FS Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
FS Bancorp, Inc. (FSBW), the parent company of 1st Security Bank of Washington, filed this Current Report on Form 8-K on August 19, 2026. The filing reports the completion of a previously announced acquisition of Pacific West Bancorp, the parent company of Pacific West Bank located in Portland, Oregon.
Key Financial Metrics
This filing is a current report regarding a corporate event and does not contain standard financial statements, revenue, profit, cash flow, or margin data for the reporting period. The only financial metric disclosed relates to the transaction consideration:
- Total Consideration: 430,176 shares of FS Bancorp common stock and $16,832,742 in cash.
- Payment Structure: Pacific West shareholders had the option to elect stock or cash, subject to proration.
The filing text does not provide clear values for debt, liquidity, or operating margins resulting from the merger.
Material Changes
The primary material change is the consolidation of Pacific West Bank into 1st Security Bank of Washington, effective August 19, 2026. This merger expands FS Bancorp's geographic footprint into Oregon and increases its asset base through the acquisition of Pacific West Bancorp.
Outlook, Risks, and Management Commentary
Management announced the completion of the merger via a press release issued on August 20, 2026 (Exhibit 99.1). The transaction was executed pursuant to the Merger Agreement dated February 25, 2026. The filing does not contain specific forward-looking guidance, risk factors, or contingencies beyond the standard incorporation of the Merger Agreement by reference.
Key Facts for Investor Verification
- Verify the exact number of shares issued (430,176) and the cash portion ($16.83 million) to assess dilution and immediate cash impact.
- Review the Merger Agreement (Exhibit 2.1 to the Form S-4 filed June 29, 2026) for details on proration mechanics and integration costs.
- Confirm the regulatory approval status and the operational timeline for integrating Pacific West Bank's systems into 1st Security Bank.
- Monitor subsequent filings (10-Q or 10-K) for the first consolidated financial results reflecting the acquisition.