FS Bancorp in Mountlake Terrace, Wash., has agreed to buy four branches in Washington from Bank of America in Charlotte, N.C.
FS Bancorp said in a press release Wednesday that the branches are in the communities of Port Angeles, Sequim, Port Townsend and Hadlock. FS Bancorp will also buy about $268 million in deposits and less than $1 million in loans. Financial terms for the transaction, which is expected to close in January, were not disclosed
FS Bancorp said it plans to keep the employees after the transaction is complete.
"We are excited to have the Jefferson and Clallam County employees and customers join the 1st Security family," Joe Adams, FS Bancorp's chief executive, said in the release. "We believe this will be a great fit and is a natural extension of our Puget Sound focused retail footprint."
