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May 2009
The Kitsap Peninsula Business Journal archives all articles into these pages. Feel free to browse back through Kitsap history and read news from as far back as the turn of the century! All articles from the print edition will be archived in this directory.

At a special meeting this afternoon, the Kitsap County Consolidated Housing Authority Board of Directors approved a set of documents which set the stage to resolve KCCHA debt issues related to the Harborside Condominiums, and the Poplars project.

The Harborside project was financed and developed by KCCHA as the Urban Renewal Agency for the City of Bremerton, with the debt guaranteed by Kitsap County. Due to the dramatic and unexpected collapse of the housing and credit markets, KCCHA became unable to restructure, or repay the loans at their maturity. read more »

 
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At the Port of Bremerton meeting this morning, it was announced that Bremerton Mayor Cary Bozeman will resign his position to become the new Chief Executive Officer for the Port of Bremerton. He will begin his new job on June 8, and will be paid a salary of $120,000 annually.

Bozeman, who was first elected in 2002, had originally planned to run for re-election this fall, against challenger Mike Shepherd. With Bozeman’s resignation, Bremerton City Council President Cecil McConnell will serve as interim Mayor. read more »

 

At the Port of Bremerton meeting this morning, it was announced that Bremerton Mayor Cary Bozeman will resign his position to become the new chief executive officer for the Port of Bremerton. Bozeman will begin his new job on June 8, and will be paid a salary $120,000 annually.

Bozeman, who was first elected in 2002, had planned to run for re-election this fall, against challenger Mike Shepherd. read more »

 

For years, Washington tax reformers have coveted Oregon’s income tax while their Oregon counterparts believe adopting Washington’s sales tax would plug a gaping hole in their tax system. And for years, voters in both states have overwhelmingly rejected proposals to adopt the other state’s system.

Oregonians will point to their two-legged tax stool, claiming their property taxes are too high and the income tax doesn’t raise enough money in recessionary times. Thus, Oregon needs a sales tax.
 read more »

 

Bremerton-based Westsound Bank, the operating subsidiary of WSB Financial Group, has announced the promotion of Sean Spencer to vice president and commercial loan officer.

Spencer, a 33-year resident of Kitsap County who currently resides in Port Orchard with his wife, Angela, their young daughter, Eva, and soon-to-arrive son, has been a commercial loan officer with Westsound Bank since June 2005. read more »

 

Bremerton-based Westsound Bank will display the most recent series of The Faces of Bremerton between April 15 and May 20 in its main branch lobby at 6th and Pacific.

The Faces of Bremerton photography project began in 2006 when Glen and Debra Davis, owners of Legendary Portraits in Manette, decided to recognize and celebrate a select group of the people who have contributed to and supported Bremerton. Phase I of the project was featured in Westsound Bank’s branch lobby at 190 Pacific Avenue in 2006 . This recent phase is a continuation of the project. read more »

 

A depressed job market, the growing number of Americans without health insurance, ballooning college costs, the increased availability of gambling and the growing use of credit for routine purchases are helping push credit card balances to the breaking point. The result, according to a panel of experts who met recently, could result in the next major banking crisis.

“The scale of this crisis underscores the urgency of our work to assist borrowers buried in personal debt, said Washington State Attorney General Rob McKenna. read more »

 

Wells Fargo & Company said it expects to report record net income of approximately $3 billion for first quarter 2009, or approximately $0.55 per common share after preferred dividends, including $372 million in dividends paid to U.S. taxpayers on the U.S. Treasury’s Capital Purchase Program investment. The company’s final financial report, filed at the end of April was not available at press time.

“Our business momentum is strong, and we expect our operating margins to remain at the top of our peer group,” said Chief Executive Officer John Stumpf. read more »

 

Washington Federal, Inc., parent company of Washington Federal Savings, has announced earnings of $8,410,000 or $.10 per diluted share for the quarter ended March 31, 2009, compared to $35,452,000 or $.40 per diluted share for the same period a year ago. Earnings decreased by 76 percent primarily as a result of higher credit costs. The provision for loan losses was $54 million for the quarter ended March 31, 2009, a $44.5 million increase over the $9.5 million provided for the same quarter one year ago. read more »

 

During difficult times in the financial markets, it can be hard to stay committed to investing. After all, if many of your investments have lost value, you might be tempted to just put your money under your mattress. But that’s not really a productive use of your funds, and it almost certainly won’t help you achieve your objectives. read more »

 

The familiar yellow-and-blue colors, the quirky WaMoola and “Whoo-Hoo” posters — and other remnants of Washington Mutual’s brand — will disappear out of the local Washington Mutual branches by this June. New York-based JPMorgan Chase & Co., which bought the assets of WaMu last September, is in the process of rebranding the old WaMu branches and completing the transition to Chase.

Cindy Doty, Chase division executive for retail banking who overseas Western Washington, says the Chase logo will replace the WaMu one by June 1, but customers will be able to continue using their current account numbers, checks and debit cards, as well as have the same online, phone and ATM access. “It will be a smooth transition,” she said. “It will be easy for customers.” read more »