FS Bancorp (NASDAQ: FSBW) seals Pacific West deal, expanding Oregon reach
Rhea-AI Filing Summary
FS Bancorp, Inc. (FSBW) completed its previously announced acquisition of Pacific West Bancorp effective August 19, 2026. Under the Agreement and Plan of Merger, Pacific West Bancorp was merged with FS Bancorp, and Pacific West Bank was merged into 1st Security Bank of Washington, which remains the surviving bank.
The aggregate consideration for the transaction was 430,176 shares of FS Bancorp common stock and $16,832,742 in cash. Pacific West shareholders could elect stock or cash, subject to proration under the merger agreement. FS Bancorp states that the deal expands its presence in Oregon while maintaining its relationship-banking focus and longstanding community-banking values.
FS Bancorp is a Washington corporation and the holding company for 1st Security Bank of Washington, which offers loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. The bank operates through 28 branches, a headquarters office, and loan production offices in multiple markets across Washington and the greater Portland, Oregon area.
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8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Aggregate stock consideration: 430,176 shares of FS Bancorp common stock
Cash consideration: $16,832,742
Effective acquisition date: August 19, 2026
+3 more
6 metrics
Aggregate stock consideration
430,176 shares of FS Bancorp common stock
Total stock portion of consideration for Pacific West Bancorp acquisition
Cash consideration
$16,832,742
Total cash portion of consideration for Pacific West Bancorp acquisition
Effective acquisition date
August 19, 2026
Date FS Bancorp completed acquisition of Pacific West Bancorp
Number of bank branches
28 branches
1st Security Bank of Washington branch network following the transaction
Years of FS Bancorp’s guiding values
more than 100 years
Duration FS Bancorp cites for values guiding its success
Pacific West Bank operating history
20 years
Period Ed Kawasaki references for serving customers and community
Key Terms
Aggregate consideration, Agreement and Plan of Merger, forward-looking statements, Private Securities Litigation Reform Act of 1995, +1 more
5 terms
Aggregate consideration financial
"In connection with the transaction the aggregate consideration consisted of 430,176 shares"
Agreement and Plan of Merger financial
"Pursuant to the Agreement and Plan of Merger dated February 25, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
forward-looking statements regulatory
"This news release includes forward-looking statements within the meaning of the"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"forward-looking statements within the meaning of the Private Securities Litigation"
proration financial
"subject to proration as provided in the merger agreement"
Proration is the method of dividing a limited quantity—such as shares in an offering, dividends, or rights—among claimants when demand exceeds supply, so each participant receives a proportional slice rather than the full amount requested. It matters to investors because proration determines how many shares or what portion of a payout they actually receive, which affects portfolio size, cash needs, and the expected return; think of it as splitting a pie fairly when more people want a piece than there are slices.
FAQ
What transaction did FSBW report in this 8-K filing?
FS Bancorp, Inc. reported that effective August 19, 2026, it completed its previously announced acquisition of Pacific West Bancorp, including the merger of Pacific West Bank into 1st Security Bank of Washington, which remains the surviving bank.
What was the total consideration FS Bancorp (FSBW) paid for Pacific West Bancorp?
The aggregate consideration for the Pacific West Bancorp transaction was 430,176 shares of FS Bancorp common stock and $16,832,742 in cash, with Pacific West shareholders allowed to elect stock or cash subject to proration under the merger agreement.
How does the Pacific West Bancorp acquisition affect FSBW’s geographic presence?
FS Bancorp states that the acquisition allows it to expand its presence in Oregon through the merger of Pacific West Bank into 1st Security Bank of Washington, while continuing to focus on relationship banking and community support in its existing Washington and Oregon markets.
How large is FS Bancorp’s branch network after the Pacific West deal?
FS Bancorp reports that 1st Security Bank of Washington operates through 28 bank branches, one headquarters office, and loan production offices in several Washington markets and the greater Portland, Oregon area, while also servicing home mortgage customers across the Northwest.
What forward-looking risks does FSBW highlight regarding the Pacific West Bancorp merger?
FS Bancorp notes that expected cost savings, synergies and other financial benefits from the Pacific West merger may not be realized within expected time frames or at all, and that integration costs or difficulties might be greater than expected.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 2026
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (425 ) 771-5299
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions.
