Business
1st Security Bank to Acquire Seven Former Columbia Bank Locations in Southern Washington and Oregon
MOUNTLAKE TERRACE, Wash., Nov. 7, 2022 /PRNewswire/ -- FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington ("the Bank"),
About this update from Fs Bancorp, Inc.
[{"type":"text","content":"MOUNTLAKE TERRACE, Wash., Nov. 7, 2022 /PRNewswire/ -- FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (\"the Bank\"), announced today that the Bank has entered into an agreement with Columbia Banking System, Inc. to purchase seven banking locations with approximately $510 million in deposits and $76 million in loans. The seven branch locations are in the communities of White Salmon and Goldendale, Washington, and Newport, Waldport, Ontario, Manzanita and Tillamook, Oregon.\nThe purchase is subject to receiving regulatory approvals and customary closing conditions. Under the agreement, the Bank will assume certain liabilities, including checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area. 1st Security Bank will be acquiring all seven retail locations, including their ATMs. Six branch properties are owned, and one branch property is leased with the Bank assuming the lease.\nBoth banks are working closely together to ensure a seamless transition for the customers and employees. 1st Security Bank plans to retain the employees and keep each of the locations open after the transaction is complete.\n\"We are excited to have the Klickitat, Lincoln, Malheur and Tillamook County employees and customers join the 1st Security Bank family,\" said Joe Adams, the Bank's CEO. \"We believe this will be a great fit and is a natural extension of our Pacific Northwest focused retail footprint.\"\nThe transaction is scheduled to close in February 2023.\nAbout FS BancorpFS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in western Washington through its twenty-one branches in communities in the greater Puget Sound area. The Bank services home mortgage customers throughout Washington State with an emphasis in the Puget Sound, Vancouver and Tri-Cities markets. 1st Security Bank received a \"satisfactory\" rating on its last Community Reinvestment Act examination. The Bank was also ranked the #1 Community Bank in Bank Director's 2022 Ranking Banking study. Most recently 1st Security Bank was named a finalist in its class in the Puget Sound Business Journal's 2022 Washington...