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Puget Sound Bank Named One of Eastside’s Fastest-Growing Companies of 2011

2011 July 1 by

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.


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Puget Sound Bank Supports Boys & Girls Clubs of Bellevue

2011 June 30 by

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.

Kirsten Grind of PSBJ Talks to Jim Mitchell

2011 June 11 by

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.”

Read the complete story by PSBJ staff writer Kristen Grind.

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Puget Sound Bank Continues to be Rated 5 Stars by BauerFinancial

2011 June 8 by

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.

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Puget Sound Bank Promotes LoAnn Phung

2011 May 3 by

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.

Puget Sound Bank First Quarter Profits Jump 57%

2011 April 22 by

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.”

Read the complete earnings release.

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Puget Sound Bank Hires Teresa Lundman

2011 April 19 by

April 19, 2013 – Puget Sound Bank hires Teresa Lundman as customer service officer. In this role, Lundman is charged with delivering exceptional customer service to the Bank’s commercial deposit clients in the greater Seattle-metropolitan area. Lundman has been in banking since 2001 and brings a wealth of experience and expertise to the team.

“We are thrilled to welcome Teresa to our commercial banking team,” said Sean Brennan, executive vice president and chief lending officer.

Temporary Unlimited FDIC Coverage for Noninterest-Bearing Transaction Accounts (Including IOLTA Accounts)

2011 April 19 by

On December 29, 2010, President Obama signed into law an amendment to the Federal Deposit Insurance Act to include Interest on Lawyer Trust Accounts (“IOLTAs”) within the definition of “noninterest-bearing transaction accounts.”  On January 18, 2011, the FDIC Board of Directors issued a final rule to implement this amendment, and on January 21, 2011 the FDIC issued Financial Institution Letter FIL-2-2011 to provide further guidance on the matter to insured depository institutions. 

Please be aware that since the last version of the Frequently Asked Questions dated December 20, 2010, some questions have been added, deleted, and amended.  Specific references to the IOLTA changes are reflected in the following summary and in FAQs 2, 8, 17-25, and 33-36.

On November 9, 2010, the FDIC Board of Directors (the “Board”) issued a final rule (the “November Final Rule”) to implement Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) that provides temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (the “Dodd-Frank Provision”).  The separate coverage for noninterest-bearing transaction accounts became effective on December 31, 2010 and terminates on December 31, 2012.  The Dodd-Frank Provision and November Final Rule are discussed in Financial Institution Letter FIL-76-2010, issued November 9, 2010.  The November Final Rule is published in the Federal Register at 75 Fed. Reg. 69577 (Nov. 15, 2010).

In issuing the November Final Rule, the Board confirmed it would not extend the Transaction Account Guarantee Program (“TAGP”) beyond its sunset date of December 31, 2010.

On December 29, 2010, President Obama signed into law an amendment (the “December 29 Act”) to the Federal Deposit Insurance Act (as amended by Section 343 of the DFA) to include Interest on Lawyer Trust Accounts (“IOLTAs”) within the definition of “noninterest-bearing transaction accounts.”  As a result, IOLTAs will receive temporary unlimited insurance coverage at all FDIC-insured institutions (“IDIs”) from December 31, 2010 through December 31, 2012. 

On January 18, 2011, the Board issued a final rule (the “January Final Rule”) to implement the December 29 Act.  The January Final Rule is discussed in Financial Institution Letter FIL-2-2011, issued January 21, 2011. 

The Dodd-Frank Provision is similar to the TAGP, except that it does not include low-interest Negotiable Order of Withdrawal (“NOW”) accounts.  The Dodd-Frank Provision also differs significantly from the TAGP in that it applies at all IDIs with qualifying deposits. 

The January Final Rule requires that by no later than February 28, 2011, each IDI that offers noninterest-bearing transaction accounts must post prominently an amended notice (see FAQ 17) in the lobby of its main office, in each domestic branch and, if it offers internet deposit services, on its website.  The amended notice provides that noninterest-bearing transaction accounts are fully insured until December 31, 2012, and that IOLTAs are included in the definition of “noninterest-bearing transaction account.” 

The November Final Rule required IDIs participating in the TAGP on December 31, 2010 to notify IOLTA customers by mail that IOLTAs would not receive unlimited insurance coverage starting January 1, 2011.  The December 29 Act now includes IOLTAs in the definition of a “noninterest-bearing transaction account” entitled to temporary unlimited deposit insurance coverage.  Financial Institution Letter FIL-2-2011 encourages (but does not require) IDIs who were participating in TAGP and sent individual notices to IOLTA holders advising that those accounts would not receive unlimited insurance coverage to send a revised notice explaining that IOLTAs will be fully insured through December 31, 2012.  IDIs that have not already sent the individual notices need not send any such notice to IOLTA depositors.  See for more information.

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Puget Sound Bank Net Income for 2010 Surges to $1.4 million

2011 March 30 by

January 19, 2011 – Puget Sound Bank (OTCBB: PUGB”) today reported that higher revenues, sound core deposit growth and strong loan growth generated a substantial increase in full year profits. For the year ended December 31, 2010, Puget Sound Bank’s net income more than tripled to $1.4 million compared to $418,107 in 2009. Net income in the fourth quarter of 2010 increased sharply to $436,361 from $315,122 in the preceding quarter and $361,152 in the fourth quarter a year ago.

“Our achievements this year include strong earnings and a solid increase in net interest margin, demonstrating the underlying earnings power of our franchise and the solid quality of our assets,” said Jim Mitchell, President and Chief Executive Officer. ”We have a strong focus on our customers, and we are delighted with the continued demand for good loans generated by our lending team and the solid growth we have produced in local deposits.”

Read the complete earnings release.


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FDIC Phishing Alerts

2011 January 12 by

January 12, 2013 – The Federal Deposit Insurance Corporation (FDIC) has received numerous reports from consumers who received an e-mail that has the appearance of being sent from the FDIC. The e-mail informs the recipient that “in cooperation with the Department of Homeland Security, federal, state and local governments…” the FDIC has withdrawn deposit insurance from the recipient’s account “due to account activity that violates the Patriot Act.” It further states deposit insurance will remain suspended until identity and account information can be verified using a system called “IDVerify.” If consumers go to the link provided in the e-mail, it is suspected they will be asked for personal or confidential information, or malicious software may be loaded onto the recipient’s computer.

This e-mail is fraudulent. It was not sent by the FDIC. It is an attempt to obtain personal information from consumers. Financial institutions and consumers should NOT access the link provided within the body of the e-mail and should NOT under any circumstances provide any personal information through this media.

The FDIC is attempting to identify the source of the e-mails and disrupt the transmission. Until this is achieved, consumers are asked to report any similar attempts to obtain this information to the FDIC by sending information to

For your reference, FDIC Special Alerts may be accessed from the FDIC’s Web site at To learn how to automatically receive FDIC Special Alerts through e-mail, please visit

  Sandra L. Thompson
  Director Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)

Note: Paper copies of FDIC Special Alerts may be obtained through the FDIC’s Public Information Center, 877-275-3342 or 703-562-2200.

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