Puget Sound Bank in Bellevue, Wash., is preparing to form a holding company.

The $456 million-asset company said in press release Thursday that it shareholders has approved the creation of Puget Sound Bancorp.

"This change underscores the growth and success of the bank," Jim Mitchell, Puget Sound Bank's president and chief executive, said in the release.

"The formation of a bank holding company will allow us to manage capital more effectively, providing access to lower-cost capital that is not dilutive to our shareholders," Mitchell added.

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