FS Bancorp, Inc. Completes Merger With Anchor Bancorp
16 11월 2018 - 8:00PM
FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st
Security Bank of Washington (“1st Security”), announced today the
successful closing of the previously announced acquisition of
Anchor Bancorp ("Anchor") (NASDAQ: ANCB) and its Anchor Bank
subsidiary.
Under terms of the merger, FS Bancorp will pay aggregate
consideration to Anchor shareholders of 725,585 shares of FS
Bancorp common stock and $30.8 million in cash. For each share of
Anchor common stock, each Anchor shareholder will receive 0.2921
shares of FS Bancorp common stock and $12.40 in cash, and cash in
lieu of any fractional shares. The merger will extend 1st
Security’s footprint throughout Southwest Washington. With
the addition of the nine Anchor branches and one loan production
office, FS Bancorp will have 21 branch offices and nine loan
production offices.
“1st Security Bank is dedicated to offering the best banking
experience possible and we are excited to significantly expand our
customer base in Washington,” said Joseph C. Adams, Chief Executive
Officer of FS Bancorp. “We welcome the customers, employees and
shareholders of Anchor to the FS Bancorp family.”
Raymond James & Associates, Inc. served as financial advisor
to FS Bancorp and Keller Rohrback LLP served as its legal counsel.
Keefe, Bruyette, & Woods, A Stifel Company, acted as financial
advisor to Anchor, and Breyer & Associates PC and Silver,
Freedman, Taff and Tiernan, LLP served as its legal counsel.
About FS Bancorp, Inc.
FS Bancorp, Inc., a Washington corporation, is
the holding company for 1st Security Bank, which provides loan and
deposit services primarily to small and middle-market businesses
and individuals in Western Washington through its 21 bank branches
and eight loan production offices in various suburban communities
in Western Washington, and one loan production office in the market
area of the Tri-Cities, Washington. 1st Security services home
mortgage customers throughout Washington State with an emphasis in
Western Washington and Tri-Cities home lending markets.
Forward-Looking Statements
This press release contains forward-looking
statements regarding FS Bancorp, Anchor, the proposed merger and
the combined company after the close of the transaction that are
intended to be covered by the safe harbor for "forward-looking
statements" provided by the Private Securities Litigation Reform
Act of 1995. All statements other than statements of historical
fact are forward-looking statements. These statements involve
inherent risks, uncertainties and contingencies, many of which are
difficult to predict and are generally beyond the control of FS
Bancorp, Anchor and the combined company. We caution readers that a
number of important factors could cause actual results to differ
materially from those expressed in, or implied or projected by,
such forward-looking statements. In addition to factors previously
disclosed in reports filed by FS Bancorp and Anchor with the
Securities and Exchange Commission (the "SEC"), risks and
uncertainties for each institution and the combined institution
include, but are not limited to, the following factors: the
expected cost savings, synergies and other financial benefits from
the merger might not be realized within the expected time frames or
at all; the integration of the combined company, including
personnel changes/retention, might not proceed as planned; and the
combined company might not perform as well as expected. All
forward-looking statements included in this communication are based
on information available at the time of the communication. FS
Bancorp undertakes no obligation to revise or publicly release any
revision or update to these forward-looking statements to reflect
new information, future events or circumstances or otherwise that
occur after the date on which such statements were made.
Annualized, pro forma, projected and estimated numbers are used for
illustrative purposes only, are not forecasts and may not reflect
actual results.
Investor Contacts
FS Bancorp, Inc.:Phone: (425) 771-5299
Joseph C. Adams, Chief Executive OfficerMatthew
D. Mullet, Chief Financial Officer and Chief Operating Officer
Anchor Bancorp (delisted) (NASDAQ:ANCB)
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Anchor Bancorp (delisted) (NASDAQ:ANCB)
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