Category Archives: Banking

BridgeCare Finance wins Edg3 Fund prize

Mount Vernon-based BridgeCare Finance won Kitsap Bank’s $20,000 Edg3 Fund small business prize Thursday, according to a news release.

BridgeCare offers short-term loans to help working families afford childcare.

The Smithshyre farm in Poulsbo earned the $5,000 Community Edg3 Award, recognizing the entrant that “best embodies the spirit of community.”

The farm specializes in rearing organic, pasture-raised poultry.

Edg3 Fund winners were selected by a panel of judges during a live event at Kitsap Conference Center.

Local business vies for $20k prize on Thursday

Tad Sooter

A Kingston farm is one of five finalists that will vie for a $20,000 award Thursday during the live finale for Kitsap Bank’s Edg3 fund competition.

Silver Creek Angus was the only Kitsap-based contestant to earn a spot in the finals for the Edg3 Fund, which honors businesses dedicated to growing their communities “economically, socially and environmentally.”

The finale is scheduled for 5:30 p.m. Thursday at Kitsap Conference Center in Bremerton. The keynote speaker will be Combat Flip Flops CEO Matthew Griffin, a former Edg3 Fund finalist who appeared on the ABC show Shark Tank.

A panel of judges will select the winner of this year’s $20,000 top prize, and a $5,000 prize for the contestant that best embodies “the spirit of community.”

The Edg3 Fund finale is part of a slate of events marking Global Entrepreneurship Week in Kitsap.

See the flyer below for additional events:

Bank deposits in Kitsap top $3 billion

Tad Sooter

Deposits 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:

Create your own infographics

Kingston farm named finalist for $20k prize

Tad Sooter

A Kingston cattle farm is the last Kitsap company left in the running for the $20,000 edg3 FUND small business prize.

Silver Creek Angus was one of five finalists Kitsap Bank announced for the prize last week.

The longtime family farm raises Black Angus cattle and sells beef. You can learn more about their operation in the video above.

The edg3 FUND competition, now in its third year, promotes entrepreneurs “dedicated to growing our local community economically, socially and environmentally.”

This year’s $20,000 winner will be selected by a panel of judges during a live event Nov. 17 at Kitsap Conference Center in Bremerton.

An additional $5,000 will be awarded to the entrant that best embodies “the spirit of community.”

Four Kitsap companies in running for $20k prize

Tad Sooter

IMG_20150103_143133 Four Kitsap County based businesses were among 11 semifinalists announced Friday for Kitsap Bank’s $20,000 edg3 FUND prize.

The Kitsap competitors left standing are Bushel & Barrel Ciderhouse of Poulsbo, Silver Creek Angus, LLC. of Kingston, The Smithshyre of Poulsbo and Unique and Chic Event Rentals and Design of Port Orchard. Brett Marlo Design Build of Gig Harbor was also a semifinalists.

A public vote will help determine five finalists, who will compete in a live finale Nov. 17 at the Kitsap Conference Center in Bremerton. A panel of judges will pick the winner.

Now in its third year, the edg3 FUND contest recognizes businesses that contribute to their communities economically, socially and environmentally.

Click here for more info.

Navy Federal opens Poulsbo branch

Tad Sooter

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

Tad Sooter

KBsm_CMYK_BlkT_logo Kitsap 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.

2015 was a big year for Kitsap Bank

Tad Sooter

The parent company for Kitsap Bank announced a 30 percent increase in earnings in 2015, capping what it called a “milestone year.”

Olympic Bancorp recorded net income of $8.42 million last year, according to a news release summarizing year-end results. Deposits grew 15 percent, reaching $962 million, and loans increased 22 percent to $584 million.

The Port Orchard-based bank topped $1 billion in assets for the first time, ending 2015 with nearly $1.1 billion. Kitsap Bank recently acquired Fife Commercial Bank, and completed a systems conversion in December.

“The economy in our market is rebounding, and we are seeing very positive signs with housing appreciation and new construction,” Kitsap Bank CEO Steve Politakis said in the release. “Business owners are expanding and investing in their companies. We remain focused on the long term and are optimistic about the future.”

The bank donated more than $408,000 to charities last year, with an additional $504,000 committed to South Kitsap School District to replace an athletic field

Olympic Bancorp’s annual report can be viewed here.

Kitsap Bank is one of two banks headquartered in Kitsap County. The other is Liberty Bank in Poulsbo.

Click here for a graphic showing banks, bank branches and deposits in Kitsap County.

Bank foreclosing on Poulsbo commercial land

Tad Sooter

union.bank.foreclosure — Click to enlarge

A bank has begun the process of foreclosing on a 13-acre commercial property near Poulsbo’s Central Market.

MUFG Union Bank filed a complaint in Kitsap Superior Court earlier this month seeking to foreclose on the property and appoint a receiver.

The undeveloped land is located on the east side of 10th Avenue, just south of Central Market (see inset image).

The property is owned by the Hern family, former owners of the Courtesy Auto chain of dealerships on Viking Avenue.

According to court documents, the Herns borrowed $10.3 million from Frontier Bank in 2009. Frontier failed a year later and Union Bank acquired its assets. Union Bank is seeking compensation for $11.24 million in unpaid loan principal, interest and other fees.

All of the Courtesy Auto properties were sold off in recent years. The 10th Avenue parcel is the Hern’s last Poulsbo property.

Zoned commercial as part of the city’s Highway 305 Corridor district, the land has an assessed value of $977,000.

Union Bank is the same institution that forced the sale of undeveloped commercial parcels in Poulsbo’s College Marketplace last year. The bank took ownership of the land after no other bids were entered.

Bainbridge Walgreens, Key Bank ready to open

Tad Sooter

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-aerial Key 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