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Branch Sale to 1st Security Bank


A Message from Clint Stein, President and CEO

As part of Columbia Bank’s merger with Umpqua Bank, the Department of Justice is requiring the divestiture of ten Columbia branches. A divestiture means that we must sell an existing branch location, along with associated deposits and loans, to another financial institution. The selection of these branches was not made by Columbia Bank or Umpqua Bank. The Department of Justice Antitrust Division closely reviews mergers between banks to ensure a market continues to provide competitive banking options after the merger is complete. After reviewing our overlapping footprint, they determined ten locations that should be divested to ensure appropriate competition in the market following the close of the merger. News of the divestiture requirement was disappointing because we value all of the communities and customers we serve. We are committed to supporting customers and employees of these locations as we work to comply with the DOJ’s requirement.

We have entered into an agreement to sell five Oregon branches located in Newport, Waldport, Manzanita, Tillamook and Ontario, and two Washington branches located in Goldendale and White Salmon, to 1st Security Bank. We anticipate the sale to be completed in February. Accounts and services will transition to those offered by 1st Security on the date of the sale. In the meantime, you should continue to bank as usual. Please continue using your Columbia Bank checks, cards and digital services as you always have. If you have a loan, please continue to make payments according to the terms of your agreement. We will provide detailed communication about the transition well in advance of any changes.

You will continue to enjoy working with the same talented bankers who know your family and your business. To assist you throughout and beyond the transition, employees who work in the seven branches will become employees of 1st Security Bank.

We are confident in 1st Security Bank’s commitment to their communities they serve. Both banks will work together to provide customers and employees with a smooth transition. If you have questions about the divestiture, please contact your branch or call us at 1-877-272-3678.

Sincerely,

Clint Stein
President and CEO


About 1st Security Bank

1st Security Bank of Washington, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-one branches, and mortgage services at each branch as well as lending offices in the greater Puget Sound area, Vancouver, and the Tri-Cities. FS Bancorp, Inc., a Washington corporation, (ticker: FSBW) is the holding company for the bank. The bank was rated the number one Community Bank nationally in Bank Director’s 2022 “Ranking Banking” study, as well as the #1 Leadership Team of all banks studied nationally. 1st Security has been the top bank in its category in the Puget Sound Business Journals “Washington’s Best Workplaces” from 2015-2022 and named one of American Banker’s "Best Banks to Work For" from 2017-2021.

For more information visit 1st Security Bank’s website at www.fsbwa.com.






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