Monitor remaining regulatory approvals (Federal Reserve, FDIC) and the Pacific West shareholder vote. FSBW's integration costs and loan credit quality at Pacific West (2.92% nonperforming) warrant attention post-close. The modest size and low premium make this neutral for FSBW — a standard community bank consolidation.
Price Chart
Executive Summary
FS Bancorp filed an S-4 registration statement for its acquisition of Pacific West Bancorp. The deal consideration consists of $16,832,742 in cash and 430,176 shares of FSBW common stock, valued at approximately $34.8 million based on FSBW's $41.69 VWAP at signing. Pacific West shareholders may elect cash or stock. The merger is expected to close in Q3 2026, pending shareholder approval and remaining regulatory consents (Federal Reserve and FDIC). Pacific West is a small, low-ROA bank with elevated nonperforming loans, making this a modest bolt-on acquisition that expands FSBW's Oregon presence.
Key Facts
- Aggregate consideration: $16,832,742 cash + 430,176 shares FSBW common stock
- At FSBW $41.69 VWAP (Feb 2026), total deal value ~$34.8M
- Pacific West had $403.4M assets, $35.7M equity as of March 31, 2026
- Pacific West net income: $155K (Q1 2026), $646K (FY 2025)
- Nonperforming loans / total loans: 2.92% at March 31, 2026
- Oregon and Washington state banking regulators approved the bank merger (June 17-18, 2026); FDIC and Federal Reserve approvals still pending
- Pacific West shareholder meeting to vote on merger; directors/officers hold ~25.6% and have agreed to vote in favor
- Termination fee: $1.25M payable by Pacific West under certain conditions
- FS Bancorp had $3.2B assets, $313.9M equity as of March 31, 2026
- Stock consideration is 430,176 shares vs 7.5M FSBW shares outstanding — <6% dilution
Financial Impact
~$34.8 million aggregate deal value funded with $16.8M cash and ~430K shares. For FSBW, acquisition price represents ~11% of tangible book value (Pacific West TBV ~$35.7M). Deal is small relative to FSBW's $3.2B asset base.
Risk Factors
- Regulatory approval delay or failure (still need FDIC and Federal Reserve)
- Pacific West's elevated nonperforming loans (2.92%) could require higher provisions post-merger
- Shareholder vote failure (though management/insiders hold 25.6% and have voting agreements)
- Integration risks and potential customer/employee attrition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-4 Filing (Primary) | 0001437749-26-021967 |
| Exhibit: ex_981190.htm | 0001437749-26-021967 |
| Exhibit: ex_980872.htm | 0001437749-26-021967 |
| Exhibit: ex_981029.htm | 0001437749-26-021967 |
| Exhibit: ex_980873.htm | 0001437749-26-021967 |
| Exhibit: ex_981521.htm | 0001437749-26-021967 |
| Exhibit: ex_981522.htm | 0001437749-26-021967 |
| Document: 0001437749-26-021967-index-headers.html | 0001437749-26-021967 |
| Document: 0001437749-26-021967-index.html | 0001437749-26-021967 |
| Document: 0001437749-26-021967.txt | 0001437749-26-021967 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $43.88 $43.77 | ▼ −0.25% | ▼ −0.96% | $43.77 (−0.25%) |
Oct 21, 2026 5d ago | 8-K | $44.35 $43.88 | ▲ +1.06% | ▲ +0.54% | $43.77 (+1.31%) |
Oct 21, 2026 5d ago | Press Release | $44.35 $43.88 | ▲ +1.06% | ▲ +0.54% | $43.77 (+1.31%) |
Aug 28, 2026 8w ago | 144 | $42.85 $42.30 | ▼ −1.28% | ▼ −0.98% | $43.77 (+2.15%) |
Aug 24, 2026 9w ago | 8-K | $42.94 $42.73 | ▼ −0.49% | ▼ −0.81% | $43.77 (+1.93%) |
Aug 24, 2026 9w ago | Press Release | $42.94 $42.73 | ▼ −0.49% | ▼ −0.81% | $43.77 (+1.93%) |
Aug 21, 2026 9w ago | 8-K | $42.47 $42.94 | ▲ +1.11% | ▲ +1.40% | $43.77 (+3.06%) |
Aug 20, 2026 9w ago | Press Release | $42.60 $42.47 | ▼ −0.31% | ▼ −0.71% | $43.77 (+2.75%) |
Aug 11, 2026 10w ago | 8-K | $42.61 $43.79 | ▲ +2.77% | ▲ +2.52% | $43.77 (+2.72%) |
Jul 16, 2026 14w ago | EFFECT | $45.27 $44.03 | ▼ −2.74% | ▼ −1.75% | $43.77 (−3.31%) |
US Market Status
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