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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, 2013 – Bellevue, Wash. – Puget Sound Bank (OTCQB: PUGB) was ranked 52 out 6,500 banks in the United States by, 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, 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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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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16th Consecutive Quarter for Superior Financial Soundness

2014 September 9 by

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.

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Curtis Drury Joins Puget Sound Bank

2014 July 17 by

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.

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Profits Increase 40% in Second Quarter

2014 July 16 by

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.

Read the complete earnings release.

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Net Income Up 41% for Puget Sound Bank

2014 April 16 by

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.

Read the complete earnings release.

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Growth Conference Panel to Feature Jim Mitchell

2014 April 9 by

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,, 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 or contact Michelle King, director of marketing, (800) 826-8987.

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Jane K. Miller Promoted to Vice President

2014 March 19 by

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.).

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PSB Joins Bankers Care to Support Northwest Harvest

2014 March 4 by

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.

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