Kitsap Bank
| Industry | Banking |
|---|---|
| Founded | 1908 in Port Orchard, Washington, United States |
| Founder | George Miller, Peter Nordby, John Yakey, Jacob Furth |
| Headquarters | Port Orchard , United States |
Area served | Western Washington |
Key people | Steven Politakis (CEO), Anthony M. George (President), Cydly Langer Smith (Board Chair), Helen Langer Smith (Vice Chair) |
| Products | Banking services |
| Parent | Olympic Bancorp |
Kitsap Bank operates as a community bank with its main office located in Port Orchard, Washington, United States. Founded in 1908, it holds the distinction of being the oldest and largest bank owned locally within Washington state.
History
Kitsap Bank was originally founded as Kitsap County Bank in Port Orchard by George Miller, Peter Nordby, John Yakey, and Jacob Furth. In 1922, Frank Langer purchased the bank and led as president until 1952. Following his passing, his wife Hannah Langer (née Norum) became the first female bank president in the western U.S., rejecting takeover proposals from larger Seattle banks. She guided Kitsap County Bank until 1972 and continued as board chair until 1985. By 1977, the bank had expanded to four branches and held assets totaling $47 million.
From 1985 through 2012, Jim Carmichael held the position of president. The bank adopted the name Kitsap Bank in 1987.
During the decade spanning 2005 to 2015, Olympic Bancorp—the holding company for Kitsap Bank—grew by acquiring Fife Commercial Bank (Fife), Westsound Bank (Bremerton), and MarinerBank (Port Townsend), all of which were merged into Kitsap Bank.
In 2014, a new branch opened in Bremerton featuring a combined Starbucks location with distinct drive-through lanes for both banking and coffee services. This branch replaced an earlier site, with John Glomsted—who oversaw the original branch opening in 1961—honored as its inaugural customer.
Operations
Based on its 2016 annual report, Kitsap Bank managed deposits exceeding $1 billion and assets amounting to $1.1 billion. That year, it led the market share among banks in Jefferson County, Washington, holding $113 million in deposits, which accounted for approximately 23 percent of total county deposits.
Kitsap Bank functions as the exclusive asset of Olympic Bancorp. In 2016, it ranked tenth among banks in Washington state and maintained its status as the largest and longest-standing locally owned bank in the region, operating 21 branches throughout western Washington.
Management
As of 2018, Steven Politakis was CEO of both Olympic Bancorp and Kitsap Bank, with Anthony M. George serving as president. The board was chaired by Cydly Langer Smith, with Helen Langer Smith acting as vice chair.
Philanthropy
Between 2013 and 2017, Kitsap Bank was regularly recognized on the Puget Sound Business Journal’s annual list highlighting the top 75 "most generous Washington state corporate philanthropists."