Kitsap Bank Achieves Milestones During Third Quarter
Kitsap Bank achieved record asset and deposit levels at the end of the third quarter of 2008, reporting total assets in excess of $815 million, up $44 million year to date. Deposits also reached a record $639 million on September 30. “This is particularly significant,” stated James Carmichael, President and Chief Executive Officer, “because Kitsap Bank’s deposits embody the trust of our local customers; none of these are ‘brokered’ or Internet deposits.” Kitsap Bank maintains its position as the largest community bank on the Kitsap Peninsula, and continues to be very profitable with earnings of $6.7 million through September. | | |
The bank reported total capital of nearly $81 million as of September 30. “Kitsap Bank remains well capitalized,” stated Carmichael. “We have steadily increased capital ratios, building our capital base well above regulatory levels, while continuing to grow assets. Kitsap Bank enjoys strong liquidity, as we remain a net beneficiary of the recent turmoil affecting many other financial institutions. I am pleased to report that we did not hold any of the Freddie Mac or Fannie Mae preferred securities that have negatively impacted so many; nor did we participate in the sub prime market. In this, our 100th year, Kitsap Bank remains a safe haven during these times of uncertainty, and stands well-positioned to serve our community in our second century.”
Message from Kitsap Bank President and CEO James Carmichael |
| Kitsap Bank has served the Greater Puget Sound region since 1908, building lasting relationships with our customers and communities. We've helped them build houses, financed equipment, and provided the capital they needed to take their businesses to the next level. Let us provide a customized financial solution just for you! |
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