SEATTLE, Jan. 2 /PRNewswire-FirstCall/ -- First Sound Bank
(OTC Bulletin Board: FSWA) today announced that on December 23, 2008 it filed
a complaint for declaratory judgment in King County Superior Court. Named as
parties to the complaint were Larasco, Inc. (the entity from which First Sound
Bank purchased its Puget Sound Leasing business in March 2008) and 11 banks:
Banner Bank, County Bank, Cowlitz Bank, HSBC Bank, Plaza Bank, Regal Financial
Bank, Sovereign Bank, Washington Federal, Wells Fargo Equipment Finance, Bank
of the West and Westsound Bank.
The case for declaratory judgment was filed in response to concerns
expressed by some of the named banks regarding the parties' respective rights
and obligations under agreements that the named banks and Larasco, Inc. (then
known as Puget Sound Leasing Co., Inc.) executed before Puget Sound Leasing
Co., Inc./Larasco, Inc. sold certain assets to First Sound Bank.
First Sound Bank's purpose in filing the action is to establish a single
forum in which the rights of the banks, Larasco, Inc. and First Sound Bank can
be efficiently addressed and resolved.
First Sound Bank expects that this action will avoid the need for multiple
proceedings and potentially conflicting outcomes and considers it to be the
most constructive available means by which to resolve the parties' rights and
obligations.
First Sound Bank was founded in July 2004. With $267 million in assets,
the bank and its dedicated 83-person staff serve clients from its downtown
Seattle office and its leasing company in Bellevue.
Certain statements in this press release, including statements regarding
the anticipated development and expansion of First Sound Bank's business, and
the intent, belief or current expectations of the company, its directors or
its officers, are "forward-looking" statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995). Because such statements
are subject to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.
About First Sound Bank
Seattle-based First Sound Bank offers customized banking for small- to
medium-sized businesses, organizations, not-for-profits and professionals in
the Puget Sound region. Founded by a team of veteran local banking executives,
it is committed to delivering personalized service, convenient access and
competitive rates to support the needs of the business community. The bank
offers online banking at http://www.firstsoundbank.com plus an expansive
banking network in the western U.S., as well as ATM banking throughout the
country and abroad. On March 1, 2008, First Sound Bank purchased a majority of
the assets of Puget Sound Leasing Company, Inc. -- a small ticket,
business-to-business leasing company with a prior 23-year history -- and
established Puget Sound Leasing as a division of First Sound Bank.
SOURCE First Sound Bank