Sound Community Bank is headquartered in Seattle and is the 18th largest bank in the state of Washington. It is also the 1,039th largest bank in the nation. It was established in 1953 and as of June of 2022, it had grown to 130 employees at 10 locations. Sound Community Bank has a B+ health rating.
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DO NOT OPEN AN ACCOUNT HERE!!!!!
Their lack of security measures allowed my business bank account to be hacked for over $4500!! The purchases were made overseas -- I never leave the country -- and should have been a HUGE red flag to any reputable bank with a half decent fraud protection system. They allowed OVER 70 CHARGES to go through before finally sending a text message to ask if the charges were legitimate. ARE YOU KIDDING ME?!?!
And after MONTHS of waiting for the dispute to settle, I was only refunded $2500!!! And because it's a business account, they will not refund the remainder of the funds that THEY ALLOWED TO BE WITHDRAWN FROM MY ACCOUNT!!!!!!
There are WAY better banks out there. Business owners--- DO YOUR RESEARCH!!!!!! DO NOT USE THIS BANK EVER!!!!
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57451 |
| Year Established | 1953 |
| Employees | 130 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 7.44% |
| Annual Interest Income | $17.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $937.3MM$923.3MM |
| Loans | Q2 2022vs Q2 2021 | $799.1MM$637.2MM |
| Deposits | Q2 2022vs Q2 2021 | $790.0MM$814.1MM |
| Equity Capital | Q2 2022vs Q2 2021 | $104.0MM$96.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $7.1MM$6.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.6MM$1.5MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $659.00K$659.00K |