<div id="readability-page-1"><div><ul><li>Supporting data: FS Bancorp in Mountlake Terrace, Wash., announced its first whole-bank acquisition since 2019 on Thursday. </li><li>Key insight: The deal for the four-branch Pacific West Bank moves FS and its 1st Security Bank subsidiary into the Portland, Ore., market. </li><li>Expert Quote: &#34;This partnership with Pacific West represents a compelling step forward in our continued expansion across the Pacific Northwest.&#34; — FS President Matthew Mullet</li></ul>FS Bancorp, the Mountlake Terrace, Wash.-based holding company for 1st Security Bank, has agreed to pay $34.6 million in cash and stock for Pacific West Bank in West Linn, Ore.Though small in dollar terms, the deal, which is expected to close in the third quarter, has important strategic implications, since it would give FS its first presence in Portland. It also marks the first whole-bank acquisition by FS since 2019, when the company acquired the $480 million-asset Anchor Bank in Lacey, Wash.The deal comes at a time of increased bank-merger activity, with institutions scrambling to take advantage of a more favorable regulatory environment. In 22 deals announced through Feb. 23, buyers paid an average price-to-tangible-book-value of 170% compared to an average of 144% in 2025, according to Seaport Research Partners senior analyst Laurie Havener Hunsicker.&#34;We think the bull market still has legs,&#34; Hunsicker wrote Monday in a research note. &#34;The strength in stock prices, the pent-up demand to do deals, and the substantially faster regulatory approval process will continue to accelerate M&amp;A.&#34; The $386 million-asset Pacific West operates four Portland-area branches. The region is home to about 2.5 million people and 45,000 businesses, most of them small enterprises with 50 or fewer employees, according to the Census Bureau. The combined institution would have $3.6 billion of assets, $2.98 billion of loans and $3.03 billion of deposits. Its 0.5% share of Portland's $65.6 billion deposit market leaves plenty of room to grow. &#34;This partnership with Pacific West represents a compelling step forward in our continued expansion across the Pacific Northwest,&#34; FS President Matthew Mullet said Wednesday in a press release. &#34;Pacific West has built a customer-focused commercial banking franchise with deep roots in the Portland-Vancouver metro area. Combining our organizations brings together complementary strengths that enhance our ability to serve our customers and communities.&#34;Mullet, who served previously as the organization's chief financial officer, was named CEO of 1st Security Bank in August. The Federal Reserve Bank of San Francisco appointed Mullet to the board of directors of its Seattle branch earlier this month. The deal's financial highlights include expected growth in earnings-per-share of 7.4% in 2027. Tangible book value dilution is 2.2% with a projected earn-back of less than two-and-one-half years. First Security is projecting cost savings equal to 30% of Pacific West's noninterest expenses, which totaled $10.5 million in 2025, according to the Federal Deposit Insurance Corp. FS is estimating a loan discount of $4.2 million or 1.51% of Pacific West's $276.6 million loan portfolio in assessing its fair value mark. Pacific West reported net income totaling $650,000 in 2025, powered by 25% year-over-year growth in deposits. Pacific West lost money in 2024 and 2024, however. Now, merging with FS will give its bankers and clients access to more capital, improved technology and a wider product set, CEO Jason Wessling said in the press release. &#34;We are excited to join FS Bancorp, a company that shares our commitment to relationship banking and community engagement,&#34; Wessling said.</div></div>

FS銀行

太平洋第一合眾銀行

FS Bancorp 宣佈自 2019 年以來首次全行收購，收購太平洋西部銀行，交易金額為 3460 萬美元，這標誌着其進入波特蘭市場。該交易預計將在第三季度完成，將增強 FS 在太平洋西北地區的存在，合併資產總額達到 36 億美元。FS 預計到 2027 年每股收益將增長 7.4%，並實現顯著的成本節約。這次收購反映了由於有利的監管條件，銀行合併增加的趨勢，FS 旨在利用太平洋西部銀行以客户為中心的服務方式，擴展其服務產品

華盛頓的 FS 銀行將通過一項交易進入波特蘭市場