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FSBW

FS Bancorp

$61.64

-1.86 (-2.93%)

, ANCB

Anchor Bancorp

$28.50

0.3 (1.06%)

20:09
07/17/18
07/17
20:09
07/17/18
20:09

FS Bancorp to merge with Anchor Bancorp in $77M deal

FS Bancorp (FSBW) and Anchor Bancorp (ANCB) announced the signing of a definitive merger agreement and plan of merger whereby FS Bancorp will acquire Anchor in a stock and cash transaction valued at approximately $77M. As of March 31, 2018, on a pro forma consolidated basis, the combined company would have approximately $1.5B in assets, $1.2 billion in deposits, 22 branch offices throughout western Washington, and eight loan production offices in Washington State. Anchor, headquartered in Lacey, Washington, is the parent company of Anchor Bank, with approximately $480M in assets as of March 31, 2018, primarily serving Western Washington through nine full-service banking offices within Grays Harbor, Thurston, Lewis, and Pierce counties, and one loan production office located in King County. Under terms of the Agreement, each share of Anchor common stock will receive fixed consideration consisting of 0.2921 shares of FS Bancorp common stock and $12.40 per share in cash. FS Bancorp will pay aggregate consideration of 725,585 shares of FS Bancorp common stock and $30.8Min cash. Based on the 10-day volume weighted average closing price of FS Bancorp common stock of $63.68 on July 13, 2018, the consideration value for Anchor was $77.0M, or approximately $31.00 per share. Giving effect to the merger, Anchor shareholders would hold, in aggregate, approximately 16% of FS Bancorp's outstanding common stock following the merger based on March 31, 2018 reported data. FS Bancorp expects the merger to be immediately accretive to tangible book value per share at closing and accretive to earnings per share estimates for 2019, excluding one-time transaction costs. Earnings per share accretion estimates are based off of consensus street estimates and assume costs savings of approximately 35% of Anchor's non-interest expense, with 50% of the cost savings phased-in during 2019 and 100% phased-in thereafter.

FSBW

FS Bancorp

$61.64

-1.86 (-2.93%)

ANCB

Anchor Bancorp

$28.50

0.3 (1.06%)

FSBW FS Bancorp
$61.64

-1.86 (-2.93%)

09/12/17
DADA
09/12/17
INITIATION
DADA
Neutral
FS Bancorp initiated with a Neutral at DA Davidson
DA Davidson analyst Jeff Rulis started coverage of FS Bancorp with a $52 price target and a Neutral rating. The analyst calls the bank "a highly profitable franchise," and he says its loan growth is "robust." but he thinks that "rising provision expense, declining mortgage revenue and NIM compression" will cause its profits to decline in upcoming quarters.
ANCB Anchor Bancorp
$28.50

0.3 (1.06%)

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