1st Security Bancorp, Inc. · Mountlake Terrace, WA United States ·(NASDAQ (GM): FSBW)
Company Description
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This link will open in a new window 1st Security Bancorp's first priority is to be the best bank holding company it can be. Following its 2008 IPO, it will wholly own 1st Security Bank of Washington, which is converting from a mutual savings to a stock savings bank. The state-chartered bank operates about a dozen branches across the state of Washington, with an emphasis on consumer loans for home improvement (accounting for 60%) and automobiles (about 25%). It is also expanding its focus on commercial business, real estate, and construction and development lending. Its loans are originated both directly and through third parties. Proceeds from the IPO may be used to fund new loans, purchase securities, and help scale up the bank's operations. To read the full description, subscribe now.
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Key 1st Security Bancorp, Inc. Financials
| Company Type | - NASDAQ (GM): FSBW |
| 2007 Sales (mil.) | $21.0 |
| 2007 Employees | 125 |
1st Security Bancorp, Inc. Executives
12 executives listed for 1st Security Bancorp, Inc.'s Mountlake Terrace, WA location.
| Title | Name & Bio | Contact |
| Chairman | Ted Leech | Network |
| Vice Chairman | Robert D¿Amicol | Network |
| CEO and Director, 1st Security Bancorp and 1st Security Bank | Joseph Adams | Network |
Competition
Competitive Landscape for 1st Security Bancorp, Inc.
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top 1st Security Bancorp, Inc. Competitors
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