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Banking and Finance

Gov. Chris Gregoire signed two bills in March that were requested by the Washington State Department of Financial Institutions (DFI), allowing for more oversight of banks and credit unions chartered in the state. House Bills 2831 and 2830 update existing laws.

“This legislation updates our existing laws and allows us to more effectively fulfill our mission as regulators,” said Scott Jarvis, director of DFI. “In these times — more so than in just about any outside the Great Depression — effective financial regulatory oversight is crucial to maintaining sound financial services.” read more »

 
Banking And Finance

Bill Fogarty, President and CEO of Liberty BankLiberty Bank, headquartered in Poulsbo, was the only new bank to open in Washington state in 2009. According to president and CEO Bill Fogarty, the institution is doing well eight months after opening.

“We have continued to grow in this economy, which is very positive. We have the money to lend, which some banks don’t,” he said.

The bank stepped up its consumer loan offerings (including for boats and recreational vehicles) in addition to SBA, commercial and real estate loans. Fogarty said the interest in loans has decreased due to the economy, but many customers are still looking for credit.

“We have to look at the qualifications read more »

 

Despite the widely reported “credit crunch,” banks actually do have money to lend, especially banks that depend on their deposits to make loans.

It’s a fact that most banks — in Kitsap County and elsewhere — must lend money as that’s how they make money. Meanwhile, the demand for small business loans remains lower than usual because of economic uncertainty. read more »

 
Banking And Finance
2010 Edition

1st Security Bank of Washington
www.1stsecurityofwa.com • (800) 683-0973
Poulsbo: 21650 Market Pl.
(360) 779-4488 read more »

 

Wells Fargo & Company said it expects to report record net income of approximately $3 billion for first quarter 2009, or approximately $0.55 per common share after preferred dividends, including $372 million in dividends paid to U.S. taxpayers on the U.S. Treasury’s Capital Purchase Program investment. The company’s final financial report, filed at the end of April was not available at press time.

“Our business momentum is strong, and we expect our operating margins to remain at the top of our peer group,” said Chief Executive Officer John Stumpf. read more »

 

A depressed job market, the growing number of Americans without health insurance, ballooning college costs, the increased availability of gambling and the growing use of credit for routine purchases are helping push credit card balances to the breaking point. The result, according to a panel of experts who met recently, could result in the next major banking crisis.

“The scale of this crisis underscores the urgency of our work to assist borrowers buried in personal debt, said Washington State Attorney General Rob McKenna. read more »

 

Bremerton-based Westsound Bank will display the most recent series of The Faces of Bremerton between April 15 and May 20 in its main branch lobby at 6th and Pacific.

The Faces of Bremerton photography project began in 2006 when Glen and Debra Davis, owners of Legendary Portraits in Manette, decided to recognize and celebrate a select group of the people who have contributed to and supported Bremerton. Phase I of the project was featured in Westsound Bank’s branch lobby at 190 Pacific Avenue in 2006 . This recent phase is a continuation of the project. read more »

 

Bremerton-based Westsound Bank, the operating subsidiary of WSB Financial Group, has announced the promotion of Sean Spencer to vice president and commercial loan officer.

Spencer, a 33-year resident of Kitsap County who currently resides in Port Orchard with his wife, Angela, their young daughter, Eva, and soon-to-arrive son, has been a commercial loan officer with Westsound Bank since June 2005. read more »

 

Individual consumers as well as businesses looking for credit in the past few months have found it more difficult, sometimes impossible, to get approved for a new loan. The chain of events that started with the mortgage industry crisis and continued to get worse has caused the lending industry to tighten its collective wallet.

Local bankers say community banks for the most part have not engaged in the more risky behaviors of the big banks, and are more willing —and able — to provide loans to businesses. read more »

 
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