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Here’s a “Checklist” for surviving
a financial crisis
By Ron Rada |
| Over the past few weeks, the news has been almost incomprehensible. It’s hard for many of us to make sense of the failure of major Wall Street firms and large banks and the $700 billion bailout of the financial sector. And it’s hard for investors to be calm when stocks have fallen almost 30 percent from their all-time high a year ago. What can you do to cope? Consider the following “checklist” for surviving a financial crisis... (Full Article) |
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AMB’s Kaye earns PCBS certificate |
| American Marine Bank recently announced that Barbara Kaye, Chief Credit Officer (CCO), completed the Pacific Coast Bankers School (PCBS) Management Institute program. This three-year master’s level program is offered to senior bank executives and is considered the premier national graduate school of banking because of the high entrance standards and caliber of the program. The governing board of PCBS is made up of high-level bankers and leaders that provide input and direction on curriculum... (Full Article) |
Kitsap Bank achieves milestones
during third quarter |
| Kitsap Bank achieved record asset and deposit levels at the end of the third quarter, reporting total assets in excess of $815 million, up $44 million year to date. Deposits also reached a record $639 million on Sept. 30... (Full Article) |
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SBA asking lenders to offer loan relief |
| In response to the financial crisis, the U.S. Small Business Administration announced it is strongly encouraging its participating 7(a) lenders and Certified Development companies to work with business borrowers to provide them with the flexibility they need to keep their businesses running during these difficult economic times... (Full Article) |
Washington’s minimum wage
to raise to $8.55 |
| Washington’s minimum wage will increase by 48 cents from $8.07 to $8.55 an hour beginning January 1, 2009.
The CPI-W increased 5.9 percent during the 12-month period ending in August, compared to a 1.8 percent increase during the same period in 2007, which led to a 14-cents-an-hour increase in 2008.
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Should you prepay mortgage or invest?
By Ron Rada |
| If you’re fortunate enough to have some disposable income lying around, you might want to use it to advance your long-term financial goals. If so, you can choose among many different options. Here’s one such decision: Should you make extra principal-only mortgage payments, or should you invest the money... (Full Article) |
Small business owner optimism
continues to drop |
| Reflecting signs of a weaker economy and rising costs, small business owners’ optimism continues to decline. According to the recent Wells Fargo/Gallup Small Business Index, small business owner optimism has fallen to 45, the lowest score reported since the survey began five years ago. The Index has been declining since mid-2007... (Full Article) |
Give smart financial gifts
to your grandchildren
By Clint Boxman |
| Sept. 7 was Grandparents Day. If you are a grandparent, you probably like to help out your grandchildren. But if you’re thinking of making a financial gift, take your time to explore the options. For example, suppose you want to help pay for your grandchildren’s college educations. You could open an investment account and designate it for college. But you will probably be better off by putting the money in a plan that is specifically designed for college... (Full Article) |
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New community bank looking for investors bullish on Kitsap’s future |
| Poulsbo-based Liberty Bank of Washington, the first new bank on the Kitsap Peninsula in over nine years, and the only bank in Washington to be approved by the FDIC and Washington State Department of Financial Institutions (DFI) in 2008, is continuing the process of accepting investments in its initial stock offering... (Full Article) |
Washington Fed declares
103rd straight dividend |
| Washington Federal Savings has announced a quarterly cash dividend of 21 cents per share, payable Oct. 17, to common stockholders of record on Oct. 3. This will be Washington Federal’s 103rd consecutive quarterly cash dividend.
Washington Federal Savings operates 148 offices in eight states and reported $11.8 billion in assets, $7.2 billion in deposits and $1.4 billion in stockholders’ equity as of June 30, 2008.
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State’s credit freeze thaws |
| Washington residents have even more control over their credit files thanks to changes that are also helping more retailers warm up to the law. Washington consumers who want to open new lines of credit, apply for mortgages or take out insurance policies now have easier ways to provide temporary access to their frozen credit reports.
“The new 15-minute ‘thaw’ in our credit freeze law is as convenient as the defrost feature on your microwave,” McKenna said. “Your credit files are ready when you want them to be.”
