PORT ORCHARD — Jim Carmichael, president and CEO of Kitsap Bank for 27 years, retires Saturday.
Steven L. Politakis becomes chief executive officer and Anthony M. George becomes president and chief operating officer on Sunday.
“We have experienced both triumphs and great challenges during my tenure,” Carmichael said in an announcement of his retirement.
“Kitsap Bank has achieved record growth, numerous mergers and acquisitions, assumed a failed bank, raised capital for the first time in over 50 years, and successfully navigated through the worst economic downturn since the Great Depression. I feel very pleased and satisfied that I am leaving the bank in excellent condition and in very capable hands. It’s time for me to move on.”
Carmichael said the elevation of Politakis and George has been part of the bank’s succession strategy.
“We have worked diligently for several years to prepare for a smooth transition. Steve and Tony are exceptionally well qualified and prepared to guide Kitsap Bank into the future.”
Carmichael served in the Seattle field office of the Federal Deposit Insurance Corporation from 1965 to 1977, ascending through the ranks to head bank examiner. He joined Kitsap Bank in 1977 as vice president/credit administrator and branch administrator, becoming president and chief executive officer in 1985.
During his 35 years at Kitsap Bank, the bank’s assets increased from $47 million and four offices to more than $900 million and 21 locations in five Western Washington counties. Kitsap Bank is the largest bank in Kitsap County.
Politakis joined Kitsap Bank in 2002 as senior vice president and chief credit officer and was promoted to executive vice president one year later. Politakis has been a commercial banker for more than 28 years, starting his career as a management trainee with Rainier Bank in 1984.
Politakis is a graduate of Washington State University, Pacific Coast Banking School, and Northwest Intermediate Banking School. He is a member of the Admiral Theatre Board and the Bremerton Symphony Endowment Board.
George has 26 years of banking experience and joined Kitsap Bank 15 years ago. He has served as executive vice president and chief financial officer since 2003. He served with the FDIC for 10 years as a bank examiner and regional capital markets specialist.
George is a graduate of Western Washington University and Pacific Coast Banking School. He volunteers as a coach for the Peninsula Athletic Association, Gig Harbor Little League, Harbor Soccer, and Upward Basketball programs, and Sunday School teacher.