Tag Archives: finances

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.