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Kitsap Bank reports record growth |
| Kitsap Bank, with 18 Kitsap Peninsula locations, reported record growth of $112 million in 2006, an 18 percent increase over the previous year. Total assets for the 98-year-old institution now total $727 million, up from $615 million in 2005. Assets have increased $215 million, or 42 percent, over the past three years. These results include the merger of Mariner Bank of Port Townsend. That transaction closed in November 2006... (Full Article) |
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Banking passwords become passé |
| Due to stricter federal requirements, banks and credit unions are rolling out new security measures to make Internet banking more secure while foiling identify thieves. By Jan. 1, consumers who sign into their bank account from someplace other than their home computer can expect additional questions that they must correctly answer... (Full Article) |
2007 manual provides info
on state, local taxes |
| The Washington State Department of Revenue recently posted the 2007 edition of the state’s tax manual on its web site. The report provides an overview of Washington’s tax system and summarizes more than 50 state and local taxes. It cites their purpose, history, rate changes over the years, and how much tax each has produced over the past decade... (Full Article) |
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Westsound Bank promotes Kari Osterberg |
| David K. Johnson, president and CEO of Bremerton-based Westsound Bank recently announced that Kari Osterberg, branch manager for Westsound Bank & Mortgage, has been promoted to vice president/branch operations officer. She has been in banking for 28 years and joined Westsound Bank in August 2002.
Osterberg works in the Port Angeles branch and can be reached at (360) 452-1133.
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Venture, Sterling Banks, announce
quarterly earnings |
| Venture Financial Group Inc., parent company of Venture Bank, which has a branch in Gig Harbor, announced a fourth quarter net income of $3.1 million, an increase of 14.8 percent compared to $2.7 million for Q4 2005. For the year, net income was $11.1 million, an increase of 23.3 percent above the $9 million net income of 2005. Excluding one time gains in previous years, this represents the highest quarterly and annual net income figures in company history.
Sterling Financial Corp. announced earnings of $73.9 million for the year. This represents an increase of earnings of $12.7 million above 2005.
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Frontier announces quarterly earnings |
| Frontier Financial Corp., parent company of Frontier Bank, has announced both quarterly and year-end earnings. Fourth quarter 2006 net income increased 22.7 percent to $17.6 million, compared with net income of $14.3 million in 2005.
For the year, net income increased $17.3 million to $68.9 million, compared with net income of $51.6 in 2005.
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Kitsap Bank promotes John Woods to VP |
| Kitsap Bank recently announced the promotion of John Woods to senior vice president/loan review. Woods joined Kitsap Bank over three years ago, bringing with him more than 30 years banking experience as both a line lender and credit administrator.
“Loan review remains a key component to quality growth, and in this leadership role, John will continue to ensure we maintain the highest quality credit portfolio,” notes Steve Politakis, executive vice president/CCO.
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Going to work for yourself? Plan ahead
By Ron Rada |
| Are you thinking of striking out on your own and joining the growing ranks of the self-employed? It’s an exciting — and possibly a little scary — prospect. But you can remove some of the fear by doing whatever you can to prepare yourself financially for life as an entrepreneur... (Full Article) |
“Use It or Lose It” for phone tax refunds
Deadline to file federal excise tax refund requests
may be as early as March 15 |
| Businesses have a one-time opportunity to file for refunds of federal excise taxes (FET) paid on long distance and bundled telephone services from March 1, 2003, through July 2006. Many businesses may be unaware of this refund opportunity and could miss out if they do not take action... (Full Article) |
Viking Bank’s Bainbridge Island
branch now open |
| Viking Bank held a grand opening of its Bainbridge Island branch on Jan. 13, according to Doug Stephenson, a senior vice president and market manager of Viking Bank. The new office is located at 921 Hildebrand Lane... (Full Article) |
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Washington Federal reports Q4 results |
| Washington Federal, Inc., parent company of Washington Federal Savings, which operates branches in Silverdale and Poulsbo, announced earnings of $33,384,000 or $.38 per diluted share for the quarter ended Dec. 31, 2006, compared to $36,146,000 or $.41 per diluted share for the same period one year earlier, a 7.3 percent decrease in earnings per share... (Full Article) |
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CFOs face difficult human capital decisions |
| Rising benefits costs, an aging workforce and recruiting challenges are just some of the difficulties that face executives in today’s business world. A recent human capital survey conducted by CFO magazine highlights some of these issues and reflects a business environment of human capital transition... (Full Article) |
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Seven top staffing secrets |
| Entrepreneur and Montana resident Andrew Field believes that success has everything to do with surrounding yourself with the right people. Here’s his advice on how to get, retain, and support a strong staff... (Full Article) |
Having recruitment headaches?
