Sound Community Bank is headquartered in Seattle and is the 18th largest bank in the state of Washington. It is also the 1,070th largest bank in the nation. It was established in 1953 and as of September of 2019, it had grown to 114 employees at 8 locations. Sound Community Bank has an A 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 And because it's a business account, they will not refund the remainder of the funds that THEY ALLOWED TO BE WITHDRAWN FROM MY ACCOUNT!!!!!!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 Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57451 |
| Year Established | 1953 |
| Employees | 114 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1% |
| Return on Equity - YTD | 9.89% |
| Annual Interest Income | $25.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $715.3MM$714.5MM |
| Loans | Q3 2019vs Q3 2018 | $608.9MM$612.2MM |
| Deposits | Q3 2019vs Q3 2018 | $615.1MM$543.1MM |
| Equity Capital | Q3 2019vs Q3 2018 | $73.0MM$69.2MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $5.6MM$5.7MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $3.4MM$2.4MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $1.1MM$600.00K |