FS Bancorp acquires Pacific West for $16.8M cash + 430,176 shares (~$35.5M total value)

Filed July 15, 2026 · ~2 min read

Key Changes

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  Subsequent event: On February 25, 2026, Pacific West Bancorp announced the signing of a definitive merger agreement whereby the Company will be acquired by FS Bancorp, Inc. (FSBW) in a stock and cash transaction valued at approximately…

  Notes: Subsequent Events verify on EDGAR →
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  FS Bancorp (FSBW) is acquiring Pacific West Bancorp for fixed consideration of $16.8M cash plus 430,176 FSBW shares, valued at ~$35.5M total as of July 10, 2026 (up from $34.8M at signing in February). Pacific West shareholders will receive a mix of cash and stock subject to proration.

  Risk Factors verify on EDGAR →
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  Pacific West's nonperforming loan ratio spiked from 0.33% at year-end 2024 to 2.92% as of March 31, 2026—a nearly 9x increase. Nonaccrual loans jumped from $840K to $8.0M during 2025, while allowance coverage of nonaccruals fell from 423% to 40%.

  Risk Factors verify on EDGAR →