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Laurie Stewart, who has led Sound Community Bank for more than 30 years, said her guiding principle as CEO is "community is our middle name."
Her employees are a large part of Stewart's community, and she measures her success by keeping layoffs and turnover as low as possible despite economic pressures.
"I think 2024 was a year of really needing to manage through challenging economic times, but still be honest to your culture and your commitment to your stakeholders, including the communities that we serve," she said.
Last year, the bank had total assets of nearly $1 billion and held $900 million in loans, a modest increase from $894.5 million in 2023. Total deposits grew from $826.5 million to $837.8 million year-over-year.
As banks have seen some of their profit margins erode due to high interest rates and inflation, Sound has been able to steadily improve its net interest margin since the fourth quarter of 2023. Stewart attributes this to less competitive funding deposits costs and that older loans with lower rates have matured.
Stewart became the CEO and president in 1989. In 2003, she converted the then-$38 million-asset credit union into a full-service community bank.
True to her community-minded spirit, Stewart recently introduced free commercial checking accounts and no transaction costs for Treasury management to nonprofit organizations. The initiative is a "win win for everybody," such as nonprofits like the Boys and Girls Club, she said. It has also helped to boost the bank's customer base as some of the nonprofits' employees have opened accounts with Sound.
"We think it's a really important way to sustain our communities," she said. "It doesn't erode our revenue, particularly, especially if we can get a full relationship. In some cases, we bank the not for profit, and then we have the opportunity to make their employees customers too."
The bank's commitment to community service also remains strong - its total corporate giving in 2024 totaled $274,549 and was based on its gross income, not just net income.
Sound Community Bank also partnered for the 14th year in Food Frenzy, a two-week fundraising competition among businesses to fight hunger in western Washington during the summer months. Sound donated a total of $46,080 which was almost identical to its 2024 donation of $46,500.
Another way Sound employees give back to the community is by volunteering to teach local middle school students about banking and budgeting.
Stewart was one of the 15 CEOs chosen as Puget Sound Business Journal's Most Admired CEOs in 2025, and she continues to serve on the American Bankers Association's Government Relations Council.
