Mountlake Terrace bank completes $32M IPO

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Our online news partner The Seattle Times reports that FS Bancorp, the newly-formed parent company of 1st Security Bank of Washington in Mountlake Terrace, has completed a long-awaited initial public offering, a sign of investor confidence in the region’s community banks.

FS Bancorp said its stock began trading Tuesday at $10 a share on the Nasdaq Capital Market under the symbol “FSBW”. The IPO raised $32.4 million, the maximum amount possible in the offering, the company said.

According to the Times story, the former mutual savings bank first registered its IPO in September 2008, but the implosion of Washington Mutual and the worst series of bank failures since the S&L crisis of the 1980s torpedoed 1st Security’s chances. The IPO was part of the conversion from a mutual structure to a stock holding company.

You can read the complete story here.

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