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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, www.Equifax.com, 800 525-6285
    o Experian, www.Experian.com, 888 397-3742
    o TransUnion, www.TransUnion.com, 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 ftc.gov/taxidtheft and the IRS at irs.gov/identitytheft.

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Puget Sound Bank Nominated as a Best Company

2015 December 18 by

Seattle Business Magazine Best Companies 2

Winners to be Announced in June 2016

December 18, 2015 — Puget Sound Bank recently announced that it has been nominated as one of Seattle Business magazine’s 100 Best Companies to Work for. Now in its 27th year, the program recognizes Washington state companies that set the standard for leadership, benefits, work environment, training programs and more. Companies on the 100 Best List are chosen based on responses from employee surveys.

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Puget Sound Bank Provides

Support to Bellevue LifeSpring

2015 December 16 by

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December 16, 2015 — Continuing with our Thanksgiving and Christmas tradition, Puget Sound Bank employees teamed with Bellevue LifeSpring to provide food and presents to a local family in transition.

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.

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21st Consecutive 5-Star Rating for Puget Sound Bank

2015 December 11 by

5-star logo DEC 2015

“Superior” Rating for Strength

December 11, 2015 – For the 21st 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 Staff Promotions

2015 December 3 by

Changes Reflect Growth of Organization

December 2, 2015 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced recent staff promotions:

Danial Meuli has been promoted to cash management lead. She joined Puget Sound Bank in 2013 as a senior cash management specialist.

Anahita Soltani has been promoted to customer service support. She joined the Bank earlier this year as a customer service associate/imaging specialist.

Read the complete news release.

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Puget Sound Bank Forms Holding Company

2015 November 5 by

Bancorp sq

Shareholders Approve Reorganization

November 5, 2015 — Puget Sound Bank (OTCQB: PUGB) announced that it has received shareholder approval to reorganize its operations into a bank holding company. The new holding company, Puget Sound Bancorp, Inc., will continue to trade on OTC Markets with the same trading symbol, PUGB.

Read the complete news release.

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The Healing Center Hosts Puget Sound Bank

2015 September 21 by

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PSB Staff Lends a Helping Hand
as Part of United Way Day of Caring

September 18, 2015 — Puget Sound Bank staff spent part of the day at The Healing Center of Seattle as part of United Way’s annual Day of Caring. It was a day of hard work — cleaning, washing and organizing at this community center for grief support.

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20th Consecutive 5-Star Rating for Puget Sound Bank

2015 September 9 by

“Superior” Rating for Strength

September 9, 2015 – For the 20th 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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Jacob Beaty Joins Puget Sound Bank

2015 August 18 by

Jacob Beaty web

New Depth of Experience Added to Management Team

August 18, 2015 –Puget Sound Bank (OTCQB:PUGB) announced that Jacob Beaty joined the Bank as vice president, financial reporting and analysis officer.

In this newly created position Mr. Beaty will be responsible for building and managing the Bank’s key management reporting processes, including profitability management systems and product pricing. Read the complete news release

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