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Puget Sound Bancorp Reports 18% Net Income Growth

2017 July 26 by

Zero Nonperforming Assets at Quarter-End

July 26, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported net income of $1.3 million or $0.37 per share for the quarter ending June 30, 2017, as compared to $1.1 million or $0.32 per share for the year earlier period.

“This double-digit (18%) earnings growth results from our strong and disciplined balance sheet growth, an improving interest-rate environment, and fees from increasing loan commitments,” said Jim Mitchell, Puget Sound Bank chief executive officer, “We are pleased to deliver this bottom-line growth as we continually invest to improve the customer experience at Puget Sound Bank.”

Read the complete news release.

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Puget Sound Bank Nominated as Best Company

2017 January 20 by

Best Cos SBM 2017January 20, 2017 — For the second consecutive year Puget Sound Bank has been nominated as a Best Company for Seattle Business Magazine’s annual 100 BEST COMPANIES TO WORK FOR rankings.

The research firm Fieldwork Webwork compiles and ranks the detailed responses of thousands of employees who rate their firms anonymously in these categories: benefits, communication, corporate culture, hiring/retention, executive leadership, performance standards, responsibility/decision making, rewards/recognition, training/education and workplace environment.

Last year Puget Sound Bank was one of 100 companies in Washington state to receive the award. Companies who make this year’s list will be announced June 22, 2017.

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24th Consecutive 5-Star Rating from BauerFinancial

2016 September 9 by


Highest Rating (“Superior”)

September 9, 2016 – For the 24th 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.

BauerFinancial has been analyzing and reporting on the nation’s banks since 1983. This 5-start rating indicates that Puget Sound Bank is one of the strongest banks in the nation.

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PSB Director Recognized by the University of Puget Sound

2016 August 3 by

Thomas Leavitt Receives 2016 Distinguished Alumni Award

August 3, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced that Thomas Leavitt, one of its founding directors, was honored by the University of Puget Sound with a 2016 Distinguished Alumni Award.

“From our inception Tom has helped shape the values that have been key to our consistent and ongoing success,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “As with others in our organization he continually demonstrates the importance of working to build strong and vibrant communities. We’re proud to see Tom recognized for his many years of service to the university.”

Mr. Leavitt has been active with the University of Puget Sound since enrolling in 1968. He was the first student body president to serve as an ex-officio member of the board of trustees, to which he would later serve 25 years. In addition to receiving an undergraduate degree, he then went on to graduate from the University of Puget Sound law school.

As a trustee at the University of Puget Sound, he served on every standing committee, demonstrating what the school described as extraordinary service and leaving an indelible mark. His son Alex graduated from the university in 2010, and in 2014 he and his family established the Leavitt Family Endowed Scholarship to support students who are committed to community service.

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Puget Sound Bank Promotes Dean T. Peterson

2016 April 22 by

April 22, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB:PUGB), announced the promotion of Dean T. Peterson to vice president, relationship manager.

Read the complete release.

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Puget Sound Bank Reports Third Quarter Results

2015 October 22 by

First Million-Dollar Net-Income Quarter

October 22, 2015 — Puget Sound Bank (OTCQB:PUGB) reported net income for the third quarter of 2015 of $1.0 million or $.29 per share, an 18% increase as compared to net income of $849,682 or $.28 per share for the third quarter of 2014.

Net income for the nine months ending September 30, 2015, was $2.9 million or $0.89 per share as compared to $2.3 million or $0.74 per share, a 26% increase from the year-earlier period.

Read the complete news release.

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Jim Mitchell Elected Chairman

of Washington Bankers Association

2015 July 1 by

Washington’s Oldest and Largest Financial Services Trade Association

July 1, 2015 — Puget Sound Bank (OTCQB: PUGB) today announced that Jim Mitchell, Puget Sound Bank president and chief executive officer, was elected chairman of the board of the Washington Bankers Association (WBA), Washington’s oldest and largest financial services trade association, with members representing 95 percent of all commercial bank deposits in the state. Read the complete news release

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