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Peninsula Credit Union opening new branch
at College Market Place |
| Peninsula Credit Union recently announced that it will be opening a new branch in the College Market Place shopping center of Poulsbo. Its grand opening week is July 10-14 and will start with a ribbon cutting on July 10 at 10 a.m. in front of the credit union. Members of the community are invited to join Peninsula for coffee and pastries, courtesy of Starbucks, as it officially opens its new branch.
The branch will be located at 21505 Market Place NW, Suite 109. For more information contact Peninsula Credit Union at (800) 426-1601.
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KCCDC funds expansion loan
for Amy’s Decadent Chocolate |
| Kitsap County Community Development Corporation (KCCDC) is helping to finance Amy’s Decadent Chocolate with the purchase of a chocolate hand-coater that will increase production. It will arrive shortly with other improvements to follow. This loan and a line of credit from US Bank are funding Amy’s business expansion.
Amy’s first months in business have been busier than anticipated and has almost doubled its sales. Being able to train one of two newly hired persons to operate the hand-coater will help owner Amy Jablonski to meet the demand.
For more information about KCCDC revolving loan fund that provided gap financing and microloans to small business owners, visit the website at www.kccdc.org.
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Know what to expect from your investments
By Anji Sell |
| If your investment portfolio is even moderately diversified, you probably own both stocks and bonds. And that’s a good idea, because diversification is essential to your success as an investor. But you also should know what to expect from different types of investment – because the more you know, the more likely you are to make the right moves... (Full Article) |
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Venture CEO elected to trade group post |
| Ken F. Parsons Sr., chairman and CEO of Venture Bank, which has branches in Gig Harbor, was elected treasurer of the Independent Community Bankers of America at the group’s national convention in Las Vegas... (Full Article) |
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Top 5 tax audit triggers |
| In a report to Congress this past January, the national taxpayer advocate, Nina E. Olson, cited ‘’complexity creep’’ in the Internal Revenue Code as the most serious problem facing taxpayers and the I.R.S. alike. The tax code has grown so complex that it creates opportunities for taxpayers to make inadvertent mistakes as well as to game the system... (Full Article) |
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Don’t overstuff retirement plan
with company stock
By Ron Rada |
| Nearly a century ago, George Santayana, philosopher and poet, wrote: “Those who cannot remember the past are condemned to repeat it.” Sadly, this statement may be proving prophetic when it comes to the amount of company stock that people put into their retirement plans... (Full Article) |
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Kitsap Bank to sponsor Bainbridge in Bloom
18th annual Bainbridge in Bloom Garden Tour will take place
July 14, 15 and 16 |
| Bainbridge in Bloom, one of the Northwest’s most esteemed and venerable garden tours, recently welcomed its new presenting sponsor, Kitsap Bank... (Full Article) |
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Westsound Bank opens new branch in Poulsbo |
| David K. Johnson, president and CEO of Westsound Bank announced the opening of the bank’s new Poulsbo branch at 21895 Viking Way NW. The branch will operate out of a remodeled temporary location while plans are finalized for a new facility to be built at the site. The full service bank and mortgage facility will be led by Brent Stenman, senior vice president. |
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Westsound Bank recognized by Bauer |
| David K. Johnson, president and CEO of Westsound Bank announced that Westsound Bank has received the Bauer Financial 5-Star rating for ten consecutive quarters. The Bauer Financial 5-Star rating is granted only to banking and thrift institutions that exhibit the highest standards for banking excellence for being safe, financially sound and are operating well above its regulatory capital requirements. |
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Venture announces new stock repurchase plan |
| Venture Financial Group, Inc., announced the implementation of a new stock repurchase program. Under the program, the company is authorized to buy 200,000 shares of its common stock or approximately 3.6 percent of the total common shares currently outstanding. The stock repurchase program authorizes the company to make scheduled purchases over time in either privately negotiated transactions or through the open market. The planned repurchases will, among other things, be subject to applicable federal securities laws. Some of the company’s executive officers and directors have indicated that they may sell shares under the stock repurchase plan. |
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Two ways to boost retirement income
By Ron Rada |
| If you have several years to go until retirement, now is the right time to determine about how much annual income you can count on as a retiree. And if it looks like you might be coming up short, you’ll want to take action soon... (Full Article) |
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Kitsap Bank reports 17 percent earnings gain |
| Kitsap Bank reported record earnings for 2005 of $10.1 million, compared to $8.6 million in 2004, a 17 percent increase. The Bank also reported record asset growth of $64 million and deposit growth of $44 million for the year... (Full Article) |
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Kitsap Bank announces
management promotions |
