BREMERTON, Wash., April 18, 2008 (PRIME NEWSWIRE) -- WSB Financial Group (Nasdaq:WSFG), the parent company of Westsound Bank, today disclosed that Terry A. Peterson, who was named President and CEO effective April 15, 2008, as part of the terms of his employment agreed to invest between $250,000 and $1,000,000 in company stock, and is being awarded a stock option.
Subject to compliance with the rules of NASDAQ and the SEC, WSB Financial Group, Inc. will sell Mr. Peterson up to $1,000,000, and not less than $250,000 of the company's common stock at the closing market price as of the date of purchase. Additionally, WSB Financial will grant him an option to purchase 100,000 shares of the company's common stock, exercisable at the closing market price on April 18, 2008. The options will vest in 20% annual installments over a period of five years in accordance with the terms and conditions of WSB Financial Group, Inc.'s 1999 Incentive Stock Option Plan and Mr. Peterson's employment agreement.
ABOUT WSB FINANCIAL GROUP, INC.
WSB Financial Group, Inc., based out of Bremerton, Washington, is the holding company for Westsound Bank. The company was founded in 1999, and currently operates nine full service offices located within five contiguous counties within Western Washington. Our website is http://www.westsoundbank.com.