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Puget Sound Bank Receives Another “Superior” Rating

2015 March 16 by

18th Consecutive Quarter for 5-Star Award

5-star logo MARCH 2015March 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.

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Puget Sound Bank Ranked 5th in State

2015 March 11 by

“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.

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Teresa Lundman Promoted to Assistant Vice President

2015 January 30 by

Teresa Lundman

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.

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Puget Sound Bank Net Income Increases 49% in 2014

2015 January 21 by

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.

Read the complete earnings release

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BauerFinancial Continues to Rate Puget Sound Bank with 5 Stars

2014 December 18 by

17th Consecutive Quarter for Top Rating

5-star-logo-December-2014December 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.

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Puget Sound Bank Teams with Bellevue LifeSpring

2014 December 15 by

Milinda Tang, Puget Sound Bank wire specialist, pauses a moment at the Bank's wrapping party in preparation to deliver gifts to Bellevue LifeSpring's distribution center.

Milinda Tang, Puget Sound Bank wire specialist, pauses a moment at the Bank’s wrapping party in preparation to deliver gifts to Bellevue LifeSpring’s distribution center.


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.

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Puget Sound Bank Ranked 52nd Healthiest Bank in America

2014 October 29 by

Top 200 Deposit Accounts Award trans

October 29, 2014 – Bellevue, Wash. – Puget Sound Bank was ranked 52 out 6,500 banks in the United States by DepositAccounts.com, an online publication that grades federally insured banks based on capitalization, deposit growth, loan-to-reserve ratios and other factors.

At number 52, Puget Sound Bank is the top-rated Washington state bank.
In addition to ranking banks, DepositAccounts.com also gathers and reports deposit information and publishes articles highlighting current banking deals, providing expert depository market and product analyses.

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Troy Runner Joins Puget Sound Bank

2014 October 28 by

Troy Runner

October 28, 2014 — Puget Sound Bank (OTCQB: PUGB) today announced Troy Runner has joined the Bank as a customer service associate.

“We’re pleased to have Troy join our team,” said LoAnn Phung, Puget Sound Bank vice president and customer service manager.“ As we continue to grow it’s critical we hire and retain accomplished bankers such as Troy.”

Mr. Runner has worked in various customer service positions for a number of local financial institutions for nearly 20 years. Throughout his career he has consistently earned accolades for his ability to connect with customers, build relationships and create operational efficiencies.

He is a Seattle native and active with The Arc of King County, a local organization serving individuals with intellectual and development disabilities.

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Third Quarter Results Up 41%

2014 October 15 by

Quarterly Performance Sets Stage for Extraordinary Year

October 15, 2014 — Puget Sound Bank (OTCQB: PUGB) reported net income for the third quarter of 2014 of $849,682 or $.28 per share, a 41% increase as compared to $601,533 or $.20 per share for the third quarter of 2013.

“The surge in performance driving our net income to nearly $850,000 – the highest level since our founding – results from all areas of the Bank performing at exceptional levels,” said Jim Mitchell, president and chief executive officer. “The board and I are particularly pleased with this earnings growth, which has been driven by strong loan and deposit growth.”

Read the complete earnings release

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Nancy Pellegrino Joins Puget Sound Bank as New Board Member

2014 September 17 by

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.”

Read the complete announcement.

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