| Poulsbo-based Liberty Bank of Washington, the first new bank on the Kitsap Peninsula in over nine years, and the only bank in Washington to be approved by the FDIC and Washington State Department of Financial Institutions (DFI) in 2008, is continuing the process of accepting investments in its initial stock offering. Organizers of the bank anticipate raising $11.5 to $14 million in initial capita. Shares are selling for $10, with a minimum purchase of 2,000 shares ($20,000).
“This is a rare opportunity,” noted Bill Fogarty, President and CEO.
Liberty Bank will focus on serving small businesses as well as families in both Kitsap and Jefferson Counties. According to Fogarty, it will use the newest technologies, provide advanced products and services, and offer the banking expertise and personal attention that is often missing from other, larger banks.
“Our primary mission is to be the community bank of choice for small business owners, professionals, executives, and individuals by providing superior financial solutions and trusted advice,” Fogarty stated. “Over the past decade community banks and “de novo” (new) banks have enjoyed a reputation of being a profitable long-term investment. The banking industry is highly regulated and as such they are considered a safer investment than other new businesses.”
He added that according to Bloomberg Fortune, between the years 2000 and 2006, banks on average enjoyed over 87 percent return on investment. Moreover, demographics show that Poulsbo, centrally located to surrounding communities, is a prime location in North Kitsap for a new, local bank.
Additional information on the bank or investing in it, is available by contacting Fogarty directly at (360) 779-4567 or Info@libertyorganizersinc.com.
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