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Management Succession Plan Announced

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Jim Mitchell to Retire in 2018; Sean Brennan Promoted to President

Tony Chalfant now CCO/COO and Phil Mitterling Now CFO/CIO

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.

“These four original organizers of Puget Sound Bank have built this institution into one of the strongest commercial banks in the region,” said Patrick Dineen, Chairman. “As Jim moves towards a well-earned retirement, we are planning to execute a seamless transition for our leadership team. Sean, Tony and Phil have proven their capabilities as bankers and leaders and are the right people to assume the roles that Jim has filled so well since we launched the bank in 2005.”

“It has been a great 12 years building this bank and seeing it prosper,” said Jim Mitchell. “The original team that founded the bank has a special bond with our other managers, our employees, our board members and especially, our customers. I am enormously proud of our efforts and will work over the next year to facilitate the transition to the new leadership team. Sean, Tony and Phil are exceptionally well suited to their roles and I have the utmost confidence in their ability to take Puget Sound Bank to the next level.”

“Puget Sound Bank remains committed to providing superior banking services to commercial, non-profit, and private banking clients in the Pacific Northwest. I am excited to lead a team of professionals with a proven record of exceptional care of each other, our clients, shareholders, and societal issues,” said Sean Brennan.

Sean Brennan, age 55, is one of the original organizers of Puget Sound Bank, serving as the Chief Lending Officer since 2005. Prior to Puget Sound Bank, Sean served as vice president for U.S. Bank’s commercial banking group in Seattle and as vice president at Washington Trust Bank in Seattle.

Sean currently serves as a member of Seattle University’s Youth Initiative Task Force. Previously, he served on Seattle University’s Planned Giving Committee, the St. Joseph School (Seattle) Endowment Board, and as a board member of the Downtown Emergency Service Center (DESC) and has volunteered as a coach for numerous youth sports teams. He earned his Bachelor of Business Administration degree from Loyola Marymount University (Los Angeles). In 2017, he completed the University of Notre Dame Executive Integral Leadership Program.

Tony Chalfant, age 55, joined Puget Sound Bank at inception, leading the development of the bank’s risk assessment and risk management culture that have helped the Bank grow into one of the strongest in the region. He began his career as a national bank examiner with the U.S. Comptroller of the Currency (OCC). This was followed by 25 years in commercial banking, which included serving as a senior vice president and team leader with U.S. Bank in their commercial banking division.

He is a current member of the Eastside Business Roundtable, Bellevue Chamber of Commerce’s senior leadership group and is a former board member for the Boys and Girls Clubs of Bellevue as well as the Bellevue Arts Museum. Tony graduated from Washington State University with a degree in finance/economics and from the Pacific Coast Banking School at the University of Washington.

Phil Mitterling, age 60, has a diverse blend of experience in finance, treasury and operational functions. He began his career with Seafirst Bank/Bank of America, working there for 16 years in various accounting, finance, and treasury functions, and finished his role there as the vice president and senior manager of the Seattle office of corporate treasury. Prior to joining Puget Sound Bank, Phil served as first vice president in Washington Mutual Bank’s operational risk management unit.

He serves on the board of directors of Elizabeth Gregory Home, an organization that provides transitional housing and a day center for homeless women in the Puget Sound region. Phil holds an MBA from the University of Washington and an undergraduate degree from the University of Oregon.

About Puget Sound Bank
Based in Bellevue, Washington, Puget Sound Bancorp provides banking products and services through its wholly-owned subsidiary, Puget Sound Bank (member FDIC). The Bank was founded to meet the specialized needs of small- and medium-sized businesses, select commercial real estate projects, professional service providers and high net worth individuals. As one of Washington state’s top commercial banks (as measured by commercial and industrial loans as a percentage of total loans), Puget Sound Bank offers a full range of competitive financial products including an advanced suite of cash management services. Customers can access their accounts in-branch, online, on mobile devices or through Puget Sound Bank’s nationwide ATM network. For more information visit www.PugetSoundBank.com or call (425) 455-2400.

To access investor relations information for Puget Sound Bancorp, visit www.PugetSoundBancorp.com or call (425) 467-2037.

Forward Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Puget Sound Bank’s projections, estimates, plans and expectations of future results and can be identified by words such as “believe,” “intend,” “estimate,” “likely,” “anticipate,” “expect,” “looking forward,” and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve’s actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Puget Sound Bank undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.