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West Sound Bank hires new CEO

WSB Financial Group, the parent company of Westsound Bank announced on Tuesday that Terry A. Peterson has been named President and CEO In addition, Peterson also has been named President and CEO of Westsound Bank and will join the boards of both Westsound Bank and WSB Financial Group, Inc.

Peterson was most currently the President and Chief Operating Officer of Charter Bank, which has approximately $380 million in assets and is based in Bellevue.

Charter Bank was acquired approximately one year ago by Boston Private Financial Holdings (NASDAQ:

“Terry’s success in leading a growing bank and as a no-nonsense business banker were the qualities we were looking for when we initiated the search for a new CEO,” said Louis J. Weir, chairman of the board. “His knowledge of business banking, finance and the economies of the Puget Sound are exceptional. The board and management are excited about the expertise and potential that Terry brings to WSB Financial.”

“I am excited to join this well established banking company. I have become acquainted with the Board and management and look forward to our future accomplishments,” Peterson said. “Initially we will focus on improving our processes and procedures and enhancing Westsound Bank’s good name on the Kitsap Peninsula.”

Mark Freeman, who was recently named interim President of WSB Financial, will return to his duties as Chief Financial Officer.

Peterson is the past president of the Puget Sound Chapter of Risk Management Associates and is a member of the Washington Bankers’ Association Senior Credit Committee.?He has been a guest lecturer at the Albers School of Entrepreneurship at Seattle University. A graduate of Washington State University, Peterson and his wife of 23 years and three teenage boys currently reside in Bellevue and plan on moving to the Kitsap Peninsula before September.

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