FS Bancorp, Inc. functions as the holding company for 1st Security Bank of Washington, delivering a comprehensive suite of banking and financial services. These offerings cater to families, local and regional businesses, and specialized industry sectors. The company operates through two main divisions: Commercial and Consumer Banking, and Home Lending. Its deposit portfolio includes checking, money market, and savings accounts, alongside certificates of deposit. For lending, FS Bancorp provides diverse options such as first and second mortgages for one-to-four-family residences, home equity loans, non-mortgage commercial business loans, commercial real estate and construction/development financing, and a variety of consumer loans including personal lines of credit, credit cards, auto, direct home improvement, deposit-secured, and recreational vehicle loans. As of December 31, 2021, the company maintained 21 full-service bank branches and 10 home loan production offices, strategically situated in suburban communities across the greater Puget Sound area (including Snohomish, King, Pierce, Jefferson, Kitsap, Clallam, Grays Harbor, Thurston, and Lewis counties), with an additional loan production office serving the Tri-Cities market. Established in 1936, FS Bancorp, Inc. is headquartered in Mountlake Terrace, Washington.
FS Bancorp, Inc. Announces Completion of Acquisition of Pacific West Bancorp
FS Bancorp completed its acquisition of Pacific West Bancorp effective August 19, 2026, merging Pacific West Bank into 1st Security Bank of Washington.
The transaction consideration totaled 430,176 shares of FS Bancorp common stock and $16.8 million in cash, subject to proration based on shareholder elections.
Management stated the deal expands the company's presence in Oregon while maintaining its focus on relationship banking and local community support.