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Puget Sound Bank Reports Third Quarter Results

2015 October 22 by

First Million-Dollar Net-Income Quarter

October 22, 2015 — Puget Sound Bank (OTCQB:PUGB) reported net income for the third quarter of 2015 of $1.0 million or $.29 per share, an 18% increase as compared to net income of $849,682 or $.28 per share for the third quarter of 2014.

Net income for the nine months ending September 30, 2015, was $2.9 million or $0.89 per share as compared to $2.3 million or $0.74 per share, a 26% increase from the year-earlier period.

Read the complete news release.

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The Healing Center Hosts Puget Sound Bank

2015 September 21 by

IMG_0931

PSB Staff Lends a Helping Hand
as Part of United Way Day of Caring

September 18, 2015 — Puget Sound Bank staff spent part of the day at The Healing Center of Seattle as part of United Way’s annual Day of Caring. It was a day of hard work — cleaning, washing and organizing at this community center for grief support.

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20th Consecutive 5-Star Rating for Puget Sound Bank

2015 September 9 by

“Superior” Rating for Strength

September 9, 2015 – For the 20th 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.

Since 1983 BauerFinancial has been compiling information that federal regulators require financial institutions to file every quarter. The information is subjected to a thorough analysis and is compared with historical data for consistency.

No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about BauerFinancial visit their website.

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Jacob Beaty Joins Puget Sound Bank

2015 August 18 by

New Depth of Experience Added to Management Team

August 18, 2015 –Puget Sound Bank (OTCQB:PUGB) announced that Jacob Beaty joined the Bank as vice president, financial reporting and analysis officer.

In this newly created position Mr. Beaty will be responsible for building and managing the Bank’s key management reporting processes, including profitability management systems and product pricing. Read the complete news release

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Puget Sound Bank Rated One of Healthiest in Nation

2015 July 21 by

healthiest-banks

Independent Rating Firm Gives Puget Sound Bank an Overall A+

July 21, 2015 — Puget Sound Bank (OTCQB: PUGB) announced that for the second consecutive year it has been named one of the nation’s healthiest banks by DepositAccounts.com, an online publication that assesses the health of banks on various criteria, including capitalization, deposit growth and loan-to-reserve ratios. Read the complete news release.

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Puget Sound Bank Profits Increase 44% in Second Quarter

2015 July 15 by

Total Assets Grow 19% to Reach $425 Million

July 15, 2015 — Puget Sound Bank (OTCQB: PUGB) reported net income for the second quarter of 2015 of $961,775 or $.28 per share, a 44% increase as compared to $668,798 or $.22 per share for the second quarter of 2014.

“This sustained growth results from Puget Sound Bank’s continued focus on our original model of serving small- to medium-size businesses with outstanding service from preeminent bankers,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “As we celebrate our 10-year anniversary we are continually thankful to our customers who have grown with us and expanded their relationships, and to those who continue to refer new business to us.” Read the complete earnings release

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Jim Mitchell Elected Chairman

of Washington Bankers Association

2015 July 1 by

Washington’s Oldest and Largest Financial Services Trade Association

July 1, 2015 — Puget Sound Bank (OTCQB: PUGB) today announced that Jim Mitchell, Puget Sound Bank president and chief executive officer, was elected chairman of the board of the Washington Bankers Association (WBA), Washington’s oldest and largest financial services trade association, with members representing 95 percent of all commercial bank deposits in the state. Read the complete news release

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Puget Sound Bank Named a Best Workplace

2015 June 23 by

best workplaces 2015

2015 Finalists Announced
by Puget Sound Business Journal

June 23, 2015 — Puget Sound Bank (OTCQB: PUGB) today announced that it has been named a finalist in Puget Sound Business Journal’s annual Best Workplaces competition.

“As we celebrate our 10-year anniversary, we are pleased to once again be named a Best Workplace finalist,” said Jim Mitchell, Puget Sound Bank president and chief executive officer. “The board, management and I are thrilled that Puget Sound Bank employees consider the Bank one of the region’s best workplaces.” Read the complete news release.

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Debbie L. Balovich Joins Puget Sound Bank

2015 June 12 by

Debbie Balovich

Joins Bank as Vice President,
Operations Support Services Manager

June 12, 2015 — Puget Sound Bank (OTCQB: PUGB) today announced that Debbie L. Balovich joined the Bank as vice president, operations support services manager.

“We are pleased to have a new team member join us with such extensive banking experience,” said Jana Westphal, senior vice president and operations manager. “After a long search we knew we found someone who understands what customers expect and is able to effectively manage systems and people to meet those expectations.” Read the complete news release

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19th Consecutive 5-Star Rating for Puget Sound Bank

2015 June 10 by

“Superior” Rating for Strength

5-star logo June 2015June 10, 2015 – For the 19th 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.

Since 1983 BauerFinancial has been compiling information that federal regulators require financial institutions to file every quarter. The information is subjected to a thorough analysis and is compared with historical data for consistency.

No institution pays for its rating, nor can banks or credit unions avoid a rating. For more information about BauerFinancial visit their website.

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