2013 April 4 by Brad Ogura
April 4, 2013 — From March 1st through April 5th, 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 where many food banks find their shelves are far too empty.
The Bankers Care 2013 Spring Food Drive includes the participation of approximately 500 local bank branches across the region spanning from Everett to Olympia. The campaign builds on the individual efforts of many of the banks in their active fight against hunger, increasing the reach and impact by collectively helping the hungry in our communities.
Puget Sound Bank is proud to serve as a drop location for cash and non-perishable food items. Additional information can be found by following the link provided below.
2012 October 17 by Brad Ogura
Oct. 17, 2012 — Puget Sound Bank (OTCBB: PUGB), today reported that net income for third quarter increased to $529,649 or $.21 per share compared to a loss of $350,406, for third quarter 2011. Net income for the first nine months increased to $1,573,095 from $518,862 in the same period a year ago.
“Puget Sound Bank achieved quarterly earnings in excess of $500,000 for the fourth consecutive quarter driven by growth in lending to small and medium sized businesses and solid credit quality,” said Jim Mitchell, President and Chief Executive Officer. “This is a result of an experienced, customer-oriented staff that provides a higher level of service and counsel to our business clients.”
Loans grew 6% to $201 million from $190 million in third quarter 2011. Commercial and industrial (C&I) loans, including owner-occupied commercial real estate loans, accounted for 65% of the loan portfolio at the end of the quarter.
Deposits grew 8% to $227 million from $210 million a year ago. Noninterest-bearing deposits increased 11% from third quarter 2011 and accounted for 34% of total deposits.
2012 June 19 by Richard Lester
June 19, 2012 – Puget Sound Bank (OTCBB: PUGB), announced today that is was recently recognized by the Puget Sound Business Journal as a finalist for Washington’s Best Workplaces in 2012.
This year, 85 companies have been named finalists in the Puget Sound Business Journal’s Washington’s Best Workplaces competition. They will be featured in a special report of the Business Journal on August 10th and will be celebrated at an awards event at Safeco Field. Winners of the small, medium, large, and extra-large company categories will be announced there.
Acknowledging the recognition, Puget Sound Bank’s President and Chief Executive Officer Jim Mitchell said, “This is a tribute to our tremendous team and customer-oriented employees that work hard every day to create a positive work environment. We are focused on continually recognizing and appreciating the dedicated banking professionals at Puget Sound Bank.”
2012 May 4 by Richard Lester
May 4, 2012 – Puget Sound Bank is pleased to announce the addition of a new operations specialist, Nicole Gomez. Nicole is a University of Washington graduate and has years of back office experience at various other organizations. In her free time, Nicole likes to camp and kayak with her family.
“Employing dedicated professionals like Nicole enable us to continue to provide stellar service to our clients,” said Jim Mitchell, Puget Sound Bank chief executive officer and president.
2012 April 19 by Richard Lester
What it’s Like to be a 0.99-percenter’ — In Nonperforming Loans
April 19, 2012 — Puget Sound Business Journal — Puget Sound Bank saw profits increase by 13 percent and revenue go up 14 percent in the first quarter of 2012. But bank CEO Jim Mitchell wants to call attention to another figure: 0.99 percent.
That’s the Bellevue bank’s percentage of nonperforming loans compared to total assets, a percentage that is below most in the industry and that declined from 1.22 percent at the end of the first quarter of 2011.
“We are pleased with the direction we are heading, particularly on the nonperforming loans,” Mitchell told me Thursday. “I particularly like being below 1 percent.”
Temporary Unlimited FDIC Coverage for Noninterest-Bearing Transaction Accounts (Including IOLTA Accounts)
2011 April 19 by Richard Lester
|On December 29, 2010, President Obama signed into law an amendment to the Federal Deposit Insurance Act to include Interest on Lawyer Trust Accounts (“IOLTAs”) within the definition of “noninterest-bearing transaction accounts.” On January 18, 2011, the FDIC Board of Directors issued a final rule to implement this amendment, and on January 21, 2011 the FDIC issued Financial Institution Letter FIL-2-2011 to provide further guidance on the matter to insured depository institutions.
Please be aware that since the last version of the Frequently Asked Questions dated December 20, 2010, some questions have been added, deleted, and amended. Specific references to the IOLTA changes are reflected in the following summary and in FAQs 2, 8, 17-25, and 33-36.
On November 9, 2010, the FDIC Board of Directors (the “Board”) issued a final rule (the “November Final Rule”) to implement Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) that provides temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (the “Dodd-Frank Provision”). The separate coverage for noninterest-bearing transaction accounts became effective on December 31, 2010 and terminates on December 31, 2012. The Dodd-Frank Provision and November Final Rule are discussed in Financial Institution Letter FIL-76-2010, issued November 9, 2010. The November Final Rule is published in the Federal Register at 75 Fed. Reg. 69577 (Nov. 15, 2010).
In issuing the November Final Rule, the Board confirmed it would not extend the Transaction Account Guarantee Program (“TAGP”) beyond its sunset date of December 31, 2010.
On December 29, 2010, President Obama signed into law an amendment (the “December 29 Act”) to the Federal Deposit Insurance Act (as amended by Section 343 of the DFA) to include Interest on Lawyer Trust Accounts (“IOLTAs”) within the definition of “noninterest-bearing transaction accounts.” As a result, IOLTAs will receive temporary unlimited insurance coverage at all FDIC-insured institutions (“IDIs”) from December 31, 2010 through December 31, 2012.
On January 18, 2011, the Board issued a final rule (the “January Final Rule”) to implement the December 29 Act. The January Final Rule is discussed in Financial Institution Letter FIL-2-2011, issued January 21, 2011.
The Dodd-Frank Provision is similar to the TAGP, except that it does not include low-interest Negotiable Order of Withdrawal (“NOW”) accounts. The Dodd-Frank Provision also differs significantly from the TAGP in that it applies at all IDIs with qualifying deposits.
The January Final Rule requires that by no later than February 28, 2011, each IDI that offers noninterest-bearing transaction accounts must post prominently an amended notice (see FAQ 17) in the lobby of its main office, in each domestic branch and, if it offers internet deposit services, on its website. The amended notice provides that noninterest-bearing transaction accounts are fully insured until December 31, 2012, and that IOLTAs are included in the definition of “noninterest-bearing transaction account.”
The November Final Rule required IDIs participating in the TAGP on December 31, 2010 to notify IOLTA customers by mail that IOLTAs would not receive unlimited insurance coverage starting January 1, 2011. The December 29 Act now includes IOLTAs in the definition of a “noninterest-bearing transaction account” entitled to temporary unlimited deposit insurance coverage. Financial Institution Letter FIL-2-2011 encourages (but does not require) IDIs who were participating in TAGP and sent individual notices to IOLTA holders advising that those accounts would not receive unlimited insurance coverage to send a revised notice explaining that IOLTAs will be fully insured through December 31, 2012. IDIs that have not already sent the individual notices need not send any such notice to IOLTA depositors. See www.fdic.gov for more information.