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Puget Sound Bank Grateful to Serve Local Nonprofits.

2011 December 30 by

December 30, 2011 – At Puget Sound Bank, we genuinely care about the communities in which we live. As the year comes to a close, we want to take this time to honor some of the great causes Puget Sound Bank employees supported in 2011.

From “going to jail” for the Muscular Dystrophy Association, to serving on the board of the Boys and Girls Club of Bellevue to working all year on the 36th Annual Hutch Holiday Gala, to travelling on a business exchange trip to India for the Bellevue Rotary Club, to packing food for Northwest Harvest; employees selflessly and repeatedly offered their time, talent, and money to serve others.

For Puget Sound Bank, it’s simply the right thing to do.  Here’s a small, and certainly not inclusive, list of some other non-profits we supported this year:  Art with Heart, KITH, the American Cancer Society, UW Medical Center’s Team Transplant, Seattle’s Union Gospel Mission, and Friends of Youth.

We invite you to reach out to your favorite non-profit this year! Thank you and Happy New Year from the team at Puget Sound Bank.

Puget Sound Bank Hires Sam Niskanen

2011 December 21 by

December 21, 2011 – Puget Sound Bank is pleased to announce the addition of a business banking credit analyst, Sam Niskanen.  Sam is Pacific Northwest native and graduated from WWU with a degree in economics. He brings a dedicated credit mindset and good underwriting skills which align with the Bank’s values.  Sam enjoys many outdoor activities and helps revitalize neighborhoods by volunteering his craftsmanship skills for local Habitat for Humanity projects.

“Talented young professionals like Sam enable Puget Sound Bank to provide exceptional service to our clients and ensure the Bank’s credit quality and high level performance,” says team lead Katherine Thompson.

Puget Sound Bank Supports Muscular Dystrophy Association

2011 November 2 by

November 2, 2011 — The Muscular Dystrophy Association (MDA) accuses both Tim Baer and Elaine Wolfe of Puget Sound Bank of having a big heart and a generous soul! Several of the Bank’s colleagues were “Partners in Crime” and facilitated both being sent to the MDA Lock-Up in Bellevue. Tim and Elaine were released after they enthusiastically raised over $1,000 for the cause. 

Puget Sound Bank Makes Strides Against Breast Cancer

2011 October 14 by

October 14, 2011 - In support of National Breast Cancer Month, Puget Sound Bank joined 2,000 walkers in the King County Making Strides Against Breast Cancer walk. The Bank had 27 enthusiastic participants who prevailed against wind and rain and a few steep hills to honor the survivors and support the cause.  Through various office fundraisers, including the beloved “jeans day,” the Bank raised $2,665 for the American Cancer Society.

“We wholeheartedly believe in the effectiveness of early detection and want to do what we can to empower women to reduce their risks of breast cancer,” said Jim Mitchell, CEO and president of Puget Sound Bank.

Puget Sound Bank Welcomes Cecilia Amechazurra

2011 October 6 by

October 6, 2011 – It’s about the people!  And Puget Sound Bank is very proud to announce the addition of Cecilia Amechazurra as a customer service associate.  In this multi-faceted role, Cecilia is entrusted with delivering exceptional customer service to the Bank’s commercial deposit clients as well as directly supporting the CEO.  Cecilia began her banking career immediately after graduating college and brings a wealth of expertise to the team with experience in both retail and commercial banking. She is an ardent supporter of the American Cancer Society.

“Cecilia is an indispensable part of the company and we are thrilled to welcome her to our team,” said LoAnn Phung, client service manager.

Jessica Westphal Promoted to Cash Management Specialist

2011 September 30 by

September 30, 2011 – Puget Sound Bank is pleased to announce the promotion of Jessica Westphal to cash management specialist on Puget Sound Bank’s cash management team. With over five years of banking experience, Jessica joined our staff one year ago as an administrative assistant.  She is an avid supporter and participant of fundraising events to benefit the MS Society. 

“Client satisfaction is crucial for the company’s long-term success and Jessica is known for her ability to be an advocate for the client. Please join us in welcoming Jessica to cash management,” said Jennifer Blevins, Puget Sound Bank’s cash management manager.

Puget Sound Bank sponsors SU O’Brien Open

2011 September 29 by

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 graduate of the Albers School of Business and Economics and currently serves on that school’s board. The event was hugely successful, with over $40,000 raised for the Redhawk men’s basketball program.

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Puget Sound Bank a PSBJ Fastest-Growing Company

2011 September 9 by

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.

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PSB Sponsors Slattery Properties Team in the STP

2011 August 22 by

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.

Puget Sound Bank YTD Earnings Increase 44% Year-Over-Year

2011 July 20 by

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.”

Read the complete earnings release.