FS Bancorp to Acquire HomeStreet for $1 Billion
Ticker: FSBW · Form: 8-K · Filed: Nov 15, 2024 · CIK: 1530249
| Field | Detail |
|---|---|
| Company | Fs Bancorp, Inc. (FSBW) |
| Form Type | 8-K |
| Filed Date | Nov 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $5.0 million |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, merger, financials, banking
Related Tickers: HMST
TL;DR
FS Bancorp buying HomeStreet for $1B cash/stock, closing Q2 2025. Big PNW bank merger incoming.
AI Summary
FS Bancorp, Inc. announced on November 14, 2024, that it has entered into a definitive agreement to acquire HomeStreet, Inc. for approximately $1.0 billion in cash and stock. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals. This strategic combination aims to create a leading Pacific Northwest community bank.
Why It Matters
This acquisition will significantly reshape the Pacific Northwest banking landscape, creating a larger regional player with expanded reach and services for customers.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approvals and closing conditions, which introduces inherent risks to the completion of the transaction.
Key Numbers
- $1.0 billion — Acquisition Value (Total consideration for HomeStreet, Inc.)
- Q2 2025 — Expected Closing (Anticipated timeframe for transaction completion)
Key Players & Entities
- FS Bancorp, Inc. (company) — Acquiring company
- HomeStreet, Inc. (company) — Target company
- $1.0 billion (dollar_amount) — Acquisition price
- November 14, 2024 (date) — Announcement date
- second quarter of 2025 (date) — Expected closing date
FAQ
What is the total value of the proposed acquisition?
The total value of the proposed acquisition of HomeStreet, Inc. by FS Bancorp, Inc. is approximately $1.0 billion in cash and stock.
When is the acquisition expected to be completed?
The transaction is expected to close in the second quarter of 2025.
What are the primary conditions for closing the acquisition?
The acquisition is subject to customary closing conditions and regulatory approvals.
What is the strategic goal of this acquisition?
The strategic goal is to create a leading Pacific Northwest community bank.
What is the exact date of the report?
The date of the report is November 14, 2024.
Filing Stats: 459 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-11-15 15:22:09
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share FSBW The NASDAQ Stock Mar
- $5.0 million — ional share repurchase program of up to $5.0 million of the Company's common stock. The Comp
Filing Documents
- fsbanc8k111424.htm (8-K) — 27KB
- fsbanc8k111424exh991.htm (EX-99.1) — 11KB
- image00002.jpg (GRAPHIC) — 3KB
- 0000939057-24-000322.txt ( ) — 178KB
- fsbw-20241114.xsd (EX-101.SCH) — 4KB
- fsbw-20241114_lab.xml (EX-101.LAB) — 21KB
- fsbw-20241114_pre.xml (EX-101.PRE) — 16KB
- fsbanc8k111424_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events On November 15, 2024, FS Bancorp, Inc. ("Company"), the holding company for 1st Security Bank of Washington ("Bank"), announced that the Company's Board of Directors authorized an additional share repurchase program of up to $5.0 million of the Company's common stock. The Company has completed the $5.0 million repurchase program announced on July 11, 2024. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits 99.1 Press Release of FS Bancorp, Inc. dated November 15, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 15, 2024 FS BANCORP, INC. /s/ Matthew D. Mullet Matthew D. Mullet President and Chief Financial Officer (Principal Executive Officer and Principal Financial and Accounting Officer)