BREMERTON, Wash., Sept. 26, 2008 (GLOBE NEWSWIRE) -- WSB Financial Group (Nasdaq:WSFG), the parent company of Westsound Bank, today reported it has sold a surplus parcel of land in Shelton for $468,000, which is at current book value.
"We are continuing to manage our capital to preserve and enhance liquidity and shareholder value," said Terry A. Peterson, President and CEO. "The surplus land in Shelton was purchased several years ago for potential branch expansion. With the current market environment, we determined that the best use of this asset was to sell and reposition these resources into more productive assets.
"Recently, we added a portfolio of commercial finance leases to our earning asset base with a face value of $15 million. Leasing was a highly profitable and stable part of our business mix at my prior bank, and we view this addition to our portfolio as a means to diversify our loan mix into more stable commercial assets. These assets were also included in the normal 'Safety and Soundness' examination completed by our regulators this month," Peterson noted. With finance leases, there are no residual values risk and they are very similar to business equipment loans.
"We continue to believe our capital base is solid and are fortunate to not have had any ownership in Fannie Mae or Freddie Mac common or preferred shares," he concluded.
ABOUT WSB FINANCIAL GROUP, INC. WSB Financial Group, Inc., based out of Bremerton, Washington, is the holding company for Westsound Bank. The company was founded in 1999, and currently operates nine full service offices located within 5 contiguous counties within Western Washington. Our website is http://www.westsoundbank.com.
This news release may contain "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, net interest margin, credit quality loan losses and efficiency ratio, and success of the Company's business plan. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The words "should," "anticipate," "expect," "will," "believe," and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risks and uncertainties that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company's filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic conditions; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislative or regulatory requirements; (5) pending litigation; (6) reductions in loan demand or deposit levels; and (7) changes in loan collectibility, defaults and charge-off rates. WSB Financial Group, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.