TACOMA, Wash. - Puget Sound National Bank said it has filed a lawsuit against Puget Sound National Mortgage Corp. of Kirkland, Wash., demanding that the mortgage broker discontinue use of the Puget Sound name.
The bank said the broker was intentionally confusing customers and potential customers, trading on the bank's positive reputation. The bank pointed out that it has a stellar image, whereas the mortgage company has come under state regulatory scrutiny for high fees and insufficient disclosures in advertising.
Puget Sound Banks parent, Puget Sound Bancorp, has agreed to merge with KeyCorp of Albany, N.Y.