You and everyone else... |
| 2006 brought a huge influx of new positions to the job market, and seemingly overnight for some companies (although it has been a few years in the making), responses to job postings have dried up. You may have been asking “why me?” when no one applies to your job opening, or when candidates fail to turn up for scheduled interviews; but rest assured, the candidate drought it universal... (Full Article) |
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New loan officer at First Federal’s PT branch |
| First Federal Savings & Loan Association recently announced that J. S. Piper has accepted a position as loan officer at the Port Townsend Branch, located at 1321 Sims Way. |
Are you really a long-term investor?
By Ron Rada |
| Many people have been investing for a long time, and their goals, such as retirement, are years away. Therefore, they consider themselves to be long-term investors. But are they... (Full Article) |
Rules and regs about minimum wage
and paying for hours worked
What about when the power goes out and other disasters?
By Julie Tappero, WestSound WorkForce |
| In 1998 Washington voters passed an initiative that declared that our state’s minimum wage would rise on January 1 each year. This year our minimum wage has risen to $7.93 per hour, giving us the highest minimum wage in the nation. This raise is calculated based on the federal Consumer Price Index, which increased 3.9 percent... (Full Article) |
When investing, look past “Outlook” for 2007
By Phil McEwen |
| It’s time for all the financial experts to make their predictions for 2007. Some will say the stock market will keep rising over the next year, while others will claim the market will fall. How about interest rates, inflation, oil prices and any number of other factors? You can find conflicting opinions on all these subjects. How can you base your investment strategies on such an uncertain forecast... (Full Article) |
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New Market Tax Credit Program explained |
| In 2000 Congress passed the New Markets Tax Credit (NMTC) Program as part of the Community Renewal Tax Relief Act. The program was designed to encourage commercial investment in low-income areas by offering tax credits to investors who invested money to established community development entities... (Full Article) |
Washington Fed declares
96th consecutive dividend |
| The Board of Directors of Washington Federal, Inc., parent company of Washington Federal Savings, recently announced a quarterly cash dividend of 20.5 cents per share. The dividend will be payable Jan. 12 to common stockholders of record on Dec.29, 2006.
This is Washington Federal’s 96th consecutive quarterly cash dividend. Washington Federal Savings operates 124 offices in Washington, Oregon, Idaho, Utah, Nevada, Arizona and Texas. Established in 1917, the Company reported $9.1 billion in assets and $5.3 billion in deposits as of September 30, 2006.
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Steadman joins Kitsap Bank |
| Anthony Steadman recently joined Kitsap Bank as vice president/regional manager. In his new role, Steadman will oversee Kitsap Bank’s Olympic Peninsula locations, including its Sequim, Port Angeles and Port Ludlow branches.
“Tony brings to the Kitsap Bank team more than thirty years of experience in the banking industry, and strong leadership and strategic planning skills,” notes James Carmichael, Kitsap Bank president and CEO, “We are pleased to welcome him aboard.”
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Bauer awards First Federal 5-Stars |
| First Federal Savings & Loan Association of Port Angeles, which operates a mortgage lending office in Poulsbo, recently announced it has earned a 5-star Superior rating for the 52nd consecutive quarter from BauerFinancial, Inc., the nation’s leading independent bank rating firm. |
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Port Gamble man earns CSA designation |
| Thomas G. Moreland, with Northwestern Mutual Financial Network recently completed a comprehensive course through the Society of Certified Senior Advisors and earned the designation of Certified Senior Advisor.
Reach Moreland at (360) 297-5499 or tg.moreland@nmfn.com.
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Edward Jones ranked highest by J.D. Power |
| Edward Jones recently ranked first in the J.D. Power and Associates Full Service Investor Satisfaction Study. Edward Jones received this rank because of its customer service representative performance, convenience, account set-up/offerings, account statements, and product and service offerings.
According to the study, satisfaction translates into advocacy, and Edward Jones’ client’s recommended their investment representative more often than other firms.
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Giving financial gifts this holiday?
