MOUNTLAKE TERRACE, Wash. (November 16, 2018) 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 Securitys 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 …

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Source: US SEC
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