Financial performance for Olympic Bancorp, and its wholly-owned subsidiary, Kitsap Bank, was strong in 2015. The Bank enjoyed double-digit growth in profits, significant loan growth, and a strong return on average assets. Performance was further bolstered by the acquisition of Fife Commercial Bank. Kitsap Bank’s robust year was punctuated by crossing over $1 billion in assets as of the 3rd quarter of 2015.
Good Cause. South Kitsap High School, the largest high school in the State of Washington, was in desperate need of a new athletic field. Poor drainage made the field a perpetual pit of mud, and the unplayable conditions forced the school to play its “home” games “away” on rented fields. The school district approached two local community leaders, who agreed to come together to assist in funding the replacement of the district’s athletic field and resurfacing of the track. Kitsap Bank committed $504,000 toward the renovation of the South Kitsap High School athletic field; while a $150,000 donation from NY Times Best Selling Author and Port Orchard resident, Debbie Macomber, and her husband, Wayne, supported resurfacing and overspray of the existing track.
It was a good cause, and the right thing for Kitsap Bank to do as Port Orchard’s community bank for 107 years. Owner and Vice-Chairwoman, Helen Langer Smith, is a 1946 graduate of South Kitsap as well as a former cheerleader. She recalls that even during her school days, the field conditions were deplorable. The South Kitsap students and community deserved better.
With the half million dollar donation from Kitsap Bank, South Kitsap now plays on one of the best and safest football fields in the nation. The Matrix® synthetic turf system that was used is considered to be the next best thing to natural grass and will provide excellent footing, traction, and shock absorption. Additionally, the infill in the new field is made up of an organic composition from 100% environmentally-friendly, chemically-free materials, including cork and coconut fibers. The durability of the field is such that it can be used 24/7 not just by the school, but for the first time ever, by the community as well. Cause Good.Read More