Mountainlake Terrace, Wash.-based FS Bancorp is acquiring West Linn, Ore.-based Pacific West Bancorp in a $34.6 million, stock-and-cash deal. .The deal is expected to close in the third quarter. The combined bank is expected to have $3.6 billion in assets, $3 billion in loans, $3 billion in deposits and 31 branches in the Pacific Northwest. FS Bancorp is the holding company for 1st Security Bank of Washington, which has $3.1 billion in assets, $2.6 billion in net loans and $2.6 billion in deposits. Pacific West Bancorp is the holding company for Pacific West Bank, which has four branches in Portland, Lake Oswego and West Linn, Ore.; and Vancouver, Wash. As of Jan. 29, Pacific West had $386 million in assets, $342 million in deposits and $273 million in net loans and leases. “This merger provides Pacific West with access to broader capital resources, enhanced technology and a wider suite of products and services that will benefit our customers, employees and the communities we serve,” said Jason Wessling, Pacific West president and CEO. Great Falls, Mont.-based D.A. Davidson & Co. is financial adviser to FS Bancorp, while McLean, Va.-based Breyer & Associates PC is legal counsel. St. Petersburg, Fla.-based Raymond James & Associates is financial adviser to Pacific West, and Buchalter APC, San Diego, is legal counsel.
