Kitsap Bank
 | |
| Company type | community bank |
|---|---|
| Industry | financial services |
| Founded | 1908 |
| Headquarters | , |
Number of locations | 21 (2018) |
| Total assets | $1,130,689,000 (2016) |
| Owner | Olympic Bancorp |
Number of employees | 260[1] (2015) |
| Website | kitsapbank |
Kitsap Bank is a community bank headquartered in Port Orchard, Washington in the United States. Established in 1908, it is the oldest and largest locally owned bank in Washington state.
History
[edit]
Founded in Port Orchard in 1908 by Jacob Furth, George Miller, Peter Nordby, and John Yakey, Kitsap Bank was originally known as Kitsap County Bank.[2] Frank Langer purchased the bank in 1922, serving as its president until his death in 1952.[2] After Langer's death his widow, Hannah Langer (née Norum), was solicited to sell the bank by several larger, Seattle-based institutions but ultimately spurned their offers.[2] Hannah Langer, the daughter of a director of the First National Bank of Poulsbo, became the first female president of a bank in the western United States, heading Kitsap County Bank until 1972 as president, and continuing as chairperson of the board of directors until 1985.[2][3] By 1977 the bank's assets had grown to $47 million and it owned four retail locations.[4]
From 1985 to 2012, the bank's president was Jim Carmichael.[4] In 1987, Kitsap County Bank changed its name to Kitsap Bank.[5]
Between 2005 and 2015 Kitsap Bank's holding company, Olympic Bancorp, acquired three regional banks which were then folded into Kitsap Bank: Fife Commercial Bank, a single branch bank located in Fife, Washington; Westsound Bank in Bremerton, Washington; and MarinerBank in Port Townsend, Washington.[6]
In 2014 the bank opened a new location in Bremerton, Washington that featured an integrated Starbucks with separate drive-through windows for the bank and coffeehouse.[7] The new facility replaced a previous Kitsap Bank building at the same site; John Glomsted, the manager who opened the previous branch location in 1961, was tapped as the "honorary first customer" during the new building's opening.[7]
Operations
[edit]According to its annual report for 2016, Kitsap Bank held more than $1 billion in deposit accounts and had assets totaling $1.1 billion.[8] That year, it had the largest market share of banks in Jefferson County, Washington, with $113 million in deposits equaling about 23 percent of the value of all deposit accounts in the county.[9]
Kitsap Bank is the only asset of its holding company, Olympic Bancorp.[10] As of 2016 Kitsap Bank was the tenth largest bank in Washington, and the largest and oldest locally owned bank in the state.[2] It has 21 retail locations in western Washington.[1]
Management
[edit]The chief executive officer of Olympic Bancorp and Kitsap Bank as of 2018 was Steven Politakis, and the bank's president was Anthony M. George.[11] The chair of Olympic Bancorp's board of directors in 2018 was Cydly Langer Smith and its vice chair was Helen Langer Smith.[10]
Philanthropy
[edit]From 2013 to 2017 Kitsap Bank was included on the annual list of the 75 "most generous Washington state corporate philanthropists" published by the Puget Sound Business Journal.[12][13]
See also
[edit]References
[edit]- ^ a b Lind, Treva (December 2015). "The 2015 Family Business Awards: Large Firms". Seattle Business Magazine. Retrieved April 9, 2015.
- ^ a b c d e Port Orchard. Arcadia Publishing. 2012. p. 25. ISBN 0738589225.
- ^ "Cydly Langer Smith succeeds her mother at helm of Kitsap Bank". Kitsap Daily News. April 29, 2011. Retrieved April 9, 2018.
- ^ a b Pritchett, Rachel (May 7, 2012). "Area's consummate banker closes successful career at Kitsap Bank". Kitsap Sun. Retrieved April 9, 2018.
- ^ "Kitsap Bank (FDIC # 6161)". fdic.gov. Federal Deposit Insurance Corporation. Retrieved April 9, 2018.
- ^ Roberts, C.R. (May 13, 2015). "Kitsap Bank acquires Fife Commercial Bank, full rebranding set for early 2016". The News Tribune. Retrieved April 9, 2018.
- ^ a b Sooter, Tad (July 18, 2014). "Kitsap Bank on Wheaton Way opens Monday". Kitsap Sun. Retrieved April 9, 2018.
- ^ "Annual Report 2016". kitsapbank.com. Kitsap Bank. Retrieved April 9, 2018.
- ^ Arthur, Allison (February 22, 2017). "Local banks dominate: National banks at bottom of Jefferson County market share report". Port Townsend Leader. Retrieved April 9, 2018.
- ^ a b "Executive Team & Board". kitsapbank.com. Kitsap Bank. Retrieved April 9, 2018.
- ^ "Company Overview of Kitsap Bank". bloomberg.com. Bloomberg. Retrieved April 9, 2018.
- ^ "Kitsap Bank honored for Corporate Philanthropy". kitsapeda.org. Kitsap Economic Development Alliance. Retrieved April 9, 2018.
- ^ Crowe, Melissa (April 25, 2017). "Revealed: The 75 most generous Washington state corporate philanthropists". Puget Sound Business Journal. Retrieved April 9, 2018.
Further reading
[edit]- Stewart, Ashley (September 1, 2016). "Before the recession, others called this bank 'stodgy.' Now it just hit a major financial milestone". Puget Sound Business Journal.