1st Security Bank to Acquire Four Banking Locations on Olympic Peninsula

FS Bancorp, Inc.

, the holding company for 1st Security Bank of Washington, announced Tuesday, that 1st Security  Bank has entered into an agreement with Bank of America

to purchase four banking locations with approximately $268 million in deposits and less than $1 million in loans.  The four branch locations are in the communities of Port Angeles (8th Street), Sequim, Port Townsend and Hadlock, Washington. The purchase is subject to receiving regulatory approvals, and customary closing conditions. Under the agreement, 1st Security Bank will assume certain liabilities, including checking, savings, IRAs and CDs belonging to households and small business customers who live in the local area.  1st Security Bank will be acquiring all four retail locations, including their ATMs. Two branch properties are owned and two branch properties are leased with 1st Security Bank assuming the leases. Both banks are working closely together to ensure a seamless transition for the customers and employees.  1st Security Bank plans to retain the employees and keep each of the locations open after the transaction is complete. "We are excited to have the Jefferson and