2017 February 8 by Brad Ogura
February 8, 2017—With the beginning (or almost beginning) of spring comes an annual tradition for Puget Sound Bank: Bellevue LifeSpring’s Step Up to the Plate Benefit Luncheon to help address local children’s basic needs.
Bellevue LifeSpring helps students focus on their education and break the cycle of poverty. Their “wraparound” approach helps address food, clothing, education and emergency assistance needs for thousands of local children. Puget Sound Bank’s president and chief executive officer, Jim Mitchell, is the group’s immediate past chair and continues to serve on Bellevue LifeSpring’s board of directors.
The annual luncheon will be held Thursday, March 30, 2017, beginning at 11:00 with a special “Sip & Shop” featuring a pop-up thrift store, all at Meydenbauer Center.
2017 February 7 by Brad Ogura
February 7, 2017 — In a recent article in the Puget Sound Business Journal, reporter Ashley Stewart highlighted eight local banks that the City of Seattle could go with if the Council divests from its current bank.
Puget Sound Bank was one of the eight.
Council members are expected to pass a bill to refrain from future business with Wells Fargo once the city’s banking contract is up on Dec. 31, 2018. The divestment would put $3 billion in city business up for grabs.
Read the full article on the PSBJ website.
2017 January 20 by Brad Ogura
January 20, 2017 — For the second consecutive year Puget Sound Bank has been nominated as a Best Company for Seattle Business Magazine’s annual 100 BEST COMPANIES TO WORK FOR rankings.
The research firm Fieldwork Webwork compiles and ranks the detailed responses of thousands of employees who rate their firms anonymously in these categories: benefits, communication, corporate culture, hiring/retention, executive leadership, performance standards, responsibility/decision making, rewards/recognition, training/education and workplace environment.
Last year Puget Sound Bank was one of 100 companies in Washington state to receive the award. Companies who make this year’s list will be announced June 22, 2017.
2017 January 18 by Brad Ogura
Fourth Quarter ROE Reaches 11.07% and ROA hits 1.00%
january 18, 2017 — Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported record net income of $4.2 million or $1.23 per share for the year ending December 31, 2016. This compares to $4.1 million or $1.22 per share for the year-earlier period.
For the quarter ending December 31, 2016, net income increased to $1.3 million or $0.40 per share as compared to $1.1 million or $0.33 per share for the year-earlier quarter. Return on equity in the fourth quarter increased to 11.07% and return on assets increased to 1.00%, reaching key benchmarks for high-performing banks.
“The board and management team are extremely proud of the Bank’s performance this year – particularly in the fourth quarter,” said Jim Mitchell, Puget Sound Bancorp president and chief executive officer. “This ongoing, consistent growth results from our hardworking team of banking professionals dedicated to delivering an exceptional experience to our loyal customers.”
2017 January 5 by Brad Ogura
January 5, 2017 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced that David Stegmeier has been promoted to senior vice president, relationship manager.
Mr. Stegmeier joined Puget Sound Bank as one of the original employees and participated in the development of policies, procedures and product enhancements that have helped drive the Bank’s continued growth. “David has been a versatile and vital team player throughout the years,” said Steve Vincent, Puget Sound Bank senior vice president and team leader. “His exemplary credit discipline, strong business skills and collaborative leadership style have all contributed to the Bank’s ongoing recognition as one of the nation’s strongest business banks.”
Mr. Stegmeier is a graduate of Utah Valley University (Orem, Utah) and is a graduate of the Washington Bankers Association executive development program.
2016 December 16 by Brad Ogura
Another Wonderful Season of Giving
December 15, 2016 — For the fifth year, Puget Sound Bank is participating in Bellevue LifeSpring’s Adopt-A-Family program. Families fill out their wish list, specifying gift and clothing ideas as well as household needs. It’s one of our favorite community activities — employees and departments then divide the wishlist and we set out to do everything possible to make their Christmas the best ever.
And plus, we get to enjoy the presents under our own Christmas tree for a few days before we send the presents to Bellevue LifeSpring for the delivery to this year’s family.
From all of us at Puget Sound Bank, we wish everyone in our community a happy, healthy and joyous holiday season.
2016 December 14 by Brad Ogura
Longtime Community Banker Joins as Relationship Manager
December 14, 2016 — Puget Sound Bank, the bank subsidiary of Puget Sound Bancorp (OTCQB: PUGB), announced that Arnie Gunderson joined the company as senior vice president, relationship manager.
Mr. Gunderson brings nearly 30 years of banking and financial services experience to Puget Sound Bank, with most of his career spent in community banking. “We are fortunate to have Arnie join our team of relationship managers,” said Katherine Thompson, Puget Sound Bank senior vice president and team leader. “His depth and variety of experience will complement and extend the existing expertise we offer our clients, which is especially important as the Bank continues to grow.”
A Northwest native, Mr. Gunderson is a graduate of the Pacific Coast Banking School at the University of Washington Graduate School of Business (Seattle, Wash.) and Western Washington University (Bellingham, Wash.). He holds a certificate of oboe performance from the Franz Liszt Academy of Music (Budapest, Hungary) and performs regularly with the Cascade Symphony Orchestra, where he also serves as president of the board.
2016 December 8 by Brad Ogura
Highest Rating (“Superior”)
December 8, 2016 – For the 25th consecutive quarter BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars).
BauerFinancial has been analyzing and reporting on the nation’s banks since 1983. This 5-start rating indicates that Puget Sound Bank is one of the strongest banks in the nation.
2016 October 27 by Brad Ogura
Puget Sound Bancorp Hits Milestone of $500 Million in Assets
Loan Growth of 10%, Asset Growth of 15%, Deposit Growth of 17%
October 27, 2016 — Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported net income of $724,712 or $0.21 per share for the quarter ending September 30, 2016, as compared to $1.0 million or $0.29 per share for the year-earlier period. The current quarter included a $700,000 charge-off from one loan to a single borrower, resulting in an increased loan provision expense of the same amount. Without this increased provision for loan losses, net income would have been $1.2 million or $0.35 per share.
2016 September 30 by Brad Ogura
September 30, 2016 – At the closing event for the 2016 Bankers Care event at Westlake Center in Seattle, Puget Sound Bank presented $6,700 to Northwest Harvest to help feed hundreds of hungry families in the area.
Puget Sound Bank has been pleased to participate in this event since its inception in 2013. For an overview of the program, our friends at Northwest Weekly interviewed Jim Mitchell, Puget Sound Bank president and chief executive officer.