| Kitsap Bank recently announced the promotions of four officers. According to Steve Politakis, Executive Vice President and Chief Credit Officer, “Kitsap Bank had a record year in loan production across all lines of business, while maintaining our position as an industry leader with superior asset quality. We are very pleased to recognize the contributions of each of these fine individuals, not only in their areas of specialty, but also for their impact on the Bank as a whole, and the communities they serve... (Full Article) |
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Put your tax refund to work
By Pat McFadden |
| Now that we’re in the midst of tax season, you may be anticipating a tax refund, if you haven’t already gotten one. Of course, not everyone receives a refund, but, among those who do, the amount can be sizable... (Full Article) |
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Washington Federal posts Q1 results |
| Washington Federal, Inc., parent company of Washington Federal Savings, announced earnings of $36,146,000 or $.41 per diluted share for the quarter ended Dec. 31, 2005, compared to $36,258,000 or $.42 per diluted share for the same period one year ago... (Full Article) |
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Killinger named magazine’s CEO of the Year |
| Kerry Killinger, CEO of Washington Mutual, has been named by Washington CEO Magazine as its CEO of the Year. |
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Forman joins Poulsbo branch of Viking Bank |
| Ed Forman has joined Viking Bank’s Poulsbo branch as a commercial loan officer. He comes to Viking Bank from the Poulsbo branch of American Marine Bank, where he was a senior commercial loan officer and brings with him 22 years of commercial lending experience. |
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Kitsap Bank earns 5 Stars from Bauer
for 31st time |
| Bauer Financial, the nation’s leading independent bank rating and research firm, recently announced that Kitsap Bank has achieved its highest 5-star superior rating for 31 consecutive quarters.
“Earning 5-Stars 31 consecutive times is really something to be proud of,” said Karen L. Dorway, president of the research firm. “Jim Carmichael, CEO of Kitsap Bank, should be very proud of his 5-Star team and their accomplishment.”
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Venture Bank chairman nominated
as ICBA treasurer |
| The Independent Community Bankers of America (ICBA) announced its new slate of executive officers nominated for election by the association’s board of directors in March. Among the 2006-2007 officer nominees is Venture Bank Chairman, Ken F. Parsons, Sr. Parsons has been selected to be Treasurer of this national organization.
ICBA’s board of directors will vote on the officers on Mar. 6 during the ICBA National Convention and Techworld in Las Vegas, Nev.
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Take advantage of higher IRA
“catch-up” limits
By Ron Rada |
| Now that it’s 2006, you are one year closer to retirement. Of course, if you are still in your 20s, this milestone may not mean that much to you. But if you are 50 or older, the prospect of actually becoming a retiree looms larger as the years go by... (Full Article) |
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Incorporating in Nevada: Is it really worth it?
By Maura Hallam Sweley |
| A recent spate of radio advertisements has been touting the benefits of incorporating in Nevada, ranging from tax advantages to officer anonymity. Is Nevada incorporation a dream come true, or too good to be true... (Full Article) |
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Time to choose a small-business
retirement plan?
By Glenn Anderson |
| If you own a small business, you’re always thinking about today. How can you get more customers today? Is your cash flow sufficient for today? What are your competitors doing today? However, you can’t forget about tomorrow. Specifically, you need to make sure you’re building sufficient financial resources to enjoy a comfortable retirement. To help you do just that, you need the right small-business retirement plan... (Full Article) |
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Money Wi$e Women forum in Silverdale |
| Money Wi$e Women Educational Services, a non-profit organization is hosting a Money Wi$e Women forum on Saturday, Feb. 25 from 9:30 a.m. to 4 p.m. in Silverdale at Central Kitsap Junior High School. The all-day conference is designed to educate and empower women on achieving financial fitness. There is no cost to attend and every participant receives a copy of the book Becoming a Money Wi$e Woman: Getting Your Financial House in Order... (Full Article) |
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AWB and Lane Powell publish human
resources guide for business |
| The Association of Washington Business (AWB) recently published a comprehensive guide designed to assist employers in deciphering Washington’s complex labor laws. The 5th Edition Human Resources File Cabinet & CD covers a wide range of business forms spanning the entire employment relationship – from pre-hire all the way through termination... (Full Article) |
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Local attorney/accountant partnership
launches business planning website |
| Kitsap residents P. Thomas Adams and John D. Ewing have compiled a Web site, www.adamsewing.com that enables businesses and individuals to educate themselves in matters of wealth preservation, asset protection, financial privacy and tax saving strategies. The site contains both interactive and PDF resources that provide a starting point for persons wanting to learn more about applying these strategies to their own experiences. |
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CFP to present “2006: A Look Ahead” |
Certified Financial Planner (CFP), advisor, and author Justin Freed will be presenting “2006: A Look Ahead” at several locations throughout the West Sound. Topics will include: The domestic economic outlook, the international investment climate, energy – and much more.
