2017 October 18 by Brad Ogura
Record Profits Before One-Time Transaction Costs
Zero Nonperforming Assets
BELLEVUE, Wash., October 18, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, announced record net income for the quarter ending September 30, 2017 of $1.4 million or $0.42 per share before one-time extraordinary costs of $441,000 related to the acquisition by Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) reported in July 2017. With the costs, net income for the quarter was $1.1 million or $0.33 per share. This compares to $724,712 or $0.21 per share for the year-earlier quarter which included a one-time $700,000 charge-off.
2017 September 29 by Brad Ogura
Program to Help State’s Hungry
September 29, 2016 – Just as Puget Sound Bank has done for the last four years, we joined the Washington Bankers Association at Westlake Center in Seattle for the closing event of Bankers Care 2017 to benefit Northwest Harvest.
Puget Sound Bank joined community banks across the state to fight hunger in Washington. Pictured left to right: Megan Managan of Washington Bankers Association, Brad Ogura and Kim Carhee of Puget Sound Bank, and Glen Simecek of WBA.
Puget Sound Bank has been pleased to participate in this event since its inception in 2013.
2017 September 8 by Brad Ogura
September 8, 2017 — As you may have seen, Equifax, one of the nation’s three major credit reporting agencies, experienced a data breach that affects 143 million American consumers. What can consumers to to protect themselves? Click on the link below for more information from the Federal Trade Commission, the nation’s consumer protection agency that works to prevent fraudulent, deceptive and unfair business practices in the marketplace.
2017 July 26 by Brad Ogura
Heritage Expands its Business Banking
Franchise in Seattle-Bellevue Metropolitan Area
July 26, 2017 — Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) and Puget Sound Bancorp, Inc. (“Puget Sound”) (OTCQB: PUGB) jointly announced today the signing of a definitive agreement under which Heritage will acquire Puget Sound in an all stock transaction valued at approximately $126.1 million, or $35.84 per share, based on the closing price of Heritage common stock of $27.15 on July 26, 2017.
2017 July 26 by Brad Ogura
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.”
2017 June 20 by Brad Ogura
June 20, 2017 — Puget Sound Bank earned a five-star “superior” rating from BauerFinancial, the nation’s leading independent bank and credit union rating firm, for the 27th consecutive quarter.
Star ratings are released quarterly and assigned on a scale of zero-to-five stars, with five being the strongest. Ratings are based on the overall financial picture of the financial institution.
BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. The ratings are independent, meaning no institution is able to pay to be rated or excluded.
2017 May 17 by Brad Ogura
May 17, 2017 — Puget Sound Bank has been recognized by the Puget Sound Business Journal as one of Washington state’s top corporate philanthropists. The Corporate Citizenship and Healthy Community Champion Awards luncheon held today at the Seattle Sheraton honored corporate philanthropists and companies who have made significant contributions in Washington.
Puget Sound Bank placed on the Journal’s “Corporate Philanthropists – Small” category (revenue of $20 million or less) at position 7, up from position 10 last year. For the past nine years the Puget Sound Business Journal has compiled information for corporate giving in Washington state. Puget Sound Bank has placed on the list in 2014, 2015, 2016 and 2017.
In 2016 we have been active supporting a variety of organizations, including Victim Support Services, King County Police Union, Nellie Goodhue Group Homes, Summit Assistance Dogs, Bellevue LifeSpring, Elizabeth Gregory Home, Boys and Girls Clubs of Bellevue, St. Vincent dePaul School, Invest in Youth, Crush Kid’s Cancer, Washington Women in Need, and Bellevue College Foundation.
2017 May 17 by Brad Ogura
May 17, 2017 — Puget Sound Bank (OTCBB:PUGB), today announced a formal succession plan adopted by its board of directors, which will be implemented over the course of the next year. The following management changes are being implemented immediately:
Jim Mitchell, currently President and Chief Executive Officer, will be retiring in May 2018. He will continue to serve as CEO and a Director for the next year.
Sean Brennan, will continue to serve as Chief Lending Office and is being promoted to President, effective immediately. Following Mitchell’s retirement, he will be promoted to CEO.
Tony Chalfant, will continue to serve as Chief Credit Officer and is being promoted to Chief Operating Officer.
Phil Mitterling will continue to serve as Chief Financial Officer and is taking on additional responsibilities as Chief Information Officer.
2017 May 2 by Brad Ogura
May 2, 2017 — Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today announced that Jim Mitchell (Puget Sound Bancorp president and chief executive officer), as well as Phil Mitterling (Puget Sound Bancorp executive vice president and chief financial officer) and Tony Chalfant (Puget Sound Bank executive vice president and chief credit officer), will attend the 19th Annual D.A. Davidson Financial Institutions Conference in Denver, May 9-11, 2017.
Investors interested in more information about the conference or to schedule a one-on-one meeting should contact their D.A. Davidson representative.
2017 April 26 by Brad Ogura
April 26, 2017 — On May 15, 2017 Puget Sound Bank will be honored by the Puget Sound Business Journal as one of Washington state’s top corporate philanthropists at the annual “Corporate Citizenship and Health Community Corporate Champion” awards program. Puget Sound Bank will share the spotlight with 75 other companies that will be recognized for outstanding community outreach.