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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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Puget Sound Bank a Local Hunger Hero

2014 June 19 by

Northwest Harvest Presents Hunger Hero Award to PSB

Hunger Hero June 18, 2014 — To recognize Puget Sound Bank’s outreach to those in need, Northwest Harvest presented its LOCAL HUNGER HERO AWARD to the Bank.

As part of the Washington Bankers Association’s Bankers Care initiative this spring, Puget Sound Bank employees contributed cash to Northwest Harvest, which was matched by the Bank, to help eliminate hunger here in the Northwest.

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BauerFinancial Awards 5-Stars to Puget Sound Bank

2014 June 12 by

15th Consecutive Quarter for Solid Financial Performance

5-star logo JUNE 2014 208June 12, 2014 — Puget Sound Bank has received the coveted 5-Star rating from BauerFinancial for the 15th consecutive quarter.

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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Puget Sound Bank Honored for Philanthropic Outreach

2014 May 22 by

PSB Ranks 13th Statewide in its Category

May 22, 2014 – Puget Sound Bank was honored by the Puget Sound Business Journal as one of the top 75 corporate philanthropists in Washington state at the annual Corporate Citizenship Awards luncheon held in Seattle.

Companies were categorized by size (small, medium and large), with three in each category. Puget Sound Bank ranked 13th for companies with revenue under $20 million. The sold-out event celebrated the companies and those who serve on nonprofit boards, volunteer, and leverage resources to give back to their communities.

Since its inception, Puget Sound Bank has encouraged employees to support the communities where we work and live. In addition, the Bank – as evidenced by the acknowledgement of the Puget Sound Business Journal, gives generously to support the endeavors of local nonprofits. Led by president and chief executive officer Jim Mitchell, supported by the board of directors and executive management, all employees are encouraged to give their time, resources and talent to organizations that help mentor youth, educate a new work force and assist those in need.

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New Controller at Puget Sound Bank

2014 April 22 by

Connie Yenne, Northwest Native and Community Banker, Joins PSB

April 22, 2014 — Puget Sound Bank (OTCQB: PUGB) recently announced Connie Yenne has joined the Company as vice president, controller.

“Connie joins the Bank at an exciting time as we are experiencing record growth,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Her strong banking background will be critical to support our growing organization.”

She is a Northwest native and has spent her career in various community banking roles, including finance, information services, and deposit and loan operations. Most recently she served as controller at a Seattle community bank. She is a graduate of the University of Washington and Western Governors University Washington.

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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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Puget Sound Bank Celebrates 9th Anniversary

2014 April 11 by

April 11, 2014 — Nine years ago Puget Sound Bank formally opened its doors to begin business as a “community business bank” and today the company celebrated nine successful years of serving the business-banking needs of local small- and medium-size businesses.

We celebrate local, the communities where we live and work, our customers and employees, and look forward to the next nine years.

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