First Sound Bank Acquisition of Puget Sound Leasing Closes

SEATTLE, March 3 /PRNewswire-FirstCall/ -- First Sound Bank (OTCBulletin Board: FSWA) today announced it has completed the purchase ofsubstantially all of the assets of Puget Sound Leasing Company, Inc. ofBellevue, Washington. The bank will now conduct leasing activities through a separatedivision of First Sound Bank operating under the name of Puget SoundLeasing. This acquisition will significantly expand the bank's presence inthe leasing business in Western Washington and throughout the country. "This strategic partnership not only allows us to provide our customerswith equipment leasing options but also opens the door for us to offer abroad array of banking services to Puget Sound Leasing customers," saidFirst Sound Bank Chairman and Chief Executive Officer Don Hirtzel. "It's agreat fit, and we couldn't be happier teaming up with a company we've knownand trusted for many years -- whose high quality of service and attentionto detail are hallmarks in the industry." "With Puget Sound Leasing's historical track record of growth, weexpect to add to First Sound Bank's earnings per share and net income in2008 and beyond," said First Sound Bank President Steve Shaughnessy. "Thisnew partnership provides an excellent way to expand our customer base andmore fully serve our current customers." "We view this strategic fit with First Sound, its management team andits employees as an excellent enhancement to our leasing operation, " saidPuget Sound Leasing President Louis A. Secord, Jr. "Our entire team of 53employees has made the move to First Sound and is excited about developingsynergies that will provide added benefits to our clients." Founded in 1985 by Louis A. Secord and Richard A. Secord, Puget SoundLeasing Company, Inc. specializes in originating commercial equipmentleases that are located throughout the U.S. but concentrated in the statesof Washington, California, Arizona and Oregon. The company originatesleases through its long-established broker and vendor network, oftenpackaging lease payment streams for sale to commercial banks and retainingthe servicing thereafter. Certain statements in this press release, including statementsregarding the anticipated development and expansion of First Sound Bank'sbusiness, and the intent, belief or current expectations of the company,its directors or its officers, are "forward-looking" statements (as suchterm is defined in the Private Securities Litigation Reform Act of 1995).Because such statements are subject to risks and uncertainties, actualresults may differ materially from those expressed or implied by suchforward-looking statements. About First Sound Bank First Sound Bank is a Seattle-based bank offering customized bankingfor small- to medium-sized businesses, organizations, not-for-profits andprofessionals in the Puget Sound region. Founded by a team of veteran localbanking executives, First Sound Bank is committed to deliveringpersonalized service, convenient access and competitive rates to supportthe needs of the business community. First Sound Bank offers online bankingat http://www.firstsoundbank.com plus an expansive banking network in thewestern U.S., as well as ATM banking throughout the country and abroad.