FDIC Insurance

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

South Sound Bank First Quarter Net Income More Than Doubles 2010   

        OLYMPIA, Wash. – (April 22, 2011) South Sound Bank reported this week that net income for first quarter 2011 more than doubled first quarter 2010. "Our first quarter net income of $689,100 exceeded our expectations,” said Dan Yerrington, president and CEO South Sound Bank.  He attributed most of the growth to the increase in the volume of Small Business Administration loans. “We see 2011 shaping up as well, with strong liquidity and being well capitalized.”  Yerrington pointed out he is seeing more positive economic signs, particularly in the local area, that are encouraging.  “After two years of being mainly in a survival mode, many businesses are now moving forward with more optimism,” he added.  Also in the quarterly stockholder letter, Yerrington announced that shareholders of record on April 21, 2011 will receive a 5% stock dividend, making this the sixth consecutive year that shareholders received stock dividends.  “As always, our priorities include maintaining shareholder value while preserving capital and liquidity,” said Yerrington. Yerrington reported first quarter totals along with the last two years:

                               3-31-09                       3-31-10                       3-31-11

            Assets             $168,100,000              $167,800,000                $169,700,000

            Deposits            135,400,000                135,300,000                  140,100,000

            Loans                131,300,000                113,700,000                  109,900,000

            Net Income     $       546,400              $       300,800              $         689,100             

   
South Sound Bank Named a Top Performer

National "Top 20" Ranking Credits the Bank's Efficiency Washington, D.C. - ICBA Independent Banker, the award-winning national magazine of the Independent Community Bankers of America (ICBA), highlighted South Sound Bank as a "Top 20" industry earnings performer. South Sound Bank was recognized for posting one of the 20 best year-end performances in 2007 for ICBA member banks with $100 million - $250 million in assets. "Community Banks are integral to the economic and civic fabric of thousand of towns and cities across American, "said Cynthia L. Blankenship, ICBA Chairman and Vice Chairman of the Bank of the West, Texas. "In addition to offering quality financial products and services, community banks like South Sound Bank spend countless hours and resources helping their communities thrive. IBA congratulates South Sound Bank for serving its community so efficiently and effectively." South Sound Bank was identified in ICBA Independent Banker's annual year-end ranking of ICBA members based on the standard industry performance measures of return on assets and return on average equity. The magazine compiles its annual member rankings in its June issue from the latest available year-end FDIC call report data.

Employment Opportunities:

We do not have any positions available at this time. You may submit a resume to KarenR@SouthSoundBank.com