2013 June 14 by Richard Lester
June 14, 2013 -– Puget Sound Bank (OTCBB: PUGB) today announced the completion of its acquisition of Core Business Bank. With its increased assets Puget Sound Bank builds upon its long-term vision of strategically building shareholder value through expanding its customer base.
Total assets are now $320 million and net worth is approximately $43 million with a total risk-based capital ratio of over 15% (well above the FDIC’s 10% minimum it considers to be a well-capitalized bank). The acquisition is expected to be accretive to earnings per share and tangible book value per share in the first full year of operations.
“Our board and executive team carefully evaluated this acquisition to not only ensure we would enhance shareholder value in a prudent and controlled manner,” said Jim Mitchell, Puget Sound Bank president and chief executive officer, “but also better serve our customers to contribute to growth in the Puget Sound region.”
2013 May 6 by Brad Ogura
One of Seven Recognized by Bellevue Chamber
The “2013 Best of the Eastside Top Corporate Citizens” included seven businesses whose leaders serve on business, civic and nonprofit boards as well as encouraging their employees to engage in their communities.
The Chamber recognized Puget Sound Bank, along with the six other businesses, for delivering top quality products and services while growing and prospering.
2013 April 17 by Richard Lester
April 17, 2013 – Puget Sound Bank (OTCBB: PUGB) today reported that net income for the 1Q 2013 increased to $533,126 or $.21 per share from $359,516 or $.14 per share in 4Q 2012. Net income in 1Q 2012 was $517,065 or $.21 per share.
“We continue to have strong balance sheet growth in combination with excellent asset quality. Assets grew 17% from a year ago with continued improvement in nonperforming asset levels,” said Jim Mitchell, President and Chief Executive Officer. “We were particularly pleased to announce an agreement to acquire Core Business Bank (Core). Core is a great fit culturally as their business model focuses on small and medium sized business lending like ours.”
2013 April 11 by Brad Ogura
April 11, 2013 — Everyone here at Puget Sound Bank would like to reach out to our customers, friends and family to thank them for eight wonderful years of support. In this relatively short time period Puget Sound Bank has grown into one of the region’s premier banks in the region.
Puget Sound Bank is the bank of choice for the owners of many of the area’s fastest growing companies. We provide the expertise, experience and resources needed to take growing companies to their next growth stage.
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.
2013 March 22 by Richard Lester
Acquisition comes on the heels of 53% annual earnings growth in 2012
March 22, 2013 – Puget Sound Bank (OTCBB: PUGB) and Core Business Bank (Core) today jointly announced the signing of a definitive agreement pursuant to which Puget Sound Bank will acquire Core Business Bank for $8,425,000 with a combination of 20% cash and 80% Puget Sound Bank common stock. This value represents 132% of Core’s December 31, 2012 net book value. The acquisition is expected to be accretive to Puget Sound Bank’s earnings per share and tangible book value per share in the first full year of operations. The deal is expected to close in the second quarter of 2013 and is subject to the customary requirements that include regulatory approval as well as shareholder approval.
2013 January 16 by Richard Lester
January 16, 2013 — Puget Sound Bank (OTCBB: PUGB), today reported that net income for the year increased 53% to $1,932,612 or $.78 per share compared to income of $1,263,963 and $.40 per share for 2011. Net income for 4Q was $359,516 or $.14 per share.
“Puget Sound Bank’s performance was outstanding in 2012,” said Jim Mitchell, President and Chief Executive Officer. “The bank’s earnings grew by 53%, loan and deposit growth continues to be among the highest in the State and nonperforming assets improved to 0.85% of assets.”
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 July 18 by Richard Lester
July 18, 2012 — Puget Sound Bank (OTCBB: PUGB.OB), today reported that net income for second quarter increased 27% to $526,381, or $.21 per share compared to $413,145, or $.15 per share for second quarter 2011. Net income for the first six months increased 20% from the same period a year ago to $1,043,446.
“Puget Sound Bank continues to produce consistently strong earnings driven by solid loan and deposit growth and improving credit quality,” said Jim Mitchell, President and Chief Executive Officer. “We are very pleased that the bank’s nonperforming loans are just 0.75% of total assets, which is among the lowest levels in the State.”
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.”