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29th Consecutive 5-Star Rating for PSB

2017 December 1 by

Highest Rating (“Superior”)

December 1, 2017 – For the 29th 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 Bancorp Reports Third Quarter Results

2017 October 18 by

Record Profits Before One-Time Transaction Costs
Zero Nonperforming Assets

BELLEVUE, Wash., October 18, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, announced record net income for the quarter ending September 30, 2017 of $1.4 million or $0.42 per share before one-time extraordinary costs of $441,000 related to the acquisition by Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) reported in July 2017. With the costs, net income for the quarter was $1.1 million or $0.33 per share. This compares to $724,712 or $0.21 per share for the year-earlier quarter which included a one-time $700,000 charge-off.

Read the complete news release.

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Puget Sound Bank Partners with Bankers Care

2017 September 29 by

Program to Help State’s Hungry

September 29, 2016 – Just as Puget Sound Bank has done for the last four years, we joined the Washington Bankers Association at Westlake Center in Seattle for the closing event of Bankers Care 2017 to benefit Northwest Harvest.

Puget Sound Bank joined community banks across the state to fight hunger in Washington. Pictured left to right: Megan Managan of Washington Bankers Association, Brad Ogura and Kim Carhee of Puget Sound Bank, and Glen Simecek of WBA.

Puget Sound Bank has been pleased to participate in this event since its inception in 2013.

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Puget Sound Bank Rated 5 Stars By BauerFinancial

2017 September 11 by

Highest Rating (“Superior”)

September 11, 2017 – For the 28th 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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Equifax Data Breach: Steps to Protect Yourself

2017 September 8 by

September 8, 2017 — As you may have seen, Equifax, one of the nation’s three major credit reporting agencies, experienced a data breach that affects 143 million American consumers. What can consumers to to protect themselves? Click on the link below for more information from the Federal Trade Commission, the nation’s consumer protection agency that works to prevent fraudulent, deceptive and unfair business practices in the marketplace.

Read the complete news article.

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Heritage Financial Corporation to Acquire Puget Sound Bancorp, Inc.

2017 July 26 by

Heritage Expands its Business Banking
Franchise in Seattle-Bellevue Metropolitan Area

July 26, 2017 — Heritage Financial Corporation (“Heritage”) (NASDAQ: HFWA) and Puget Sound Bancorp, Inc. (“Puget Sound”) (OTCQB: PUGB) jointly announced today the signing of a definitive agreement under which Heritage will acquire Puget Sound in an all stock transaction valued at approximately $126.1 million, or $35.84 per share, based on the closing price of Heritage common stock of $27.15 on July 26, 2017.

Read the complete news release.

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Puget Sound Bancorp Reports 18% Net Income Growth

2017 July 26 by

Zero Nonperforming Assets at Quarter-End

July 26, 2017 – Puget Sound Bancorp (OTCQB: PUGB), the holding company for Puget Sound Bank, today reported net income of $1.3 million or $0.37 per share for the quarter ending June 30, 2017, as compared to $1.1 million or $0.32 per share for the year earlier period.

“This double-digit (18%) earnings growth results from our strong and disciplined balance sheet growth, an improving interest-rate environment, and fees from increasing loan commitments,” said Jim Mitchell, Puget Sound Bank chief executive officer, “We are pleased to deliver this bottom-line growth as we continually invest to improve the customer experience at Puget Sound Bank.”

Read the complete news release.

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5-Star BauerFinancial Recognition

2017 June 20 by


June 20, 2017 — Puget Sound Bank earned a five-star “superior” rating from BauerFinancial, the nation’s leading independent bank and credit union rating firm, for the 27th consecutive quarter.

Star ratings are released quarterly and assigned on a scale of zero-to-five stars, with five being the strongest. Ratings are based on the overall financial picture of the financial institution.

BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. The ratings are independent, meaning no institution is able to pay to be rated or excluded.

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PSB Named a Top Corporate Philanthropist by PSBJ

2017 May 17 by

May 17, 2017 — Puget Sound Bank has been recognized by the Puget Sound Business Journal as one of Washington state’s top corporate philanthropists. The Corporate Citizenship and Healthy Community Champion Awards luncheon held today at the Seattle Sheraton honored corporate philanthropists and companies who have made significant contributions in Washington.

Puget Sound Bank placed on the Journal’s “Corporate Philanthropists – Small” category (revenue of $20 million or less) at position 7, up from position 10 last year. For the past nine years the Puget Sound Business Journal has compiled information for corporate giving in Washington state. Puget Sound Bank has placed on the list in 2014, 2015, 2016 and 2017.

In 2016 we have been active supporting a variety of organizations, including Victim Support Services, King County Police Union, Nellie Goodhue Group Homes, Summit Assistance Dogs, Bellevue LifeSpring, Elizabeth Gregory Home, Boys and Girls Clubs of Bellevue, St. Vincent dePaul School, Invest in Youth, Crush Kid’s Cancer, Washington Women in Need, and Bellevue College Foundation.

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Puget Sound Bank Announces Management Succession Plan

2017 May 17 by

May 17, 2017 — Puget Sound Bank (OTCBB:PUGB), today announced a formal succession plan adopted by its board of directors, which will be implemented over the course of the next year.  The following management changes are being implemented immediately:

Jim Mitchell, currently President and Chief Executive Officer, will be retiring in May 2018.  He will continue to serve as CEO and a Director for the next year.

Sean Brennan, will continue to serve as Chief Lending Office and is being promoted to President, effective immediately.  Following Mitchell’s retirement, he will be promoted to CEO.

Tony Chalfant, will continue to serve as Chief Credit Officer and is being promoted to Chief Operating Officer.

Phil Mitterling will continue to serve as Chief Financial Officer and is taking on additional responsibilities as Chief Information Officer.

Read the complete news release.

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