| 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.
“Lou’s contributions to Westsound Bank are immeasurable. As a founder of the company, he has served as the company’s chairman since 1999,” said Terry A. Peterson, President and CEO. “Lou has been a mentor for many of our employees and one of the company’s most loyal supporters. We thank Lou for his service and wish him all the best in his retirement.”
Peterson was just recently named as President and CEO after Dave Johnson resigned on March 7, amid allegations of fraud and mismanagement resulting in a Cease and Desist Order being issued by the FDIC on March 10.
Cox, a principle in the Port Orchard CPA firm of Cox and Lucy, and of Pacific Asset Management L.L.C., a registered investment advisory firm with offices in Port Orchard and Kirkland, which has $250 million of assets under management. He has been in private practice as an accountant since 1976 and is a CPA and registered investment advisor. He was also a founding director of The First National Bank of Port Orchard, which was purchased by InterWest Bancorp in 1997.
Cox was unanimously approved as the new Chairman by the Board of Directors. “Don’s experience as an investment advisor and a CPA have been valuable assets for the Board over the past year, and we believe he will be a very effective leader going forward,” Peterson commented.
Born and raised in Western Washington, Cox is a graduate of Central Washington University with a Bachelor of Arts degree in Business Administration. He is a past president of the Port Orchard Rotary and a past president of the First Lutheran Church Council. Cox and his wife Julie have been married for the past 24 years, have two grown children, and live in Manchester.
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