Tag Archives: banking

Kitsap Bank opens Bellevue loan office

blog.Sabado_PaulKitsap Bank opened a loan production office in downtown Bellevue Monday.

The office is located at 11711 SE 8th Street, Suite 310, in the Bellevue Gateway Building, near the I-405 and SE 8th Street interchange. Senior Vice President and SBA Manager Paul Sabado (pictured) is managing the location.

“The opening of a new loan production office in King County will allow Kitsap Bank the opportunity to better meet the needs of existing and new loan customers,” CEO Steve Politakis said in a news release. “We look forward to contributing within this vibrant market.”

Port Orchard-based Kitsap Bank operates 21 locations in Kitsap, Jefferson, Clallam, Mason, Pierce and King counties.

Sterling, Umpqua banks finalizing merger

Sterling Bank branches will soon be Umpqua Bank branches.

Umpqua Holdings Corporation and Sterling Financial Corporation announced regulatory approval for a merger in a statement Monday. The proposed merger was first announced in September.

Sterling Bank branches are expected to operate under the Umpqua banner after April 18.

Both banks are lightly represented in Kitsap County. Spokane-based Sterling operates a bank branch in Winslow, and home loan offices in Port Orchard and Silverdale. Umpqua, an Oregon company, has a home loan office in Siverdale, and two Gig Harbor branches.

According to the statement, Sterling Financial Corporation had assets of $10.31 billion at the end of 2013 and operated depository branches in Washington, Oregon, Idaho and California. Umpqua had locations in Oregon, Washington, California and Nevada.

The Spokesman-Review has more on the merger.

U.S. Bank will open inside Poulsbo Safeway

The new Poulsbo Safeway store will likely include a U.S. Bank branch.

U.S. Bank National Association filed an application with federal controllers Wednesday for an office at the 10th Avenue Store. The Poulsbo Safeway is set to open in May.

Minneapolis-based U.S. Bank has offices in the Silverdale Albertsons and Bremerton Fred Meyer, as well as an ATM in the Poulsbo Albertsons.

Albertsons and Safeway finalized a merger earlier this month. We’ll be taking a closer look at what that might mean for the Poulsbo grocery stores and other Kitsap locations.

New CFO announced for Kitsap Bank

Alan Crain was announced Tuesday as the new executive vice president and chief financial officer of Kitsap Bank.

Crain was most recently CFO of Seattle Bank, working to rebuild the standing of the distressed institution, according to a news release. He also served 14 years as CFO of Cashmere Valley Bank.

Crain is a 1987 graduate of Central Washington University and 1996 graduate of the Pacific Coast Banking School at the University of Washington.  He is active in several banking and business associations.

“Alan has a broad background in finance, accounting, investment management, information technology, public finance, mortgage banking, and overall bank operations,” Anthony George, president and chief operating officer at Kitsap Bank, said in the release. “We are excited to have such a high-quality and well-respected banker join Kitsap Bank in this critical role.”

The Port Orchard-based bank maintains 20 locations and reports $900 million in assets.

In related news, Kitsap Bank announced a new branch for Wheaton Way in Bremerton, to be combined with a Starbucks. Head on over to the Bremerton Beat blog for details.