FS Bancorp, the parent company of 1st Security Bank of Washington, and Anchor Bancorp, the parent company of Anchor Bank, which has roots dating back to Aberdeen in 1907, on Wednesday jointly announced that regulatory approval was received from the Washington Department of Financial Institutions and the Federal Deposit Insurance Corp. for the proposed merger of Anchor with and into FS Bancorp as well as the merger of Anchor Bank into 1st Security Bank.

Anchor got its start as the Aberdeen Federal Savings & Loan Association in 1907. It became Anchor Mutual Savings Bank in 1990 and Anchor Bank in 2011.

The completion of the merger is subject to approval from Anchor shareholders and the satisfaction of other customary closing conditions. Anchor’s special meeting of shareholders is scheduled for Nov. 13, and a proxy statement/prospectus will be mailed to shareholders on or about Oct. 4.

“Each meeting we have with Anchor employees further validates the strong cultural fit we anticipated with the merger announcement on July 17, 2018, and we look forward to growing in the communities served by Anchor and FS Bancorp,” stated Joe Adams, Chief Executive Officer of FS Bancorp.

Jerry Shaw, Chief Executive Officer of Anchor, said, “We are pleased to move forward toward completion of the merger with FS Bancorp. Our partnership will benefit our shareholders, customers and the communities we serve.”

FS Bancorp, Inc. is the holding company for 1st Security Bank of Washington. 1st Security Bank provides loan and deposit services to predominantly small and middle-market businesses and individuals in Western Washington and the Tri-Cities

Anchor Bancorp, formerly headquartered in Aberdeen, is now based in Lacey. It has nine full-service banking offices within Grays Harbor, Thurston, Lewis, and Pierce counties, and one loan production office located in King County.