Tag Archives: banking

Bank deposits in Kitsap top $3 billion

wintergreen2_26878522_ver1-0_640_480Deposits at bank branches in Kitsap County topped $3 billion for the first time in 2016, according to data from the Federal Deposit Insurance Corporation.

Deposits spread across the 58 bank branches in the county totaled more than $3.005 billion at the end of June.

That number did not include deposits at credit union branches.

Deposits flattened during the recession, but increased steadily each year since 2012:

Sixteen banks operated offices in Kitsap in 2016. Two — Kitsap Bank and Liberty Bay Bank — are headquartered in the county.

Port Orchard-based Kitsap Bank had the most offices in the county, with 11. Bank of America reported highest deposit total, with $653.25 million (Kitsap Bank was a close second with $637.36 million).

Here’s a sortable table breaking down banks with a brick-and-mortar presence in our county:

Navy Federal opens Poulsbo branch

Navy Federal Poulsbo
Contributed image

Navy Federal Credit Union expanded its presence in Kitsap this week with the opening of a branch inside the Poulsbo Walmart.

The branch will serve about 5,000 members, according to a news release.

The Poulsbo location is Navy Federal’s third in Kitsap, joining branches in Bremerton and Silverdale.

“We have found a special home here in the Kitsap County,” Poulsbo branch manager Harold Hartley said in the release. “And our team prides itself on the excellent level of service we provide our members every day.”

Navy Federal made a $1,000 donation to the U.S. Submarine Veterans Charitable Foundation as part of the opening celebration.

Navy Federal Credit Union is the world’s largest credit union with more than $76 billion in assets, 6 million members, 286 branches, and a workforce of over 14,000 employees worldwide, according to the release.

Kitsap Bank reports record-breaking first quarter

KBsm_CMYK_BlkT_logoKitsap Bank enjoyed the best first quarter in its 107-year history this year, according to a news release.

Holding company Olympic Bancorp reported a 55 percent year-over-year increase in earnings in the first three months of 2016. Net income totaled $2.64 million, compared with $1.70 in the same period of 2015.

Loans grew by 22 percent, from $485 million to $591 million. Deposits were up 13 percent, from $873 million to $989 million.

“Our performance continues to be robust in this economy, producing record results for the bank,” Kitsap Bank CEO Steve Politakis said in the release.

Port Orchard-based Kitsap Bank operates 21 locations in Western Washington. The bank topped $1 billion in assets for the first time last year.

Bainbridge Walgreens, Key Bank ready to open

Key Bank and Walgreens on the corner of Highway 305 and High School Rds on Bainbridge Island. They are at the new “ Wintergreen Walk” the Visconsi shopping center.LARRY STEAGALL / KITSAP SUN

Two businesses are ready to open in Wintergreen Walk, a new High School Road shopping center that stirred controversy on Bainbridge island.

A 14,500-square-foot Walgreens pharmacy will debut at 8 a.m. Friday. A 3,300-square-foot Key Bank branch opens at 9 a.m. Monday.

Wintergreen Walk encompasses eight acres on the northeast corner of Highway 305 and High School Road.

bainbridge-island-aerialKey Bank, which was previously located behind McDonald’s on the south side of High School Road, now occupies a prominent place above the intersection.

Walgreens is tucked behind. Both buildings feature drive thrus.

Key Bank Manager Jon Phelps said the new branch shows the bank’s commitment to the Bainbridge.

“We didn’t want to be one of the banks that pulled up roots and moved off the island,” he said. “We’re here to stay.”

Wintergreen Walk is being constructed in phases, and could eventually offer 60,000 square feet of leasable space for restaurants, retail and medical offices, spread across seven buildings.

Headed by Visconsi Companies, a midwest development firm, the shopping center incited backlash from its inception.

Islanders held protests on street corners, decrying what they saw as unnecessary suburban sprawl. In August 2014 a teenaged protestor climbed 70 feet into a Douglas fir and camped for 40 hours to draw attention to the development plans.

In the end, the trees came down and construction moved ahead. The city issued the first building permits in March.

Watch for a full story in the Monday Kitsap Sun and Nov. 20 Bainbridge Islander.

Larry Steagall photo

Washington Federal opens Bainbridge branch

washington-federal-logoSeattle-based Washington Federal has added a third Kitsap County location with the opening of a Bainbridge Island branch.

The new branch is located next to Starbucks at 337 High School Road NE. A grand opening ribbon cutting will be held at 1:30 p.m. Monday, followed by an ice cream social from noon to 3 p.m. Friday.

Washington Federal will offer full-service ATMs and regular banking and mortgage services on the island. Hours are 9 a.m. to 5 p.m., Monday through Thursday, and 9 a.m. to 6 p.m. Friday.

Manager Cherrie Cibene said Washington Federal had a large number of customers on the island served by the Poulsbo branch.

“They were asking for us to be out here,” Cibene said.

