FS Bancorp Mails Definitive Proxy for Pacific West Merger; Deal Value Rises to $35.5M
FSBW sits 19% above its 52-week low of $36.66.
Summary
FS Bancorp's definitive proxy for the Pacific West Bancorp acquisition sets an August 13 shareholder vote. The deal value has risen to $35.5 million ($12.90/share) on FS Bancorp's stock appreciation, with most regulatory approvals secured.
Key Events · M&A and Partnerships · FSBW
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Deal Value Increases to $35.5M
Based on FS Bancorp's 10-day VWAP of $43.34 as of July 10, 2026, the aggregate merger consideration is now valued at $35.5 million, or $12.90 per Pacific West share, up from $34.8 million at signing.
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Shareholder Vote Set for August 13
Pacific West shareholders of record as of July 9, 2026 will vote on the merger at a special meeting on August 13, 2026. The board unanimously recommends approval.
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Regulatory Approvals Advancing
The Oregon Division, Washington DFI, and FDIC have approved the bank merger. Only Federal Reserve Board approval remains pending, with closing expected in Q3 2026.
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Pacific West Q1 2026 Financials Disclosed
Pacific West reported Q1 2026 net income of $155k, total assets of $403.4 million, and deposits of $359.8 million. Nonperforming assets were 1.95% of total assets.
Analysis · FSBW · Finance
The definitive proxy statement for the Pacific West Bancorp acquisition has been mailed, scheduling a shareholder vote for August 13, 2026. Reflecting FS Bancorp's 10-day VWAP of $43.34 as of July 10, 2026, the deal's value has climbed to $35.5 million, or $12.90 per Pacific West share—up from $34.8 million at signing. Three of the four required regulatory approvals are secured, leaving only the Federal Reserve Board's consent outstanding. The filing also reveals Pacific West's Q1 2026 financials and details change-in-control payments to insiders, including a $560k payment to the CEO. The merger remains on track to close in Q3 2026, creating a combined bank with over $3.6 billion in assets.
At the time of this filing, FSBW was trading at $43.47 on NASDAQ in the Finance sector, with a market capitalization of approximately $322.3M. The 52-week trading range was $36.66 to $44.89. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.