Bank In Pacific Northwest Settles Securities Action

Law360, New York (October 14, 2008, 12:00 AM EDT) -- WSB Financial Group, the parent company of Westsound Bank, said Tuesday it had settled a consolidated class action alleging the bank had made false and misleading statements about the health of its construction loan portfolio prior to selling $40 million worth of stock in a 2006 initial public offering.

According to the Bremerton, Wash.-based bank, the settlement must still be approved in the U.S. District Court for the Western District of Washington.

Westsound Bank, which operates nine offices in Western Washington, said the $4.85 million settlement...
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