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 8.01. Other Events
Effective August 19, 2026, FS Bancorp, Inc., Mountlake Terrace, Washington (“FS Bancorp”), the parent company of 1st Security Bank of
Washington, completed its previously announced acquisition of Pacific West Bancorp (“Pacific West Bancorp”), the parent company of Pacific West Bank, located in Portland, Oregon. Pursuant to the Agreement and Plan of Merger dated February 25, 2026
(“the Merger Agreement”) by and between FS Bancorp and Pacific West Bancorp, Pacific West Bank was merged with and into FS Bancorp, with 1st Security Bank of Washington surviving the merger (the “Merger”), and Pacific West Bank was merged with and
into 1st Security Bank of Washington, with 1st Security Bank of Washignton surviving the merger. In connection with the transaction the aggregate consideration consisted of 430,176 shares of FS Bancorp common stock and $16,832,742 in cash. Pacific
West shareholders had the right to elect shares of FS Bancorp common stock or cash, subject to proration as provided in the merger agreement. Reference is made to the Merger Agreement, which was included as Exhibit 2.1 to the Registration Statement
on Form S-4 filed by FS Bancorp with the Securities and Exchange Commission on June 29, 2026, which is incorporated herein by reference.
On August 20, 2026, FS Bancorp issued the press release attached hereto as Exhibit 99.1 and incorporated herein by reference announcing
the completion of its acquisition of Pacific West Bancorp.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
99.1 Press Release of FS Bancorp, Inc. dated August 20, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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FS BANCORP, INC.
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Date: August 20, 2026
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/s/ Matthew D. Mullet
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Matthew D. Mullet
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President and Chief Executive Officer
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Exhibit 99.1
FS Bancorp, Inc. Announces Completion of Acquisition of Pacific West Bancorp
Mountlake Terrace, Washington August 20, 2026-- (NASDAQ
: FSBW) FS Bancorp, Inc. (“FS Bancorp”), the parent company of 1st Security Bank of Washington, announced that effective August 19, 2026, it completed its previously announced acquisition of Pacific West Bancorp (“Pacific West”), an
Oregon corporation and the merger of Pacific West Bank, the bank subsidiary of Pacific West, into 1st Security Bank of Washington.
Matthew D. Mullet, President and Chief Executive Officer of FS Bancorp and 1st Security Bank of Washington, stated, “We are excited to welcome Pacific West
Bank's customers, employees, and communities to the 1st Security Bank family. Both organizations share a commitment to relationship banking, providing exceptional customer service, and supporting the local businesses and communities we serve. This
allows us to expand our presence in Oregon while remaining focused on the values that have guided our success for more than 100 years. Our Vision Statement remains constant: To Build a Truly Great Place to Work and Bank."
Ed Kawasaki, Chairman of the Boards of Pacific West Bancorp and Pacific West Bank, stated, “On behalf of our Board and Banking Team, we wanted to extend our
heartfelt thanks and appreciation to our customers and community for their support of our Bank, and furthermore, our confidence that the partnership with 1st Security Bank will continue serving you with the same values and conviction you’ve
experienced over the past 20 years.”
In connection with the transaction the aggregate consideration consisted of 430,176 shares of FS Bancorp common stock and $16,832,742 in cash. Pacific West
shareholders had the right to elect shares of FS Bancorp common stock or cash, subject to proration as provided in the merger agreement.
About FS Bancorp
FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services
primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 28 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban
communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in the greater Portland, Oregon market. Additionally, the Bank services home mortgage customers across the
Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate," "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that FS Bancorp expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of FS Bancorp, Inc., particularly the Form S-4 and its Form 10-K for the year ended December 31, 2025, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management. Specific risks in this press release include among other things: the expected cost savings, synergies and other financial benefits from the merger with Pacific West might not be realized within the expected time frames or at all, and costs or difficulties relating to integration matters might be greater than expected.
Contacts:
Matthew D. Mullet,
President and Chief Executive Officer
Phillip D. Whittington,
Chief Financial Officer
(425) 771-5299
www.FSBWA.com