First Sound Bank vs. Secords

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SEATTLE, Jan. 16 -- -- First Sound Bank (OTC Bulletin Board: FSWA) today announced that on January 14, 2009 it filed suit in federal court for fraud and breach of contract in connection with its March 1, 2008 purchase of certain assets from Puget Sound Leasing Co., Inc. The defendants to the suit are the sellers of the assets: Larasco, Inc. (the business formerly known as Puget Sound Leasing Co., Inc.) and its owners, Richard Secord and Louis Secord.

First Sound Bank's complaint alleges that the defendants violated federal and state securities laws by misrepresenting the extent to which the leases they sold to First Sound Bank were delinquent, and by failing to disclose Puget Sound Leasing Co., Inc. accounting irregularities that made the company appear more profitable than it was. The complaint also alleges that the defendants breached their contractual warranties to First Sound Bank.

The lawsuit seeks rescission (reversal of the asset sale) and an award of the damages sustained by First Sound Bank.    Following the asset sale, Louis Secord was appointed president of First Sound Bank's new Puget Sound Leasing Division, while Richard Secord was retained to provide consulting services to the division. On November 19, 2008, however, First Sound Bank relieved Louis Secord and Richard Secord of all responsibilities relating to the leasing business, and First Sound Bank President Steve Shaughnessy assumed management of Puget Sound Leasing operations.

"First Sound Bank remains committed to its Puget Sound Leasing customers," said Shaughnessy. "We will continue to provide small- and medium-sized businesses with the same responsive and professional service for which First Sound Bank is known."

First Sound Bank was founded in July 2004. With $267 million in assets, the bank and its dedicated 83-person staff serve clients from its downtown Seattle office and its leasing company in Bellevue.

              About First Sound Bank

Seattle-based First Sound Bank offers customized banking for small- to medium-sized businesses, organizations, not-for-profits and professionals in the Puget Sound region. Founded by a team of veteran local banking executives, it is committed to delivering personalized service, convenient access and competitive rates to support the needs of the business community. The bank offers online banking at www.firstsoundbank.com plus an expansive banking network in the western U.S., as well as ATM banking throughout the country and abroad. On March 1, 2008, First Sound Bank purchased a majority of the assets of Puget Sound Leasing Company, Inc. - a small ticket, business-to-business leasing company with a prior 23-year history - and established Puget Sound Leasing as a division of First Sound Bank.

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