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Puget Sound Bank Recognized for Philanthropic Outreach

2014 April 10 by

One of Top 75 in Washington State

April 10, 2014 – Puget Sound Bank is pleased to announce that we have been selected by the Puget Sound Business Journal as one of Washington state’s top 75 corporate philanthropists for our support of the nonprofit community.

Puget Sound Bank will be recognized on May 22, 2014 at the Puget Sound Business Journal’s annual Corporate Citizenship Awards luncheon event, where the publication will announce the top three companies in the categories of small, medium and large companies.

In partnership with The Seattle Foundation, the Puget Sound Business Journal will also present the Healthy Community Corporate Champion Awards to companies that have made significant, positive impacts on the community through volunteer work, in-kind donations, and cash contributions, and have embraced corporate philanthropy as part of their company culture.

Puget Sound Bank is honored to be recognized by the Puget Sound Business Journal for our support of the communities where we live and work.

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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, BankDirector.com, 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 BankDirector.com/conferences or contact Michelle King, director of marketing, (800) 826-8987.

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Jim Mitchell Featured in WBA Magazine

2014 April 8 by

Washington Bankers Association Meets with Jim Mitchell

March April 2014 cover logo smallApril 8, 2014 — Jim Mitchell, Puget Sound Bank president and CEO, was recently featuured in Issues & Answers, the publication of the Washington Bankers Association.

Titled “In Step with Jim Mitchell — Patience and Focus Guides Success” the executive-profile highlighted Jim’s answers when asked to share his lessons learned and strategies for success.

Click on the magazine icon to read the interview in its entirety.

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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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BauerFinancial Gives Highest Rating to PSB

2014 March 10 by

5-Star Rating Given for 14th Consecutive Quarter

March 10, 2014 — For the 14th consecutive quarter, Puget Sound Bank has been awarded a 5-star rating by BauerFinancial. This independent rating agency has awarded Puget Sound Bank its highest level of recognition for our strong capital base and liquidity, robust deposit and loan growth, and solid credit quality.

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Bellevue Chamber Announces Entrepreneurial Nominees

2014 March 7 by

Puget Sound Bank Named to Chamber’s List

March 7, 2014 – Puget Sound Bank has been included in the Bellevue Chamber of Commerce’s 25th Annual Eastside Business Awards list of nominees. Nominees, who are recognized for innovation, creativity, talent and leadership, will be honored March 20, 2014 at the Golf Club at Newcastle.

The winners for Eastside Business of the Year, Eastside Small Business of the Year, and Most Innovative Product or Service of the Year will be announced at the dinner event.

Puget Sound Bank is the only bank included in the list of nominees.

Read the Chamber’s news release.

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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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Puget Sound Bank Reports Record Earnings

2014 January 15 by

2013 Results Highlighted by Successful Acquisition and Strong Loan Growth

January 15, 2014 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $2.2 million or $.77 per share for the year ending December 31, 2013, which compares to $1.9 million or $.78 per share for the year earlier period. Net income for the current quarter was $553,366 or $0.18 per share as compared to $359,516 or $0.14 per share for the year-earlier quarter. Without one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank completed in June 2013, net income for 2013 would have been $2.7 million or $0.96 per share.

“2013 was truly remarkable for Puget Sound Bank,” said Jim Mitchell, Puget Sound Bank chief executive officer and president. “We successfully completed our acquisition of Core Business Bank, ended the year with 0.22% of nonperforming assets to total assets (less than $1 million) and grew assets 26% to $339.3 million.”

Read the complete earnings release.

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Puget Sound Bank One of Strongest in United States

2013 December 6 by

December 6, 2013 — For the 13th consecutive quarter, Puget Sound Bank has been awarded a 5-star rating by BauerFinancial. This independent rating agency has awarded Puget Sound Bank its highest level of recognition for our strong capital base and liquidity, robust deposit and loan growth, and solid credit quality.

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Puget Sound Bank Reports Strong Third Quarter Results

2013 October 23 by

Successful Acquisition Drives Higher-than-Expected Earnings

October 23, 2013 — Puget Sound Bank (OTCQB: PUGB) today reported net income of $601,533 or $.20 per share for the third quarter ending September 30, 2013 as compared to $529,649 or $.21 per share in the third quarter of 2012. Net income for the current quarter would have been approximately $733,000 or $0.24 per share before one-time costs resulting from Puget Sound Bank’s acquisition of Core Business Bank, completed June 14, 2013.

Net income for the first nine months of 2013 increased to $1.611 million from $1.573 million in the year-earlier period. Without one-time acquisition costs net income for the current nine-months would have been $2.0 million.

“This quarter – the first full quarter with Core Business Bank contributing to our operations – has been particularly strong for the Bank, said Jim Mitchell, Puget Sound Bank chief executive officer and president. “Our credit quality and performance ratios have exceeded our expectations to support our long-term strategy.”

Read the complete earnings release.

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