Tag Archives: banks

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.

2015 was a big year for Kitsap Bank

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Steve Politakis

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.

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.