FS Bancorp to acquire Pacific West Bancorp for $34.6M in stock/cash

FS Bancorp, Inc.

Consideration: 430,176 FS Bancorp shares + $16.8M cash; valued at $12.52 per Pacific West share.
Deal expected to be immediately accretive to EPS; 7.4% accretion projected for 2027.
TBV dilution at close of 2.2% with estimated earnback period of 2.4 years.
Pro forma combined company would have $3.6B in assets, $3.0B loans, $3.0B deposits, 31 branches.
Boards unanimously approved; closing expected Q3 2026 subject to regulatory and shareholder approvals.

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