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Olympic Bancorp raises $12.4 million in new capital

Olympic Bancorp, parent company for Kitsap Bank announced that it has raised $12.4 million in new capital through a private placement offering. The addition brings the total capitalization of Kitsap Bank to over $97 million. This new investment comes from both current and new investors from our market area. The capital offering is a rare occurrence in the life cycle of the century-old bank. It was over 50 years ago that Kitsap Bank last raised a small amount of capital in order to open its first branch in East Bremerton.

“We are gratified by the confidence of our investors,” stated James E. Carmichael, president and CEO. “Kitsap Bank has remained well-capitalized over the years — well in excess of regulatory standards. This additional capital, coupled with the strongest first half earnings performance in three years, enhances our position and allows even greater flexibility as we move forward on our strategic plan.”

The proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used for general corporate purposes, which may include capital to support the organic growth of the bank, and acquisitions or other business opportunities in our market areas, including FDIC-assisted transactions.

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