The schedule of events can be found at www.actionfinancialsolutionsgroup.com or call (360) 616-2771 for more information. |
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Time to make New Year's financial resolutions
By Jim Thatcher |
| Do you remember any of the New Year's resolutions you made for 2005? If you don't, it may not be such a tragedy. After all, you still may have had a good quality of life even if you didn't get to the gym three times a week, learn a new language or take that gourmet cooking class. On the other hand, you can make a big difference in your future if you make - and keep - financial resolutions for the coming year... (Full Article) |
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It's time to kick off Stock Watch 2006
By Ron Rada |
| Our next issue will feature seven business owners, who will pick five stocks that they feel will beat the S&P 500 Index in 2006. As of December 12, 2005, the S&P 500 Index was up 3.92 percent for 2005; not a robust showing, but at least positive... (Full Article) |
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Kitsap Bank to supply ATMs
at Harborside, NDGC |
| Kitsap Bank has been awarded contracts for two new ATMs; one at Bremerton Harborside Center and the other at the Norm Dicks Government Center... (Full Article) |
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Peninsula Credit Union, Olympic
Community Federal Credit Union to merge |
| On Dec. 6, 2005, the membership of Olympic Community Federal Credit Union of Port Townsend voted to merge with Peninsula Credit Union headquartered in Shelton. This followed the recommendation of its Board as well as considerable due diligence and research by both parties... (Full Article) |
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Sales tax deduction extension moves forward |
| The U.S. House of Representatives in December approved a one-year extension of the state sales tax deduction that allows residents of Washington and several other states to deduct a portion of the state sales tax from their federal income tax return... (Full Article) |
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Pinnacle Business Connections
sets January meetings |
| Pinnacle Business Connections of North Kitsap (PBCNK) meets at 11:26 a.m. until 12:47 p.m. on the first and third Tuesdays at the Bayside Broiler in Poulsbo. Meetings are BYOB — “buy your own lunch” - gatherings. Jan. 3 starts off with a mastermind session with members brainstorming to help each other. On Jan. 17, Maria Marsala, will present "10 S.I.M.P.L.E. ways to market your business on a limited budget." This meeting will be expanded to end at 1:15 p.m. For additional information contact Ellen Dougherty at(360) 697-5724 or visit www.pbcnk.com. Guests are welcome. |
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Washington Fed declares 92nd
consecutive cash dividend |
| The Board of Directors of Washington Federal, Inc., parent company of Washington Federal Savings, announced a quarterly cash dividend of 20 cents per share. The dividend will be payable Jan. 13 to common stockholders of record on Dec. 30, 2005. This is Washington Federal's 92nd consecutive quarterly cash dividend. |
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Estate Tax repeal in the works for 2006 |
| The Committee to Abolish the Washington State Estate Tax recently filed papers with the Public Disclosure Commission (PDC) and officially launched its campaign to abolish the death tax. Dennis Falk, chairman of the committee has opened an office at 1019 Regents Blvd, Suite 202 in Fircrest at can be reached at (253) 565-1776 or at www.noestatetax.org. |
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Northwest Exclusives opens in Poulsbo |
Northwest Exclusives a cooperative brokerage firm serving Northwest Washington, recently opened for business at 18978 Front Street, Suite 201 in downtown Poulsbo.
Meisha Rouser's approach with Northwest Exclusives is to provide full back office support to the agents and to create an environment where all agents want to help one another, enabling a pooling of knowledge and expertise, resulting in a comprehensive and rewarding buying or selling experience for the client.
Reach Rouser at (360) 265-9628. |
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Johnston completes certification ICBA course |
Roy Johnston, the compliance officer for Bremerton-based Westsound Bank, has successfully completed the Certified Community Bank Compliance Officer Program, sponsored by the Independent Community Bankers of America (ICBA).
To earn certification, Johnston successfully completed four ICBA seminars: developing a compliance program, deposit compliance, lending compliance, and operations compliance and passed a comprehensive examination in each of these compliance areas. |
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Kitsap Bank honors Silcott |
Janet Silcott, marketing coordinator at Kitsap Bank, has been named Employee of the Quarter.
Silcott joined Kitsap Bank in Sept. 2004. In her first full year with the bank, she has been instrumental in the success of numerous projects. According to Senior Vice President/Marketing Director, Shannon Childs, “Janet has proven herself invaluable, consistently providing much-needed assistance throughout our organization. Co-workers, business associates, and customers alike have commended her friendly, professional demeanor.” |
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How will oil prices affect
your investment plans?
