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COVER STORY
Feds come down hard
on Westsound Bank — real hard
By Lary Coppola |
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After months of waiting, the other shoe has finally dropped on Bremerton-based WSB Financial Group Inc. and its Westsound Bank subsidiary (NASDAQ: WSFG). Federal regulators have completed their work in untangling the intricately mammoth financial web of questionable lending practices stretching from the Olympic Peninsula to South King County. Regulators have ordered substantial changes that have, in essence, handcuffed management to the federal and state governments in almost every aspect including the day-to-day servicing of checking and savings depositors.
The Federal Deposit Insurance Corp. (FDIC) and Washington Department of Financial Institutions (DFI) issued a Cease and Desist order on March 10, which will remain in effect until modified or terminated by the FDIC and the DFI. As part of the order, WSB signed an agreement that includes the appointment of former Chief Financial Officer Mark Freeman as interim CEO, replacing Dave Johnson who resigned on March 7. A permanent CEO should be named between now and May 9... (Full Article)
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Don Cox to Succeed Lou Weir
as Chairman of WSB Financial |
| WSB Financial Group (NASDAQ: WSFG), the parent company of Westsound Bank, has announced that its Board of Directors has named Port Orchard accountant Donald F. Cox, Jr. to succeed Louis J. Weir as Chairman. Weir decided not to stand for reelection and will retire from the board following the annual meeting on May 28, 2008, when his term expires... (Full Article) |
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KEDA Executive Director Hired |
| It’s official! The Kitsap Economic Development Alliance selection committee interviewed three candidates last Friday and unanimously selected one as their candidate of choice... (Full Article) |
The chronology of events leading to
WSB’s Downfall |
| To actually grasp the magnitude of the WSB debacle, a timeline of events is necessary. As near as the Business Journal can piece together based on public documents, what follows should be an accurate assessment of the situation. August 2006: WSB Financial issues 2.6 million shares of stock in an Initial Public Offering... (Full Article) |
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Time Frames For Westsound Bank Compliance |
| Almost every condition of the March 10 Cease and Desist Order came with time constraints under which WSB must perform. 30-Day Mandates... (Full Article) |
Kilmer’s economic development plan
wins legislative approval |
| Economically challenged areas will soon have another way to attract high-wage jobs thanks to the passage of a bill sponsored by Sen. Derek Kilmer (D-Gig Harbor). Senate Bill 6626 encourages major corporate headquarters to locate in economically depressed areas by providing an exemption from the Sales & Use Tax that would normally be incurred in the course of constructing a corporate headquarters... (Full Article) |
Violence is now one of the leading causes
of death in the workplace
By Julie Tappero
West Sound Workforce |
| Each day as we kiss our loved ones good-bye and wish them a good day at work, we assume they will return unharmed to us at 5. It doesn’t occur to us that a co-worker or a stranger might harm them during the day. Just a year ago, Rebecca Griego, a researcher at the University of Washington, was shot to death in her workplace by a stalker... (Full Article) |
Bremerton Chamber selects 2008
Tyee Award recipients |
| The Bremerton Area Chamber of Commerce has announced the recipients of the 2008 Hyas Tyee Awards. The Chamber selected three individuals who most exemplify leadership skills and commitment to the community. This year’s recipients are... (Full Article) |
Internships: Education and experience
on the Kitsap Peninsula
By Marcia Abrams |
| There are over 12,000 collegiate students on the Kitsap Peninsula, some of whom will need an internship to graduate. Internships are temporary job positions where students gain practical experience in their specific field of study. Although a degree acknowledges a student’s knowledge of a subject, it is experience that many businesses seek. “Internships provide a chance to practice skills to learn about the workplace culture,” says Teresa McDermott, director for work-integrated learning and worker retraining at Olympic College... (Full Article) |
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VCB hands out Annual Tourism Awards |
| The Kitsap Peninsula Visitor & Convention Bureau (KPVCB) recently held its annual awards banquet, where it recognizes those local people involved in bringing economic development to the Kitsap Peninsula through tourism... (Full Article) |
ENVIRONMENT
Earth Day plays all month in 2008
By Kathleen Byrne-Barrantes |
| With the threat of global warming and the nation brooding over a perceived economic recession, expect to see many opportunities to pay homage to the earth as Kitsap County continues its tradition of activities held throughout the month... (Full Article) |
Lowe’s Home Improvement
sets sights on Silverdale |
| Mooresville, N.C.-based Lowe’s Home Improvement will soon start construction of a new, 102,000 square-foot store at the southeast corner of Myhre Road and Mickelberry Road in Silverdale, right behind Costco... (Full Article) |
HUMAN RESOURCES
Full-time employee benefits
unchanged in 2007
Part-time health insurance continues to decline |
| After two years of decline, the percentage of Washington employers offering health insurance stabilized in 2007, according to a survey released by the state Employment Security Department. The percentage of employers offering health benefits to full-time workers stayed steady at 66 percent in 2007, the same rate as 2006... (Full Article) |
TGI Tuesday: Second day of the week
remains most productive |