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Smart ways to respond to a down market
By Ron Rada |
| If you’re an investor, you probably didn’t enjoy looking at your brokerage statements during the first half of this year — because you might have seen a considerable amount of wealth vanish from the pages. Nonetheless, your long-term financial goals don’t have to be jeopardized by these losses — if you know how to respond to them... (Full Article) |
Kitsap Credit Union
announces board promotion |
| The Kitsap Credit Union (KCU) board of directors has elected Patricia Dibert as the newest member to the supervisory committee. As a Supervisory Committee member Dibert represent the interests and values of Kitsap Credit Union members... (Full Article) |
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Hamner joins Poulsbo office of Edward Jones |
| Jim Hamner has been selected to join the local Edward Jones office located at 18887 State Hwy. 305 in Poulsbo... (Full Article) |
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Columbia Bank announces Q2 earnings |
| Columbia Banking System Inc., parent company of Columbia Bank, announced earnings of $1.9 million for the second quarter, compared with $8.5 million for the second quarter of 2007. Diluted earnings were 11 cents per share, compared with 53 cents per share a year earlier... (Full Article) |
Viking Bank now offers multi-million dollar
FDIC insurance on CDs |
| Depositors with more than $100,000 no longer have to go to different banks to be covered by Federal deposit insurance. Utilizing the Certificate of Deposit Account Registry Service or CDARS, Viking Bank can now provide up to $50 million dollars in FDIC insurance coverage on Certificates of Deposit for both consumers and businesses... (Full Article) |
Tips for non-profit fundraising in a recession
Picture isn’t dire, say UW and industry experts |
| From the UW Educational Outreach It’s true that fundraising during a recession is a challenge — but the effect is not as pronounced as most might expect, say industry experts and consultants who teach in UW Extension’s fundraising management certificate programs... (Full Article) |
“Balance” is key in successful investing
By Ron Rada |
| Balance is essential to almost all parts of our lives. We balance work and family issues. We can balance our indulgence for desserts with an extra trip to the gym. We even balance our checkbooks. But sometimes, we let our investment portfolios get out of balance — and that can be a costly mistake... (Full Article) |
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Kitsap Bank announces very solid first half |
| Kitsap Bank achieved record assets of $810 million on June 30, up $39 million year to date. Earnings continued to be very good at $4.6 million for the first half of the year. “Asset quality remains strong,” stated James Carmichael, president and CEO. “Kitsap Bank did not enter into sub prime markets, and stayed committed to our century-long tradition of safe and sound underwriting practices... (Full Article) |
Retirement: Commodity or System?
By Richard P. Himmer, PyrBlu, Inc. |
| So what do you think about the stock market, the mortgage meltdown, skyrocketing gas prices, escalating food prices, political rhetoric, retirement preparation, and your family budget? How’s that for moving blood through your arteries? The common denominator for the opening sentence is a feeling of helplessness for the common person... (Full Article) |
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McFadden honored with several awards |
| Edward Jones Financial Advisor Pat McFadden of Poulsbo recently received the Winner’s Circle Award and the A.F. McKenzie Award for her outstanding sales and service efforts over the past year. She was also awarded the firm’s Service Award for five years of hard work and enthusiasm as an Edward Jones financial advisor... (Full Article) |
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AMB Financial Services Corp. declares dividend |
| The Board of Directors of AMB Financial Services Corporation, parent company of American Marine Bank, has declared a cash dividend of $.05 per share on the company’s common stock for the second quarter. The dividend is for shareholders of record on June 30, and was payable on July 15... (Full Article) |
Don’t get burned by “hot” stocks
By Ron Rada |
| Summer is officially here, which means, among other things, that you should apply sunscreen when you’re in the hot sun. But no matter the season, you’ll also need to protect yourself from another potential source of burns — “hot” stocks... (Full Article) |
Hancock earns the CMP
professional designation |
| The Hancock Mortgage Team at the Silverdale branch of The Legacy Group, recently announced that Mike Hancock has earned the Certified Mortgage Planner (CMP) designation at the Mortgage Planner Summit. CMP’s are trained in advanced wealth-building strategies which focus on understanding and managing real estate equity in order to meet financial goals and freedom... (Full Article) |
When choosing mutual funds,
look past short-term return
By Jeff Thomsen |
| What’s the most prominent thing you notice about mutual fund advertisements? In most cases, it’s the fund’s return. Quite often, these returns are truly eye-popping. But if you look closer at the ads, you’ll see that many of the highest returns are for short periods of time, such as one year or three years. And a mutual fund’s short-term return is not, by itself, reason enough to buy that fund... (Full Article) |
What are biggest concerns, financial
problems small business owners face? |
| New research released from the National Federation of Independent Business (NFIB), sponsored by Wells Fargo, shows the top concerns among small business owners are business costs, particularly those that are difficult to control such as health insurance costs, energy costs and inflation. The survey results are from the seventh edition of Small-Business Problems and Priorities survey, based on 3,530 small business owner responses to a mail survey circulated in the first three months of this year... (Full Article) |
Destination-based sales tax in effect July 1
Kitsap County could gain as much a $1 million in aditional revenue, and all the cities will also see significant gains
By Rodika Tollefson |
| With the so-called “streamlined” sales tax effective on July 1, it means most businesses that deliver or ship within the state will have to charge sales tax not based on point of origin (ie location of business), but based on final destination. The change is the result of the state of Washington being accepted into Streamlined Sales and Use Tax Agreement consortium, which will allow Washington to receive taxes collected by a number of online retailers... (Full Article) |
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McFadden receives AAMS designation |
| Patricia McFadden of Edward Jones in Poulsbo has earned the Accredited Asset Management Specialist (AAMS) professional designation. The advanced training offers investment professionals hands-on information needed to provide comprehensive financial services. |
American Marine Bank runs
successful food drive |
| The Kingston office of American Marine Bank (AMB) ran a food drive to benefit Kingston Food Bank and Sharenet. The office challenged next door neighbors, Windermere Real Estate, to raise the most food supplies with the prize being dinner served by the losing team. Windermere accepted the challenge.