Know the rules
By Ron Rada |
| The holidays are approaching rapidly, so shopping may be on your mind. Of course, you can find many different types of thoughtful presents that will “make the day” of your loved ones. But why not give a gift that can brighten their entire future? Specifically, why not give a financial gift that has long-term benefits... (Full Article) |
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Peoples Bank expands Silverdale banking team |
| Andre Olanie, senior vice president and business market manager for Peoples Bank, recently announced that the bank has hired six new employees at its Silverdale Financial Center to serve its business, retail and real estate customers... (Full Article) |
Final approval unites
two local community banks |
| Mariner Bank President/CEO Jim Grabicki, recently announced approval for its merger into Olympic Bancorp, Inc., parent company of Kitsap Bank. The $16.2 million transaction, approved by regulators and previously authorized by both banks’ directors, has now received final shareholder approval... (Full Article) |
Dunbar earns certification,
Ochs joins Westsound Bank |
| David K. Johnson, president and CEO of Westsound Bank recently announced that Jean Dunbar, security officer for Westsound Bank & Mortgage, has successfully completed the Certified Community Bank Internal Auditing Program, sponsored by the Independent Community Bankers of America. By earning the certification, she will be more instrumental and effective in assisting the company with its internal audit procedures.
Johnson also announced that Wes Ochs has joined the bank’s Sequim office as a credit analyst. In that position, he will be assisting with analysis and lending. He graduated from Eastern Washington University and the University of Phoenix and previously worked with US Bank.
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Viking Financial reports Q3 earnings,
declares dividend |
| Viking Financial Services Corporation, parent company of Viking Bank, achieved record net income for the third quarter of 2006, announced Patrick D. Redmond, president and CEO. Net income for the nine months ending Sept. 30, was 4,092,000, compared to 3,540,000 for the same period a year ago, a 15.6 percent increase.
Earnings per fully diluted share were $1.83, up from $1.59 a year ago.
The company also announced a cash dividend of seven and one-half cents per share was paid Nov. 13 to all shareholders of record as of Nov. 1. The dividend is the thirty-first consecutive quarterly dividend to be paid to shareholders.
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American Marine Bank
announces intended move |
| American Marine Bank recently announced its intention to move the bank’s Silverdale offices to 10100 Silverdale Way, the current location of Nuts About Hi-Fi. With its current leases at 9490 Silverdale Way NW and 10868 Myhre Place expiring during the same time period, the bank will transition staff to the new location by the end of 2007. Remodeling construction will begin at the end of the first quarter in 2007 and will include a drive up window, ATM and coffee shop with ample parking directly across from Kitsap Mall.
Nuts About Hi-Fi will maintain its operations though the first quarter of 2007 and is planning a transition to another Silverdale location.
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Watch out for terrifying investment moves
By Ron Rada |
| Now that Halloween is here, you can expect to see a lot of ghouls, ghosts and gravestones in your neighborhood — but in reality, they’ll be of less importance than the evening’s main draw: candy. However, in real life, if you’re going to enjoy life’s treats — such as a comfortable retirement — you’ll need to escape some of the “tricks” — such as scary investment moves... (Full Article) |
Washington Federal to acquire
First Federal Banc of the Southwest |
| Washington Federal, Inc. (the “Company” or “Washington Federal”) and First Federal Banc of the Southwest, Inc. (“First Federal”) recently announced the signing of a definitive merger agreement. The merger agreement calls for the merger of First Federal with and into the Company, followed by the merger of First Federal into the Company’s wholly owned subsidiary, Washington Federal Savings... (Full Article) |
What can you expect if inflation heats up?
By Bill Richardson |
| Inflation has been in the news quite a bit lately. After years of enjoying mild inflation rates, we may be entering a period in which we experience more significant price increases on a broad range of products and services. As a consumer, you can see what increased inflation might mean to you. But will higher inflation hurt your investments... (Full Article) |
Cascadia Revolving Fund merges
with Shorebank Enterprise Pacific |
| Two of the Pacific Northwest’s leading nonprofit community development financial institutions are merging, creating a loan fund of more than $70 million to tackle issues affecting the region’s triple bottom line: social, economic and environmental well being, the organizations announced at the end of September... (Full Article) |
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First Federal’s Anderson changes branches |
| First Federal Savings & Loan Association recently announced that Nancy Anderson has accepted the loan officer position at the Port Angeles branch located at 227 East 6th Street. She has four years of experience as loan originator and loan processor. Anderson can be reached at (360) 417-3198 or at nanderson@ffpa.com. |
Peninsula Credit Union:
Membership Appreciation Day |
| Peninsula Credit Union celebrated its 71st anniversary by thanking current members with a free lunch served by senior management. As an additional bonus, special coupon offers were available for both current and new members at each branch. Both the membership and credit union employees enjoyed the food and mingling. Peninsula served 400+ hot dogs and brought in a total $2,556,199 in CDs with 46 percent ($1,118,354) representing new money to the credit union. |
Five things every investor should know
By Ron Rada |
| Is there a magic formula for achieving investment success? Not really — though you wouldn’t know it by reading all the advertisements touting “surefire winners.” The truth is that there are few valid guarantees in the investment world... (Full Article) |
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American Marine earns five stars from Bauer |
| Bainbridge Island-based American Marine Bank has earned the highest rating (5-Stars) for strength and stability from the nation’s leading independent bank rating and research firm, BauerFinancial Inc... (Full Article) |
What are the important elements of a
Non-Compete Agreement and how does
this differ from a Confidentiality Agreement?
