BREMERTON, Wash., April 28, 2008 (PRIME NEWSWIRE) -- WSB Financial Group (Nasdaq:WSFG), the parent company of Westsound Bank, today announced that its Board of Directors has named Donald F. Cox, Jr. to succeed Louis J. Weir as Chairman. Weir decided not to stand for reelection and will retire from the board following the annual meeting on May 28, 2008, when his term expires.
"Lou's contributions to Westsound Bank are immeasurable. As a founder of the company, he has served as the company's chairman since 1999," said Terry A. Peterson, President and CEO. "Lou has been a mentor for many of our employees and one of the company's most loyal supporters. We thank Lou for his service and wish him all the best in his retirement."
Donald F. Cox, Jr. was unanimously approved as the new Chairman by the Board of Directors. "Don's experience as an investment advisor and a CPA have been valuable assets for the Board over the past year, and we believe he will be a very effective leader going forward," Peterson commented.
Cox is a principal of Cox & Lucy, a public accounting firm in Port Orchard, Washington, and of Pacific Asset Management L.L.C., a registered investment advisory firm with offices in Port Orchard and Kirkland, Washington, with $250 million of assets under management. He has been in private practice as an accountant since 1976 and is a certified public accountant and registered investment advisor. He was a founding director of The First National Bank of Port Orchard, which was purchased by InterWest Bancorp in 1997.
Born and raised in Western Washington, Cox is a graduate of Central Washington University with a Bachelor of Arts degree in Business Administration. He is a past president of the Port Orchard Rotary and a past president of the First Lutheran Church Council. Cox and his wife of 24 years have 2 grown children and live in Port Orchard.
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.
This news release may contain "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements describe management's expectations regarding future events and developments such as future operating results, growth in loans and deposits, net interest margin, credit quality loan losses and efficiency ratio, and success of the Company's business plan. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The words "should," "anticipate," "expect," "will," "believe," and words of similar meaning are intended, in part, to help identify forward-looking statements. Future events are difficult to predict, and the expectations described above are subject to risks and uncertainties that may cause actual results to differ materially. In addition to discussions about risks and uncertainties set forth from time to time in the Company's filings with the Securities and Exchange Commission, factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, among others: (1) local and national general and economic conditions; (2) changes in interest rates and their impact on net interest margin; (3) competition among financial institutions; (4) legislation or regulatory requirements; (5) pending litigation; (6) reductions in loan demand or deposit levels; and (7) changes in loan collectibility, default and charge-off rates. WSB Financial Group, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made. Any such statements are made in reliance on the safe harbor protections provided under the Securities Exchange Act of 1934, as amended.