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Puget Sound Bancorp Reports Record 2016 Profits

2017 January 18 by

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.”

Read the complete news release.

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Puget Sound Bank Promotes David Stegmeier

2017 January 5 by

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.

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Our Favorite Time of the Year

2016 December 16 by

Another Wonderful Season of Giving

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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.

 

img_0052And 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.

 

 

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Arnie Gunderson Joins Puget Sound Bank

2016 December 14 by

Longtime Community Banker Joins as Relationship Manager

Arnie Gunderson rocks

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.

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BauerFinancial Rates Puget Sound Bank Superior (5 Stars)

2016 December 8 by

Highest Rating (“Superior”)

december-2016-reverseDecember 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.

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Puget Sound Bancorp Announces Third Quarter Earnings

2016 October 27 by

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.

Read the complete news release.

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Hunger Stops Here

2016 September 30 by

dsc02902September 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.

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Puget Sound Bank Promotes Shanelle Prepotente

2016 September 23 by

September 23, 2016 – Puget Sound Bank announced that Shanelle Prepotente has been promoted to customer service officer II. “Since joining the Bank in April 2016 Shanelle has continually demonstrated her commitment to Puget Sound Bank’s brand of service excellence,” said LoAnn Phung, Puget Sound Bank vice president, customer service manager. “and her team focus helps ensure a seamless and exceptional customer experience.”

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24th Consecutive 5-Star Rating from BauerFinancial

2016 September 9 by

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Highest Rating (“Superior”)

September 9, 2016 – For the 24th consecutive quarter BauerFinancial, an independent research firm that analyzes and reports on banks and credit unions, has rated Puget Sound Bank “superior” (5 stars). The rating system ranges from zero to five stars. Some of the criteria rated (but not limited to) include: capital level, asset quality, profitability, loan delinquencies, reserves and regulatory compliance.

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.

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Puget Sound Bank Partners with Bankers Care

2016 September 8 by

bankers-careSeptember 8, 2016 – Once again, Puget Sound Bank will participate in the Bankers Care Food Drive campaign, a program launched by the Washington Bankers Association and Northwest Harvest in 2013 to help raise awareness about the issue of hunger in Washington.

As children prepare to go back to school, it is more important than ever to make sure they get the food they need to grow and learn. Research shows that hungry children don’t learn as well in the classroom. Thanks to Northwest Harvest’s statewide network of food banks and affiliates, donations to this year’s campaign will help those in the local communities
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The 2016 Bankers Care Food Drive Campaign will run September 12-30 across Washington state. This year, individuals can get involved by donating to the campaign online or at a local participating bank branch throughout the state. Or, visit the Bankers Care booth at the Washington State Fair on Friday, September 2 from 10 a.m. to noon. Bring a food donation and receive free entry to the fair.

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