By Julie Tappero
Westsound Workforce |
| All companies have proprietary information and assets that they want to protect, and these two agreements help to protect them, although in different ways... (Full Article) |
Washington Federal names Whitehead
new Chairman |
| Washington Federal, Inc. (Nasdaq: WFSL) has announced that Roy M. Whitehead will succeed Guy C. Pinkerton as chairman of the board of directors of\ Washington Federal, Inc. and its wholly-owned subsidiary, Washington Federal Savings... (Full Article) |
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Westsound Bank sets the stage to go public |
| WSB Financial Group, Inc., the holding company that owns Bremerton-based Westsound Bank, recently announced that it filed a registration statement with the United States Securities and Exchange Commission (SEC) for a proposed initial public offering of its common stock. All shares of the common stock to be sold in the offering will be offered by WSB. D.A. Davidson & Co. is the sole manager for the offering... (Full Article) |
SBA administrator refuses to release
list of ‘small’ contractors |
| Steven Preston, the Small Business Association (SBA) administrator has refused to release the list of the firms that were coded as small businesses in fiscal year 2005. In June, then Administrator Hector V. Barreto announced that a “record-breaking” $79.6 billion in contracts was awarded to small businesses in 2005. What he failed to point out was that some of the largest firms in the world, such as Boeing, Lockheed, Northrop Grumman, Bechtel, General Dynamics, and hundreds of other large companies, were included in the numbers... (Full Article) |
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New Kitsap Bank location opens in Port Ludlow |
| Kitsap Bank recently completed its new Port Ludlow facility at 72 Breaker Lane. In the new 3,600 square foot craftsman-style facility, customers will find safe deposit boxes, drive-in lanes, a drive-thru ATM, and a night depository... (Full Article) |
Jim Hamner: Financial care is crucial
By Rodika Tollefson |
| Jim Hamner, a financial adviser with UBS Financial Services, has been in the industry for 15 years. A former Air Force pilot who worked in the paper packaging business for nearly 20 years, he walked into the new career by accident. His mother, who was nervous about her financial planner, asked Hamner to check him out. Next thing he knew, Hamner was taking a security test and training to be a financial planner “while looking for another job... (Full Article) |
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Westsound Bank promotes two |
| David K. Johnson, president and CEO of Westsound Bank and Mortgage recently announced the promotion of two executives.
Mark Freeman has been named CFO/ executive vice president of finance and operations. Freeman has been with Westsound Bank since March of 2005. He has also held executive positions with Islanders Bank, and The Bank of Poulsbo/Northsound Bank.
Brett Green has been named executive vice president of sales and lending. Green joined Westsound in 2003 to head up mortgage lending He has held various management positions in the mortgage industry since 1990.
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Kitsap Bank earns five stars |
| Kitsap Bank, for the 33rd consecutive quarter, has earned the highest rating (5-stars) for strength and stability from the nation’s leading independent bank rating and research firm, BauerFinancial, Inc.
“Choosing a great community bank such as Kitsap Bank should be reassuring to anyone concerned not only with bank safety, but also with identity theft and privacy,” declared Karen Dorway, president of the research firm. “While no one can unconditionally guarantee your identity and privacy will be protected, community banks, like Kitsap Bank, are certainly a good first line of defense.”