By Phil McEwen |
| Even before Hurricane Katrina caused its almost incomprehensible damage to the Gulf Coast, most of us shuddered when we had to fill our cars' gas tanks. With prices at $3 a gallon in some parts of the country, and crude oil hitting $70 per barrel, we were already in uncharted territory... (Full Article) |
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Next issue of WestSound Home & Garden
due to hit the street on Jan. 1 |
| WestSound Home & Garden, the Kitsap Peninsula's own locally based quarterly guide to gardening, redecorating, home design, and more, will be available on Jan.1. The premier issue, which showcases the Western Puget Sound lifestyle, was published in September... (Full Article) |
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Venture Financial Group completes
merger with WCB |
| Venture Financial Group, Inc., parent company of Venture Bank, which has an office in Gig Harbor, has announced the completion of its merger with Washington Commercial Bancorp (WCB) and with WCB's principal operating subsidiary Redmond National Bank... (Full Article) |
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G.H. Chamber to hosts “Action Session"
for economic development |
| The Gig Harbor Peninsula Area Chamber of Commerce will host an economic development "Action Session" on Wednesday, Nov. 9 from 7:30 a.m. to 12:30 p.m. at Cottesmore of Life Care, located at 2909 14th Ave NW in Gig Harbor... (Full Article) |
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Richardson honored at management forum |
| Bill Richardson, Silverdale investment representative for Edward Jones was one of several representatives honored recently at a business management forum in Tempe, Ariz. He was cited for demonstrated management skills, increasing office efficiency, improving customer service, increasing investment knowledge and expanding his knowledge in the area of estate planning. |
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Are your investments working
as hard as you do?
By Bim Prince |
| Labor Day recently passed — and if you're like many people, you certainly feel that your household is laboring pretty darn hard. And you'd be right. In fact, from 1975 through 2002, the average hours worked by all family members rose by 11 percent, according to the Economic Policy Institute. But all that work may not necessarily translate into the attainment of your financial goals - unless your money is working as hard as you are... (Full Article) |
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Review asset mix in 401(k)
and taxable accounts
By Ron Rada |
| If you're like many people, you have at least two separate “pools” of investment funds: your 401(k) or other tax-deferred, employer-sponsored retirement plan and your taxable brokerage account. Should you invest in both of them in exactly the same way... (Full Article) |
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Edward Jones named
No. 1 full-service broker |
| The financial-services firm of Edward Jones was named the No. 1 full-service broker in the August edition of SmartMoney magazine. The firm placed ahead of seven other firms and received the highest possible ranking in all four categories surveyed by the magazine: stock-picking, customer satisfaction, trust survey, and customer statements... (Full Article) |
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Chamber sponsors “Shape Your Future”
trade show |
| The Bremerton Area Chamber of Commerce will host “Shape Your Future,” a trade show aimed specifically at businesspeople... (Full Article) |
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Don’t get dragged down
by investment “anchors”
By Ron Rada |
| The financial markets will always be somewhat unpredictable. Some investors can cope with this fact, but others find it almost intolerable – and so they look for rules of thumb, or “anchors,” to keep their portfolios stable during all economic environments... (Full Article) |
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Venture Financial Group and Washington
Commercial Bancorp merger approved |
Venture Financial Group, Inc., parent company of Venture Bank, which has an office in Gig Harbor, and Washington Commercial Bancorp, parent company of Redmond National Bank, announced that over 85 percent of the shares voting at the Washington Commercial special shareholder meeting, were cast in favor of the merger.
The companies have received all regulatory approvals and the anticipated closing date is Sept. 2. The deadline for Washington Commercial Bancorp shareholders to submit election forms related to the merger consideration was August 31. |
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Five things to focus on
besides market volatility
By Ron Rada |
We are going to launch our next contest at the beginning of the year, so in the mean time, here are five things to focus on instead of market volatility.
As an investor, you no doubt are aware that the stock market will always have its ups and downs. You can’t do anything about those fluctuations – but you don’t have to let them wreak havoc on your investment decisions... (Full Article) |
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Are you on track toward
retirement savings goals?
By Jeff Thompsen |
| Although he may never have said it, Mark Twain, the author of Huckleberry Finn, is often credited with this quote: “Everybody talks about the weather, but nobody does anything about it.” Unfortunately, just about the same thing can be said about saving for retirement: We all think about it, but we don’t take much action... (Full Article) |
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Demand for SBA-backed loans
continues at record pace through FYQ3 |
Small businesses continued turning to the U.S. Small Business Administration (SBA) for commercial credit in record numbers through the first three quarters of fiscal year 2005.
Small businesses secured SBA backing under the agency’s flagship 7(a) program for 71,131 loans through the first nine months of the fiscal year, a 21 percent increase over the same period a year ago and a 49 percent increase over the same period two years ago... (Full Article) |
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