Federal Reserve Clears FS Bancorp Acquisition of Pacific West Bancorp

FS Bancorp Inc., a publicly traded bank holding company based in Washington state, has received approval from the Federal Reserve to acquire Pacific West Bancorp and its subsidiary, Pacific West Bank. The acquisition will expand FS Bancorp's presence into Oregon, where it will operate 31 banking offices across two states.

The merged entity is expected to have approximately $3.6 billion in total assets, with $3.0 billion in loans and $3.0 billion in deposits. Pacific West shareholders may elect to receive either cash or shares of FS Bancorp common stock as part of the deal.

FS Bancorp's acquisition reflects a broader trend in the US banking industry, where community and regional banks are pursuing strategic mergers to increase scale and expand into adjacent markets. The company's long-term strategy aims to establish itself as a leading community banking franchise in the Pacific Northwest.