FSBW News & Events

FS Bancorp and Pacific West Bancorp announced the signing of a definitive merger agreement and plan of merger whereby Pacific West will merge into FS Bancorp in a stock and cash transaction valued at approximately $34.6M. As of December 31, 2025, on a pro forma consolidated basis, the combined company would have approximately $3.6B in assets, $3B in loans, $3B in deposits, and 31 branch locations throughout the Pacific Northwest. Pacific West, headquartered in West Linn, Oregon, is the holding company for Pacific West Bank, with approximately $386M in assets as of December 31, 2025. Under terms of the agreement, the aggregate consideration will consist of 430,176 shares of FS Bancorp common stock and $16.83M in cash. Pacific West shareholders will have the right to elect shares of FS Bancorp common stock or cash, subject to proration as provided in the agreement. Based on the closing price of FS Bancorp common stock of $41.26 on February 25, the consideration value for Pacific West was $34.6M, or approximately $12.52 per share. Upon completion of the merger, Pacific West shareholders would hold, in aggregate, approximately 5.4% of FS Bancorp's outstanding common stock. The transaction is expected to be immediately accretive to FS Bancorp's earnings per share, with projected 2027 EPS accretion of 7.4%, and dilutive to FS Bancorp's tangible book value with projected TBV dilution at close of 2.2% and an earnback period of approximately 2.4 years. The boards of directors of FS Bancorp and Pacific West have unanimously approved the proposed merger. The closing is expected to occur in the third quarter of 2026 and is subject to customary closing considerations, including obtaining approval by Pacific West's shareholders and bank regulatory authorities.

FS Bancorp and Pacific West Bancorp announced the signing of a definitive merger agreement and plan of merger whereby Pacific West will merge into FS Bancorp in a stock and cash transaction valued at approximately $34.6 million. As of December 31, 2025, on a pro forma consolidated basis, the combined company would have approximately $3.6 billion in assets, $3.0 billion in loans, $3.0 billion in deposits, and 31 branch locations throughout the Pacific Northwest. Under terms of the Agreement, the aggregate consideration will consist of 430,176 shares of FS Bancorp common stock and $16,832,742 in cash. Pacific West shareholders will have the right to elect shares of FS Bancorp common stock or cash, subject to proration as provided in the Agreement. Based on the closing price of FS Bancorp common stock of $41.26 on February 25, 2026, the consideration value for Pacific West was $34.6 million, or approximately $12.52 per share. Upon completion of the merger, Pacific West shareholders would hold, in aggregate, approximately 5.4% of FS Bancorp's outstanding common stock. The transaction is expected to be immediately accretive to FS Bancorp's earnings per share, with projected 2027 EPS accretion of 7.4%, and dilutive to FS Bancorp's tangible book value with projected TBV dilution at close of 2.2% and an earnback period of approximately 2.4 years.

Reports Q4 tangible book value per share $39.65. Reports Q4 CET1 capital ratio 12.73%. "The Company remains focused on growing both book value and tangible book value, which increased 8.6% and 10.1%, respectively, during 2025. Tangible book value per share was $39.65 at December 31, 2025, compared to $36.02 at December 31, 2024," stated Matthew Mullet, CEO and president of 1st Security Bank.