This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sound Community Bank To Convert To State Commercial Charter

SEATTLE, Dec. 28, 2012 (GLOBE NEWSWIRE) -- Sound Community Bank and its holding company, Sound Financial Bancorp (the "Company") (Nasdaq:SFBC), announced today the Bank has been approved by the Washington State Department of Financial Institutions (DFI) for a conversion from a Federal Thrift Charter to a Washington State Commercial Bank Charter. The conversion will take place immediately. 

The Company expects that the charter conversion will not have substantial impact on the Bank's current activities, products and services. There will also be no changes to the terms and conditions of loan and deposit accounts, although the Bank expects certain annual cost savings related to regulatory fees as a result of the conversion. 

Laurie Stewart, President and CEO said today, "In addition to the cost savings and slightly more flexibility in commercial lending, there are benefits to being regulated locally.  As a community bank doing business in Washington, we believe the DFI has an understanding of issues facing banks in our state.  If we want to talk to the regulator we simply go across the street instead of across the country."

As a result of the conversion, DFI will be the primary regulator for Sound Community Bank. The Federal Deposit Insurance Corporation (FDIC) will continue to provide deposit insurance. The Holding Company will continue to be regulated by the Federal Reserve Bank.

Sound Community Bank is a Seattle based community bank, providing personal and business banking services in King, Pierce, Snohomish and Clallam Counties, and on the web at www.soundcb.com .

CONTACT: Media Contact:
         Laurie Stewart
         (206) 448-0884 x306

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs