PORT ORCHARD – Olympic Bancorp, parent company for Kitsap Bank, announced May 13 that they have entered into a definitive agreement to acquire Puget Sound Financial Services and its wholly-owned subsidiary, Fife Commercial Bank.

Founded in 1998 and led by Jim Davis, president and CEO, Fife Commercial Bank operates a single location on Pacific Highway East and employs 17 people.

The bank has been recognized as one of the highest performing banks of its size in Washington State and at the national level.

“This acquisition fits well into Kitsap Bank’s long term strategy, as we expand our presence and services in the Pierce County market,” said Kitsap Bank CEO Steve Politakis.

Under the agreement, Fife Commercial Bank – with total assets of $88 million – will become a full-service division of Kitsap Bank. Davis will become a Kitsap Bank executive vice president and will remain in Fife. He will also join the Olympic Bancorp board of directors.

“We are very pleased to work with a banker of Jim’s caliber,” Politakis said.

“His entrepreneurial spirit and business acumen are well known and respected in the Puget Sound region. These traits have served Jim’s customers very well over his more than 40 years in banking.”

Fife Commercial Bank customers will benefit from the expanded banking services of Kitsap Bank. It is anticipated that all of Fife Commercial Bank’s employees will remain after the acquisition.

The transaction has been approved by both of the banks’ boards of directors, and requires regulatory and shareholder approval.

Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard and operates 20 locations in six Western Washington counties. The bank currently employs 255 individuals and has over $1 billion in assets.