1st Security Bank To Acquire Seven Former Columbia Bank Locations In Southern Washington And Oregon With ~$510M In Deposits And $76M In Loans

Author: Benzinga Newsdesk | November 07, 2022 01:02pm

FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington ("the Bank"), announced today that the Bank has entered into an agreement with Columbia Banking System, Inc. to purchase seven banking locations with approximately $510 million in deposits and $76 million in loans. The seven branch locations are in the communities of White Salmon and Goldendale, Washington, and Newport, Waldport, Ontario, Manzanita and Tillamook, Oregon.

The purchase is subject to receiving regulatory approvals and customary closing conditions. Under the agreement, the Bank will assume certain liabilities, including checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area. 1st Security Bank will be acquiring all seven retail locations, including their ATMs. Six branch properties are owned, and one branch property is leased with the Bank assuming the lease.

Both banks are working closely together to ensure a seamless transition for the customers and employees. 1st Security Bank plans to retain the employees and keep each of the locations open after the transaction is complete.

"We are excited to have the Klickitat, Lincoln, Malheur and Tillamook County employees and customers join the 1st Security Bank family," said Joe Adams, the Bank's CEO. "We believe this will be a great fit and is a natural extension of our Pacific Northwest focused retail footprint."

The transaction is scheduled to close in February 2023.

Posted In: FSBW