| Why tackle today what can be put off until Tuesday? In a new survey, 57 percent of executives said Tuesday is the most productive day of the week for employees. Monday was the second more popular answer, although it appears to be losing favor. Only 12 percent of respondents ranked Monday as most productive, compared to 26 percent in a 2002 survey... (Full Article) |
HUMAN RESOURCES
Survey says it’s OK to share
political views at work |
| Talking politics has long been considered taboo at the office, but a new survey shows most workers aren’t afraid to play pundit at work: 67 percent of respondents said engaging in political debate is acceptable, within reason; another 14 percent actually invite these conversations. Nearly four in 10 workers polled said discussing political campaigns and candidates is common practice... (Full Article) |
Entrepreneur’s Corner
By Patricia Graf-Hoke
Small Business Marketing Partners |
| When Laura Nesby, owner of Mor Mor’s Bistro in Poulsbo read our article celebrating retailers in the February issue of the Kitsap Peninsula Business Journal, she called to say thanks and lament how much she missed talking with other women business owners... (Full Article) |
ENVIRONMENT
Electronic waste recycling event set |
| It seems that all households have it; a stash of old outdated televisions, stereo equipment, computers, monitors or printers in their garage or basement, waiting to be thrown out. But finding the time and locating the correct spot to dispose of them responsibly can be a challenge. Mark your calendar for Saturday, April 26, and bring your old electronic equipment for recycling to Christ Memorial Church parking lot, at 18901 8th Avenue, in Poulsbo... (Full Article) |
Gig Harbor to conduct downtown
historic properties inventory |
| The City of Gig Harbor has received a grant from the State Office of Archaeology and Historic Preservation to help fund a comprehensive survey of historic properties in the downtown/Millville neighborhood. The project is being spearheaded by the City’s Design Review Board... (Full Article) |
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Featherbedding Heat Stress Rule is back |
| In spite of being “No” — more than once — the state Department of Labor and Industries (L&I) has once again proposed a new workplace rule related to workers who could fall victim to heat-related illness when working outdoors... (Full Article) |
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Save-A-Lot now open in Port Orchard |
| Save-A-Lot, the nation’s largest edited assortment grocery chain, opened a Pacific Northwest store in the Towne Center Mall at 1730 SE Mile Hill Drive in Port Orchard on March 13. Owned by the SuperValu chain, which also owns Albertson’s, the company is committed to offering local shoppers high quality groceries at savings of up to 40 percent... (Full Article) |
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Harlequin to be a sponsor of Cedar Cove Days |
| The Cedar Cove Association of Port Orchard recently announced that Harlequin Enterprises LTD of Toronto, Canada, has agreed to be a sponsor of Cedar Cove Days. The event was inspired by nationally known romance novelist Debbie Macomber, who is a native of Port Orchard. The festival is planned for August 26-30, 2009... (Full Article) |
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Local fire chief completes International Professional Designation process |
| Fire Chief Wayne Senter of South Kitsap Fire and Rescue has successfully completed the process that awards him the professional designation of “Chief Fire Officer” (CFO). The Commission on Professional Credentialing met on Jan. 16 to officially confer the designation upon Chief Senter. He is one of only 544 CFO’s worldwide... (Full Article) |
Quinn/Brein exec selected
by Taproot Foundation |
| Wendy Johnson, vice-president of the Bainbridge Island-based public relations agency Quinn/Brein, has been appointed to manage and oversee a service grant for Taproot Foundation. This non-profit group matches working business professionals with local non-profits to help with marketing, PR, human resource, and information technology projects... (Full Article) |
Nominations sought
for 40 Under Forty program |
| Kitsap Peninsula Business Journal is looking for individuals who work on the Kitsap Peninsula, are under the age of forty and who are doing well within their fields. Ranging from starting a company to launching a new product or doing their job significantly well, these men and women also contribute to their communities... (Full Article) |
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Ford declares candidacy for Appeals Court |
| Citing the need for “…open and accountable government” Tim Ford officially announced his intention to seek a seat on the Washington State Court of Appeals Division 2 this fall... (Full Article) |
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One Ten Lounge under new ownership |
| Kim Cherry and Don Ryan are the new owners of Port Orchard’s popular One Ten Lounge. The pair took over the cocktail lounge in January and are planning to hold a week long celebration by having a “Lounge Warming Party” the week of April 7 thru April 13. On Sunday, April 13 there will be hors d’oeuvres, live jazz, and a raffle starting at 5 p.m... (Full Article) |
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Randy Neatherlin to run for Legislature |
| Longtime Mason County youth advocate, civic leader, and Port of Allyn Commissioner Randy Neatherlin has declared his candidacy for State Representative Pos. 2 in the 35th District... (Full Article) |
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Bauer announces he’ll run for commissioner |
| In July 2007, the Board of County Commissioners unanimously appointed Steve Bauer to fill the unexpired term of Chris Endresen, who resigned o take a position with Senator Maria Cantwell. Recently Bauer announced his intention to run for a full four-year term this fall... (Full Article) |
Lord announces candidacy
for Senate’s 23rd District |
| Three-term Poulsbo City Council member Connie Lord has announced her candidacy for the 23rd District Senate seat currently held by Phil Rockefeller (D-Bainbridge Island).