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Don’t bank on house profits
to fund retirement
By Ron Rada |
| To enjoy a comfortable retirement lifestyle, you will need to build your net worth before you retire. So you may be interested in knowing that, between 2001 and 2004, the typical household’s net worth, adjusted for inflation, grew 1.5 percent, according to a recent Federal Reserve study... (Full Article) |
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Washington Fed reports third quarter earnings |
| Washington Federal, Inc., parent company of Washington Federal Savings, which has branches in Silverdale and Poulsbo, announced earnings of $35,337,000 or $.40 per diluted share for the quarter ended June 30, compared to $34,281,000 or $.39 per diluted share for the quarter ended June 30, 2005, a 3.1 percent increase. For the nine months ended June 30 earnings were $107,823,000 or $1.23 per diluted share, compared to $111,500,000 or $1.28 per diluted share for the nine months ended June 30, 2005, a 3.3 percent decrease... (Full Article) |
“Buy high and sell low:” A formula for failure
By Todd Tidball |
| It’s unfortunate but true: Many people are not particularly successful investors. Why? Part of the reason can be explained in these two words: Fear and greed... (Full Article) |
Viking Financial Services Corp.
reports Q2 earnings |
| Viking Financial Services Corporation, the holding company for Viking Bank, achieved record net income for the second quarter of 2006, announced Patrick D. Redmond, president & CEO... (Full Article) |
Timberland announces increase
in quarterly dividend, hires Norawong |
| The board of directors of Timberland Bancorp, Inc. has declared a quarterly cash dividend of $.18 per share of common stock for shareholders of record Aug. 9, payable Aug. 23... (Full Article) |
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Zylstra hires on at American Marine Bank |
| American Marine Bank (AMB) recently hired Larry Zylstra as senior vice president and business banking manager. He has over 30 years experience in banking including specialization in commercial lending and agricultural loans. For the past six years, Zylstra was a senior vice president and manager of branch banking, business banking and marketing for Columbia Trust Bank. He is a graduate of the Pacific Coast Banking School and Northwest Agricultural Credit School. |
Jeff Thomsen receives
A.F. McKenzie Achievement Award |
| Edward Jones investment representative Jeff Thomsen of Bremerton recently received the A.F. McKenzie Achievement Award for his sales and service efforts over the past year.
Thomsen is one of only 1,566 of the firm’s more than 9,000 investment representatives to receive this award. The award is named for Al McKenzie, who developed the firm’s training program during his nearly 60 years of service with Edward Jones.
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Venture Financial Group reports
record Q2 earnings |
| Venture Financial Group, Inc., parent company of Venture Bank, which operates a branch in Gig Harbor, announced fearnings for the quarter ending June 30. Net income was $2.6 million, an increase of 30 percent or $600,000 as compared to $2.0 million for Q2, 2005. That represents the highest second quarter earnings in company history.
At June 30, total assets were $917.3 million, an increase of 21.9 percent or $164.5 million for the six months ended June 30, compared to $752.8 million on December 31, 2005.
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Take steps to avoid investment scams
By Ron Rada |
| It’s unfortunate, but true: Unscrupulous people and companies do try to take advantage of unsuspecting investors. And the Internet has made it a lot easier for these predators to reach a mass audience. To avoid potential rip-offs, you need to be vigilant, and you need to ask questions — lots of them... (Full Article) |
Seven keys to successfully buying
or selling a business
By Richard D. Seward |
| The IRS places a “value” on your business and taxes your surviving family members on this “value” when you die. Consequently, it becomes important for owners of businesses to know what their business is worth and learn how to “cash in” on this “nest egg” before they die. Buyers Beware! Whether you are buying or selling a business, now, or in the future, this article is designed to help Sellers “cash in” and Buyers avoid the hidden risks that are lurking for the unwary... (Full Article) |
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AMB Financial Services declares dividend |
| The Board of Directors of American Marine Bank (AMB) Financial Services Corporation declared a cash dividend of 40 cents per share on the company’s common stock for the second quarter. The stock continues to provide consistent share value, demonstrated by steadily increasing independent appraisal values for shares held in the employee stock ownership plan. For 2005, annual dividend payout rate remained steady at $1.60 per share. |
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Washington Federal increases cash dividend |
| The Board of Directors of Washington Federal, Inc., parent company of Washington Federal Savings, has announced an increase in the Company’s quarterly cash dividend to 20.5 cents per share up from 20 cents. The dividend will be payable July 14 to common stockholders of record on June 30. It is Washington Federal’s 94th consecutive quarterly cash dividend.
CEO Roy M. Whitehead commented, “We are pleased to report another cash dividend increase. This is the 41st such increase since Washington Federal began publicly trading in 1982 and underscores management’s confidence in the Company’s future prospects.”
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Use “Odometer” — Not “Ruler” —
to track financial journey
By Ron Rada |
| When you’re on a long driving trip, how do you check your progress? Do you stop every few feet, pull out a ruler and measure your progress from point A to point B? Of course not. You drive for miles, and every so often, you look at your odometer. And this same method of evaluating how far you have come is valid for another type of trip — your financial journey through life... (Full Article) |
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