our customers’ needs have become more complex, Jane has been an invaluable resource to ensure we continue to seamlessly meet their needs,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Her expertise, team leadership and mentoring will all help support the anticipated growth of Puget Sound Bank.”
Jane joined Puget Sound Bank in 2007 after serving in various customer service positions in community banks. She is a Northwest native and a graduate of Pacific Lutheran University (Tacoma, Wash.).
2014 March 4 by Brad Ogura
March 4, 2014 — This March, bankers in Washington will join together to make a difference for Northwest Harvest and thousands of hungry people in the community, filling a critical need during a season when many food banks find their shelves are far too empty.
Last year the Bankers Care Spring Food Drive included the participation of approximately 500 local bank branches across the region – spanning from Everett to Olympia. The food drive is coordinated by the Washington Bankers Association, and is built on the individual efforts of many of the banks in their active fight against hunger.
This year we hope to make an even bigger impact in our communities. During the three-week food drive, participating bank branches will serve as donation drop locations. Because Northwest Harvest works with local food banks throughout the region, all contributions directly support the communities in which they are collected.
Please join Puget Sound Bank, March 10 – 31, as we rally together to fight hunger.
2014 January 15 by Brad Ogura
2013 Results Highlighted by Successful Acquisition and Strong Loan Growth
January 15, 2014 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $2.2 million or $.77 per share for the year ending December 31, 2013, which compares to $1.9 million or $.78 per share for the year earlier period. Net income for the current quarter was $553,366 or $0.18 per share as compared to $359,516 or $0.14 per share for the year-earlier quarter. Without one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank completed in June 2013, net income for 2013 would have been $2.7 million or $0.96 per share.
“2013 was truly remarkable for Puget Sound Bank,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “We successfully completed our acquisition of Core Business Bank, ended the year with 0.22% of nonperforming assets to total assets (less than $1 million) and grew assets 26% to $339.3 million.”
2013 October 23 by Brad Ogura
Successful Acquisition Drives Higher-than-Expected Earnings
October 23, 2013 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $601,533 or $.20 per share for the third quarter ending September 30, 2013 as compared to $529,649 or $.21 per share in the third quarter of 2012. Net income for the current quarter would have been approximately $733,000 or $0.24 per share before one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank, completed June 14, 2013.
Net income for the first nine months of 2013 increased to $1.611 million from $1.573 million in the year-earlier period. Without one-time acquisition costs net income for the current nine-months would have been $2.0 million.
“This quarter – the first full quarter with Core Business Bank contributing to our operations – has been particularly strong for the Bank, said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Our credit quality and performance ratios have exceeded our expectations to support our long-term strategy.”