AMB called on all its branches across Kitsap County, and spent time at local grocery stores soliciting donations. In the end the AMB team collected over 2,300 items. All proceeds were split between the two agencies.
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Financial strategies for small-business owners
By Ron Rada |
| If you’re a small-business owner, you put your heart — and most of your time — into your business. Unfortunately, hard work doesn’t always translate into financial security — so you’ll need to take some additional steps... (Full Article) |
Kitsap Credit Union earns statewide award
for community outreach |
| Kitsap Credit Union (KCU) and its vendor/partner, JayRay, have received the prestigious Totem Award from the Public Relations Society of America (PRSA) recognizing their 2007 Working Together for a Healthy Tomorrow campaign as the best community outreach program in the Greater Puget Sound... (Full Article) |
Venture Financial Group announces
Q1 earnings |
| Venture Financial Group, Inc., parent company of Venture Bank announced for the three months ended Mar. 31 net income of $3.1 million, a decrease of $100,000 or 3.1 percent compared to $3.2 million for the three months ended Mar. 31, 2007... (Full Article) |
Key signs agent bank agreement
with Navy Federal Credit Union |
| Cleveland-based KeyCorp has signed an agreement with Navy Federal Credit Union to provide Navy Federal’s 3 million members with surcharge free access to Key’s 1,500 automated teller machines (ATMs) in 12 states... (Full Article) |
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Kitsap Bank announces first quarter results |
| Kitsap Bank reported continued growth for the first quarter, with total assets reaching a record $796 million on March 31, up $25 million. Asset quality remains strong. Income from continuing operations was $2.4 million, while deposits reached $626 million, increasing $30 million for the quarter. Loans grew to $667 million, a $14 million increase for the period.
“A century of safe and sound underwriting practices, combined with our in depth relationships with our customers have proven successful over the years; and more specifically during this time of economic uncertainty,” stated Jim Carmichael, president and CEO.
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Moyer joins Kitsap Bank |
| Kitsap Bank recently announced that Michelle Moyer has joined the Bank as operations manager of its Poulsbo branch. Moyer has been in the banking and finance industry for four years, most recently serving as personal banker for Bank of America.
“Michelle is a welcome addition to our team,” stated Marlene Mitchell, vice president/regional operations manager, “She is knowledgeable, enthusiastic, and committed to providing our customers with the highest level of service.”
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Thomas elected new KCU board chair |
| The Kitsap Credit Union Board of Directors recently elected Terry Thomas as the new supervisory committee chair. The board of directors and supervisory committee is governed by voluntary leadership that represents the interests and values of Kitsap Credit Union members.
Thomas, a project manager at Paladin Data Systems in Poulsbo, earned a Bachelor’s degree in Business Administration from City University and retired from a career in civil service. A Supervisory Committee member since January 2003, he commented, “I want to contribute to the community that I have grown to admire. I believe strongly in the concept of giving back.”
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Who’s looking out for individual investors?
By Ron Rada |
| If you’ve been investing for a while, you know that there are few guarantees in the investment world and that, in one way or another, you’re going to be taking some risks with your money. Still, you’d like to know that you’re participating in a system that is fair to everyone and governed by rules. So you may ask yourself: “Who’s looking out for me... (Full Article) |
Small business owners largely satisfied
Despite a significant drop in optimism, most small
business owners would do it again |
| Despite the third-straight reported decline in their confidence in the economy, most small business owners are satisfied with their lot, according to a recent Wells Fargo/Gallup Small Business Index survey... (Full Article) |
When changing jobs, don’t short
change your 401(k)
By Jay Seaton |
| Your 401(k) plan can be a major component of your retirement savings. As you know, your 401(k) offers several different investment options and the chance to accumulate tax-deferred earnings. But what will happen to your 401(k) if you leave your job before you retire? You’ve got several choices — and it’s really important that you make the right one, because your decision can have a major impact on your retirement lifestyle... (Full Article) |
Small business owners’ concern:
Not enough money for retirement |
| Nearly half of small business owners are concerned they will not have enough money to retire (43 percent) and many say they are worried about not being able to pay for medical costs of a serious illness or accident (47 percent) according to the latest Wells Fargo/Gallup Small Business Index survey... (Full Article) |
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