Lord has over 16 years of government experience. In Winslow she worked in the management of the Land Use Administration and the City Clerk’s office, and has chaired every single committee of the Poulsbo City Council.
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TNB tolls likely to go up |
| The Tacoma Narrows Bridge Citizen Advisory Committee recommended in March an increased in tolls both for cash and electronic payers. The committee recommended raising the fees by $1, to $2.75 for Good to Go! (electronic payment) customers and $4 for cash payers. The committee, comprised of eight community members from Gig Harbor, Tacoma and South Kitsap areas, presented its recommendation to the state Transportation Commission, which will release its official proposal on April 7. A public meeting is planned for May 20, 6-8 p.m. at The Inn at Gig Harbor, located at 3211 56th Street NW in Gig Harbor. |
East Bremerton Rotary’s
“Blast from the Past” set for April 26 |
| Dance to the music of “Free Rain”, a mix of the 50s, 60s, 70s and 80s music on Sat. April 26 from 7 p.m. to midnight at the Kitsap Pavilion. Vintage cars and motorcycles will be on display. Tickets are $20 in advance, $15 for active duty military and $25 at the door. (Must be 21 to attend.) There will be a silent auction of baskets of great items, food and libations for sale.
Blast from the Past is sponsored by the East Bremerton Rotary, with proceeds being returned to the community for projects, scholarships and donations. Visit www.eastbremertonrotary.org for more information.
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Port Ludlow Resort names
new general manager |
| The Resort at Port Ludlow recently named Paul Wolman as the new general manager. Wolman will be responsible for overseeing day to day operations at The Resort at Port Ludlow.
With over 21 years of experience in the hospitality business, he brings a tremendous amount of experience to his new position.
Most recently he was the general manager at the Santa Barbara Inn in Santa Barbara, Calif., where he operated and oversaw all aspects of this upscale, full service, boutique hotel. Prior to the Santa Barbara Inn, Wolman was a consultant and trainer for the Lodge at Molokai Ranch Maunaloa in Hawaii.
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Local designer exhibited
in Los Angeles art gallery |
| Zeroing in on Design, a show at the Biola University Art gallery in Los Angeles featured the work of local graphic designer, Theresa Martin. Work from her Puget Sound clients: Harrison Medical Center, Seattle Pacific University, Advised Mortgage Management and The Lights of Christmas were exhibited.
She lives in Port Orchard and works as a graphic designer and brand strategist for Inlumino Creative Services.
For more information, call (360) 471-9271 or info@inluminocreative.com.
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Burn ban spares Kitsap, impacts Gig Harbor
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| Starting July 1, it will be illegal to burn land-clearing debris in Pierce, King and Snohomish County. The new rule was adopted in late February by Puget Sound Clean Air Agency, which has postponed a decision about a similar ban for residential yard waste. The July 1 ban exempts Kitsap County; however, the agency is expected to vote in October on whether the regulation should be expanded to Kitsap. Also in October, PSCA will revisit the proposal to ban all residential yard-waste burning starting next year. |
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BGI faculty honored by Choice Magazine |
| Bainbridge Graduate Institute (BGI) faculty members Darcy Hitchcock and Marsha Willard recently received an award from Choice Magazine for their book, The Business Guide to Sustainability.
Choice Magazine is published by the American Library Association, and is a library industry trade journal. The magazine and Choice Reviews Online are relied upon by 35,000 academic librarians, faculty, and key decision makers for collection development and scholarly research. Choice reaches almost every undergraduate college and university library in the United States.
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Sugardaddy’s Salon holds grand reopening |
| James Harris, owner of Sugardaddy’s Salon at 834 Bay Street, Suite C, in Historic Downtown Port Orchard, held a grand reopening celebration on Mar. 15. The event included entertainment from “Neutral Boy” and was well attended by an ecletic mix of people.
Tickets were also available for the premier midnight showing of “Hedwig and the Angry Inch” at The Orchard Cinema, which is located immediately next door to Sugardaddy’s.
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Kitsap Referrals now accepting new members |
| Kitsap Referrals is welcoming new members to join its networking group of business professionals. The group is a venue for local businesspeople to make professional contacts and generate referrals for each other. The group meets every Tuesday from 1–2 p.m. at the Poulsbo Library. For more information visit www.kitsapreferrals.com, call Dawn Tobel at (360) 271-1762 or email Steve Komar at skomar@farmersagent.com. |
Mooney to lead product development
at Watson Furniture |
| Cia Mooney, formerly vice president of product development and launch at Brayton International, has joined Watson Furniture Group as vice president of product development. Poulsbo-based Watson is a provider of furniture for business, education, and government applications.
In her previous position, Mooney directed Brayton’s new product initiatives in the contract and healthcare furniture markets, collaborating with distinguished architects and designers. Her furniture and lighting designs have been exhibited at the Salone del Mobili, Euroluce and the Milan Triennale.
For more information, visit www.watsonfurniture.com.
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