EDITOR’S NOTE: Tillamook County will notice some changes as the two Columbia Bank branches in Manzanita and Tillamook are now 1st Security Bank branches. The Umpqua Bank/Tillamook Branch has merged with Columbia Bank (see https://www.tillamookcountypioneer.net/columbia-banking-system-and-umpqua-holdings-corporation-complete-merger/ . Account holders at the banks have been notified about the changes, and if they are having problems with news debit/credit cards, online banking, etc. should contact their bank branch for assistance.
(MOUNTLAKE TERRACE, Wash., Feb. 27, 2023) — FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank”), announced today, February 27, 2023, that 1st Security Bank has completed the previously announced purchase and assumption of seven branch locations, two in Washington and five in Oregon, from Columbia State Bank, a subsidiary of Columbia Banking System, Inc. In connection with the purchase, 1st Security Bank assumed approximately $431 million in deposit liabilities and acquired approximately $67 million in loans.
“We are excited to welcome our new customers, employees and communities to 1st Security Bank,” said Joe Adams, Chief Executive Officer of FS Bancorp, Inc. and 1st Security Bank. “The completion of this transaction serves to expand our retail footprint into Oregon and further expands our Washington operations, while providing us with a great opportunity to extend our unique brand of community banking into those communities.”
FS Bancorp was advised by Raymond James & Associates, Inc., and Breyer & Associates PC served as legal counsel in connection with the transaction.
About 1st Security Bank
1st Security Bank, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area, Vancouver, and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, (NASDAQ: FSBW) is the holding company for the Bank. The Bank was rated the number one Community Bank nationally in Bank Director’s 2022 “Ranking Banking” study, as well as the #1 Leadership Team of all banks studied nationally. 1st Security Bank is the top bank in its category in the Puget Sound Business Journals “Washington’s Best Workplaces” from 2015-2022 and named one of American Banker’s “Best Banks to Work For” from 2017-2021. For more information visit 1st Security Bank’s website at www.fsbwa.com.