Sound Community Bank develops new Navigator deposit account

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SEATTLE, Oct. 21, 2022 (GLOBE NEWSWIRE) — Today, Sound Community Bank, a subsidiary of Sound Financial Bancorp, Inc. (NASDAQ: SFBC), was officially certified by the National Cities for Financial Empowerment Fund (CFE Fund ) as meeting the bank’s standards on national accounts (2021 – 2022). The National Secure Account Standards, co-created by consumer advocates, leading national nonprofits, civic leaders, and other financial institutions, identify both essential and highly recommended features that ensure low cost, high functionality and consumer safety.

The Sound Community Bank Navigator account includes no monthly fees, no overdraft or insufficient funds fees, the ability to pay bills and make purchases, and federal deposit insurance. Navigator is available through online banking and at each of Sound Community Bank’s eight branches across the Olympic Peninsula and Seattle metro areas.

“Providing safe, affordable and convenient banking services to everyone in our communities is a value we hold dear,” said Laurie Stewart, President and CEO of Sound Community Bank. “Our Navigator account does just that!”

“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to the Sound Community Bank Navigator account,” said Jonathan Mintz, President and CEO of the Cities for Financial Empowerment Fund. “Navigator offers Olympic Peninsula and Seattle-area residents looking to improve their finances a safe, affordable, and truly useful consumer banking product for accessing and managing their money. The provision of this wonderful account by Sound Community Bank puts them at the forefront of national access to banking efforts, and we thank them.

Bank On’s goal is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account standards identify critical product features or appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to the accounts that meet their needs.

The Sound Community Bank Navigator account is available through online banking and at all eight branches in Washington State. With the addition of Account Navigator, Bank On National Account compliant accounts are now available at more than 46,000 branches in all 50 states and Washington, DC; financial institutions with Bank On certified accounts already account for more than 56% of the national deposit market share.

About Sound Community Bank

Founded in 1953, Sound Community Bank is a full-service bank providing personal and business banking services in communities throughout the greater Puget Sound area. The Seattle-based company operates banking offices in King, Pierce, Snohomish, Jefferson and Clallam counties and on the web at www.soundcb.com. Sound Community Bank is a subsidiary of Sound Financial Bancorp, Inc. (NASDAQ: SFBC). On June 30, 2022, Sound Financial Bancorp, Inc. reported total assets of $937.0 million.

About the Cities Fund for Financial Empowerment (CFE Fund)

The CFE Fund supports municipal efforts to improve household financial stability by taking advantage of opportunities unique to local government. By translating cutting-edge experience with large-scale programs, research and policies in cities of all sizes, the CFE Fund helps mayors and other local leaders identify, develop, finance, implement and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund currently works in more than 100 cities and counties and has awarded more than $59 million to local governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund.

About Bank On

Bank On coalitions are locally-led partnerships between local public officials; municipal, state and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The national Bank On initiative builds on a grassroots movement of more than 90 coalitions in cities across the country, providing national accounting standards, capacity grant support, pilot funding and a learning community. In addition to connecting the unbanked to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information, or follow the conversation on Twitter @CFEFund #BankOn.

For media inquiries, please contact:
Deena Rataezyk
Vice President, Director of Marketing and Communications
[email protected]
(206) 204-8169

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