SEATTLE - (Business Wire) Sound Community Bank, a subsidiary of Sound Financial Inc. (OTCBB:SNFL), announced today that it is acquiring the Tacoma Office of 1st Security Bank of Washington. In the transaction, Sound Community Bank will purchase the deposits, deposit-related loans and assume the lease at the branch facility located at 2941 South 38th Street, in Tacoma. The transaction is subject to regulatory approval. The acquisition of the new Tacoma Office is expected to close in the third quarter of 2009. Sound Community Bank plans to move the operations of its Lakewood Towne Center branch to this new branch office during the fourth quarter of 2009. Sound Community Bank President and CEO Laurie Stewart commented, “This is a win-win transaction for both companies. It allows us the opportunity to combine our existing Lakewood office with the existing 1st Security Bank office in South Tacoma. That combination gives Sound Community Bank a much stronger presence in the Tacoma market, while providing 1st Security Bank the opportunity to focus on their core Puget Sound markets.”
Sound Community Bank previously announced an acquisition of the deposits, deposit-related loans and branch building of the Port Angeles Office of 1st Security Bank of Washington located at 1405 E. Front Street. The transaction is subject to regulatory approval. The acquisition of the Port Angeles Office is expected to close at the same time as the acquisition of the Tacoma Office in the third quarter of 2009. Sound Community Bank plans to move the operations of the acquired Port Angeles Office to a new branch location that it is building at 110 North Alder Street in Port Angeles.
The total deposits held by 1st Security Bank of Washington at the Port Angeles and Tacoma Offices being acquired by Sound Community Bank total approximately $40 million. At March 31, 2009, Sound Financial, Inc. had total assets of $303.4 million, total deposits of $249.8 million and stockholders’ equity of $25.5 million.
Sound Community Bank is a full-service bank, providing personal and business banking services in communities across the greater Puget Sound region. The Seattle-based company operates banking offices in King, Pierce, Snohomish and Clallam Counties, and is on the web at www.soundcb.com.
1st Security Bank of Washington, based in Mountlake Terrace, provides a full range of banking services to individuals and businesses. It has branches throughout the Puget Sound area. More information can be found at www.fsbwa.com.
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Sound Community Bank
Media:
Scott Boyer, 206-448-0884 x-312
or
Financial:
Matt Deines, 206-448-0884 x-305
or
1st Security Bank
Media & Financial:
Joe Adams, 425-697-8048
