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Marce Edwards is the business editor. She has been at The News Tribune for seven years and has written about technology and big businesses in the South Sound including Weyerhaeuser and Russell. Before moving to Tacoma, she worked at The Idaho Statesman in Boise. She is a Northwest native who likes to garden and refuses to use an umbrella. She lives in Tacoma with her husband and two kids.
C.R. Roberts is a Tacoma native. Before joining The News Tribune, he worked as a freelance writer and part-time cowhand on a cattle ranch in Northern Idaho. He writes about small business, personal finance and other business issues.
John Gillie writes about the aerospace and airline industries, commercial development and consumer issues. During his 30-year-tenure at The News Tribune he has covered issues as diverse as the Native American fishing rights disputes, crime and the courts, the wood products industry and energy. He lived in Tacoma with his family for 25 years, but now lives in Kent because his wife heads a five-state non-profit foundation headquartered in Ballard, and it only seemed a sensible compromise to make considering their workplaces are 40 miles apart.
Kelly Kearsley has been a business reporter at The News Tribune since 2005. She covers the Port of Tacoma and international trade. Being born and raised in Spokane she’s used to living in cities with inferiority complexes and, in fact, prefers it. Prior to working at The News Tribune, she spent three years as a reporter for The Bulletin in Bend, Oregon and another year working stints for The Associated Press and Seattle Times. She graduated from Pacific Lutheran University. She lives in Tacoma with her husband and miniature schnauzer.
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The Federal Reserve Board announced yesterday that it had executed an agreement between WSB Financial Group Inc., the holding company that controls Bremerton’s Westsound Bank, and the Federal Reserve Bank of San Francisco.
The agreement, signed by WSB President and CEO Terry Peterson, places controls on the company’s debts, stock, dividends and various business practices
The state Department of Financial Institutions will later today post a Cease and Desist Order against Westsound Bank.
The order, first issued last month, refers to charges issued last October by DFI and the Federal Deposit Insurance Corp., and demands that the bank follow several strict instructions and “cease and desist from following unsafe and unsound banking practices” which include, among others:
• Operating with management whose policies and practices are detrimental to the bank and jeopardize the safety of its deposits;
• Operating with a board of directors which has failed to provide adequate supervision;
• Operating with less than satisfactory capital;
• Engaging in unsatisfactory lending and collection practices;
• Operating with a large volume of poor quality loans;
• Operating in contravention of various rules, regulations and accepted practices.
Bank officials have agreed to abide with the ruling. Bloomberg News reported in March that the company “neither admitted nor denied any allegations of unsafe or unsound banking practices.”
The recent order states that the bank must, among other things, retain qualified management; empower the board; maintain a stable leverage ratio; increase its loan and lease allowance; improve loan quality and loan practices; and notify shareholders of the substance of the order to cease and desist.
According to its Web site, the bank operates branches in Bremerton, Federal Way, Gig Harbor, Port Angeles, Port Orchard, Port Townsend, Poulsbo, Sequim and Silverdale.
WSB Financial Corp. stock, trading as WSFG, closed Tuesday at $5.69 per share. The stock traded as high as $17.11 last May, and has fallen 63.87 percent in the past 12 months.
