2011 September 29 by Richard Lester
September 29, 2011 – Reflecting our shared belief in educating the whole person through academics, social justice, and athletics, Puget Sound Bank proudly sponsored the 9th Annual Seattle University O’Brien Open. The tournament was held at Redmond Ridge on September 12, 2011 with 166 golfers. Jim Mitchell, president and CEO of Puget Sound Bank, is a 1971 graduate of the Albers School of Business and Economics and currently serves on that school’s board. Although final totals are still pending, the event was hugely successful, with over $40,000 raised for the Redhawk men’s basketball program.
2011 September 9 by Richard Lester
September 9, 2011 – Puget Sound Bank makes the Puget Sound Business Journal’s 100 Fastest-Growing Private Companies list. To make the coveted list, companies achieved year-over-year revenue growth between 2008 and 2010. Puget Sound Bank is the only bank on the list. “We are especially proud of our team as we strengthened our core competencies to help anchor our business during these unstable times,” said CEO Jim Mitchell. Join us in celebration at the Journal’s flagship award program on October 12th at the Washington State Convention Center.
2011 August 22 by Richard Lester
August 22, 2011 – Puget Sound Bank is proud to have sponsored the Slattery Properties Team in the 2011 annual Seattle-to-Portland Bicycle Classic; the famed “STP.” This 200-mile bicycle ride is the largest multi-day bicycle event in the Northwest, with up to 10,000 participants riding from Seattle to Portland in one or two days. “This was a great way to promote health and recreation as well as demonstrate our commitment to our community,” said Sean Brennan, Puget Sound Bank’s executive vice president and chief lending officer.
2011 July 20 by Richard Lester
July 20, 2011 – Puget Sound Bank (OTCBB: PUGB), today reported solid growth in earnings, fueled by growing revenues and loans, a higher net interest margin, and strong capital ratios. For the first half of 2011, profits grew 44% to $869,269 from $605,105 in the like period a year ago. Puget Sound Bank’s net income increased 31% to $413,145 in the second quarter compared to $315,095 in the same quarter a year ago.
“Puget Sound Bank has reported consistently profitable results for the last few years, and we are very encouraged with the progress we continue to see in our franchise,” said Jim Mitchell, President and Chief Executive Officer. “Our capital strength and strong operating results are noteworthy accomplishments in any environment but particularly in today’s weak economic climate.”
“We are honored to be among the first banks accepted to receive Small Business Lending Funds from the U.S. Treasury at a dividend rate of 1%. These funds count as capital and will increase our total risk-based capital to over 16%. A portion of these funds will retire the preferred shares issued under the Treasury’s Capital Purchase Program from two years ago,” added Mitchell. “As a strong business bank, we believe we will be able to deploy this capital to help businesses in the region expand and create jobs.”
2011 July 1 by Richard Lester
July 1, 2011 – Puget Sound Bank is thrilled to be named one of the Eastside Fastest-Growing Companies of 2011. Honorees are not only innovative but have also achieved significant revenue growth between 2008 and 2010; no small feat given the challenging economic times. It is worth noting that Puget Sound Bank is the only bank on this prestigious list. Please join the Puget Sound Business Journal, as they honor these companies at a public award reception Thursday, July 21, at The Golf Club at Newcastle.
2011 June 30 by Richard Lester
May 14, 2011 - Puget Sound Bank supported and attended the 45th annual auction party to benefit the Boys & Girls Clubs of Bellevue. The event was a huge success! “We are proud to support the Boys & Girls Clubs and their mission to ensure every child has a great future,” stated Tony Chalfant, Boys & Girls Clubs of Bellevue board member and Puget Sound Bank’s chief credit officer.
2011 June 11 by Brad Ogura
Bank Flourishes in Tough Times
JUne 22, 2011 — Puget Sound Business Journal — Puget Sound Bank’s journey demonstrates the importance of sticking to a business plan and also shows that not all Washington state banks were lured by the opportunity to lend to developers as the housing market grew. While the bank makes commercial real estate loans, it’s not at the same high level as some of its competitors.
“We could have gone in and done more commercial real estate,” Mitchell said. “We stuck with our knitting.”
2011 June 8 by Richard Lester
June 8, 2011 – BauerFinancial maintained Puget Sound Bank’s Star rating at 5 Stars (“Superior”), its highest rating. BauerFinancial is an independent organization that has been reporting on and analyzing the performance of US banks since 1983. Institutions do not pay a fee to BauerFinancial for their ratings, nor can they avoid a rating.
BauerFinancial’s Star ratings are based on the call report data that all banks are required to file with the FDIC on a quarterly basis.
“Puget Sound Bank’s continued strong performance in 2011 reflects the many positive trends we have seen this year: strong capital and liquidity, robust local deposit growth and solid credit quality. We are pleased that our performance continues to be recognized by an independent third party organization,” said Jim Mitchell, president and CEO.
2011 May 3 by Richard Lester
May 3, 2011 – Puget Sound Bank is pleased to announce the promotion of LoAnn Phung to vice president and manager of Puget Sound Bank’s customer service team in Bellevue. In this role, Phung is charged with providing exceptional service to the Bank’s commercial deposit clients.
“The people who bring Puget Sound Bank’s service philosophy to life are a diverse group of commercial banking professionals who continually demonstrate success both in banking and in their volunteerism. LoAnn emulates our core values of providing exceptional service to our clients as well as to our colleagues and we are very proud to promote her to vice president,” said Sean Brennan, executive vice president and chief lending officer.
2011 April 22 by Richard Lester
April 20, 2011 — Puget Sound Bank (OTCBB: PUGB>, today reported record profits for the first quarter 2011. For the three months ended March 31, 2011, earnings increased 57% to $456,124, compared to $290,009 for the first quarter a year ago. In the fourth quarter of 2010 Puget Sound Bank earned $436,361. The sharp increase in earnings reflects the bank’s strong credit quality and a substantial increase in the net interest margin.
“Following a stellar year for Puget Sound Bank, as 2010 profits rose to $1.4 million, we posted record earnings for the first quarter of 2011,” said Jim Mitchell, President and Chief Executive Officer. “The continued profitability is due to the dedication of our hard-working employees who consistently deliver exceptional service to our customers. We also owe a big thanks to our loyal long-term customers who have established successful businesses in our marketplace. With their support and referrals, we continue building our presence in the business banking market in the Puget Sound region.”