Washington Federal has locations on Highway 305 in Poulsbo and Highway 303 in East Bremerton. Founded in Ballard in 1917, the bank operates more than 200 offices in eight western states.

For more information on the Bainbridge branch, call (360) 780-6683.

Kitsap Bank reports $1 billion in assets

Kitsap-BankOlympic Bancorp, parent company for Kitsap Bank, reached a milestone at the end of June, reporting $1 billion in total assets for the first time in its history.

The bank also reported net income of $3.8 million for the first half of the year, compared with $3.2 million for the same period of 2014. Loan totals were up by 9.5 percent, while deposits reached $900 million, according to a Friday news release.

Olympic Bancorp recently announced an agreement to purchase Puget Sound Financial Services and its subsidiary, Fife Commercial Bank, pending shareholder and regulatory approval.

The transaction was approved by shareholders of Puget Sound Financial at a July 16 meeting, according to the release. Regulatory approval is expected soon.

Navy Federal opens in downtown Bremerton

 

B7U-aqFCUAACMnIA Navy Federal Credit Union branch opened in downtown Bremerton Monday, after relocating from Auto Center Way.

The new branch is located at 555 Pacific Ave., Ste. 110, in the Sixth and Pacific building.  Navy Federal spokesman Brian Parker said downtown offices provide easier access for members.

693808_6341520_ver1.0_640_480“With the proximity to the shipyard, and the ferry terminal really, its really a key location for our members,” Parker said.

The full-service branch includes an ATM, mortgage services, and a  coin sorting machine. Parker said staff includes 10  full-time and five part-time employees. Navy Federal has about 23,000 members in the Kitsap area.

Hours are 9 a.m. to 5:30 p.m. Monday through Friday, and 9 a.m. to 1 p.m. Saturday.

Navy Federal is the world’s largest credit union, with 259 branches nationwide, including seven in Washington State and two in Kitsap County. The credit union plans to open 20 new branches this year. A Tacoma branch is slated to open this spring, according to a news release.

Navy Federal is open to all Department of Defense and Coast Guard active duty, civilian, and contractor personnel and their families.

The opening of the credit union branch is a positive development for the Sixth and Pacific building, which narrowly avoided a foreclosure sale this winter. Group Health, Edward Jones and Distributed Energy Management also have offices there.

Key player in Westsound Bank failure arrested

20090523-172421-pic-272351821_5658372_ver1.0_640_480An Auburn real estate broker, who authorities say helped bring about the 2009 failure of Westsound Bank, has been extradited from Moldova to face charges, according to the Seattle Times. 

Galina Kravchenko and her husband Aleksandr were indicted on charges of conspiracy, bank fraud and money laundering in 2009.

Authorities believe the Kravchenkos and their associates conspired to obtain more than $49 million in fraudulent construction loans from Bremerton-based Westsound Bank, prior to its seizure by regulators.

The Times reports the Kravchenkos fled to Moldova in 2008. Aleksandr remains at large.

The FDIC sued former Westsound Bank directors for negligence in 2011. The case was settled a year later.

Kitsap Bank sees jump in earnings

Olympic Bancorp, the holding company for Port Orchard-based Kitsap Bank, reported a 22 percent increase in earnings for the first nine months of 2014, according to a news release.

Net income for the bank totaled $5 million for the year-to-date, compared with $4 million a year ago.  Assets totaled $954 million, and loans increased $24 million, up 5.6 percent.  Total equity capital increased 10 percent year over year.

“I am very pleased with our strong performance,” stated Steve Politakis, Kitsap Bank’s Chief Executive Officer.  “While the current economic and interest rate environment remains challenging, we see modest growth in the communities we serve, leading to improved performance for Kitsap Bank.”

The full release is online here.

Kitsap Bank on Wheaton Way opens Monday

blog.kitsapbank

When the newly-rebuilt Kitsap Bank branch in East Bremerton opens Monday longtime customers may recognize a familiar face.

John Glomsted, the manager who opened the original branch in 1961, will serve as the honorary first customer. The new campus, at 3425 Wheaton Way, is set for a 9 a.m. soft opening.

The Starbucks coffee shop integrated with the bank is expected to open later this month. A grand opening for the campus is scheduled for Aug. 8.

Kitsap Bank Marketing Director Shannon Childs said contractors are putting finishing touches on the 5,000-square-foot building (about half of the space is dedicated to the coffee shop). A solar array is still being installed. The glass-sided structure includes drive-through windows for both banking and coffee.

Kitsap Bank emphasized recycling and the use of reclaimed materials during demolition and construction. The new branch will also feature new technology, including automated cash counters and tablet computers. Special equipment available for business customers will be on display.

Childs said the Port Orchard-based bank is looking forward to renewing its presence in East Bremerton.

“We’re very excited about bringing this new branch to Bremerton and especially to this neighborhood that welcomed more than 50 years ago,” Childs said. “We’re pleased to be part of the revitalization of this area.”

The old Wheaton Way branch was demolished in May.

(This post was corrected to reflect John Glomsted’s role in the opening).