FS Bancorp Amends Pacific West Merger Terms: $12.90 Cash or 0.2976 Shares, Sets August 13 Vote
FSBW sits 17% above its 52-week low of $36.66.
Summary
FS Bancorp's amended S-4 filing updates the Pacific West Bancorp merger terms, reflecting a higher per-share value of $12.90 in cash or 0.2976 FS Bancorp shares, and confirms three key regulatory approvals have been received, with the shareholder vote scheduled for August 13, 2026.
Key Events · M&A and Partnerships · FSBW
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Updated Merger Consideration
Based on FS Bancorp's 10-day VWAP of $43.34 as of July 10, 2026, each Pacific West share would convert to $12.90 in cash or 0.2976 FS Bancorp shares, up from $12.64 or 0.3032 shares at signing. Aggregate deal value is approximately $35.5 million.
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Regulatory Approvals Progress
The Oregon Division, Washington DFI, and FDIC have approved the bank merger. Only Federal Reserve Board approval remains, with the application submitted May 5, 2026.
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Shareholder Vote Scheduled
Pacific West's special meeting of shareholders to approve the merger is set for August 13, 2026, with a record date of July 9, 2026. Directors and officers holding 25.6% of shares have agreed to vote in favor.
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Deal Structure and Ownership
The merger consideration consists of $16.8 million in cash and 430,176 FS Bancorp shares. Pacific West shareholders would own approximately 5.8% of the combined company post-merger.
Analysis · FSBW · Finance
This amended S-4 delivers concrete pricing and regulatory milestones for the Pacific West acquisition. Based on FS Bancorp's recent stock price, Pacific West shareholders would receive $12.90 per share in cash or 0.2976 shares of FS Bancorp stock — a slight increase from the $12.64 at signing. Three of four required regulatory approvals are now in hand, with only the Federal Reserve Board remaining. The special shareholder meeting is set for August 13, 2026. The deal values Pacific West at approximately $35.5 million, a modest premium to its tangible book value, and would give Pacific West holders about 5.8% of the combined company. The merger is on track to close in Q3 2026, removing uncertainty for Pacific West shareholders.
At the time of this filing, FSBW was trading at $42.92 on NASDAQ in the Finance sector, with a market capitalization of approximately $318.2M. The 52-week trading range was $36.66 to $44.89. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.