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FS Bancorp, Inc. (FSBW): Marketing Mix [Jan-2025 Updated] |
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FS Bancorp, Inc. (FSBW) Bundle
Dive into the strategic world of FS Bancorp, Inc. (FSBW), a dynamic community bank that's redefining financial services in Washington State. From personalized banking solutions to innovative digital platforms, this local financial powerhouse delivers a comprehensive marketing approach that seamlessly blends traditional community banking with modern financial technology. Discover how FSBW crafts its unique value proposition through carefully designed product offerings, strategic geographical positioning, targeted promotional strategies, and competitive pricing that sets them apart in the competitive banking landscape.
FS Bancorp, Inc. (FSBW) - Marketing Mix: Product
Full-Service Community Bank Product Portfolio
FS Bancorp provides comprehensive banking solutions through its subsidiary First Sound Bank, serving customers in Washington state.
Deposit Products
| Product Type | Key Features | Minimum Balance |
|---|---|---|
| Checking Accounts | Personal and Business Checking | $100 |
| Savings Accounts | Traditional and High-Yield Options | $250 |
| Money Market Accounts | Interest-Bearing | $5,000 |
Lending Services
- Commercial Real Estate Loans
- Small Business Loans
- Construction Loans
- Commercial Lines of Credit
- SBA Lending Programs
Digital Banking Platforms
Online Banking Features:
- Mobile Check Deposit
- Bill Pay Services
- Account Transfers
- eStatements
Investment Services
| Service Category | Offerings |
|---|---|
| Wealth Management | Personalized Investment Strategies |
| Retirement Planning | IRA and 401(k) Consulting |
| Investment Advisory | Portfolio Management |
Financial Performance Metrics
Total Assets (Q4 2023): $1.68 billion
Total Loans: $1.36 billion
Total Deposits: $1.49 billion
FS Bancorp, Inc. (FSBW) - Marketing Mix: Place
Geographic Presence
Headquartered in Mountlake Terrace, Washington, FS Bancorp maintains a focused regional banking presence.
Branch Network
| County | Number of Branches |
|---|---|
| King County | 8 |
| Snohomish County | 5 |
| Pierce County | 3 |
Distribution Channels
- 16 total physical branch locations
- Online banking platform
- Mobile banking application
- ATM network
Digital Banking Infrastructure
| Digital Service | Availability |
|---|---|
| Online Banking | 24/7 |
| Mobile App Downloads | 45,000+ |
| Digital Transaction Volume | 72% of total transactions |
Service Area Demographics
Serving primarily Puget Sound region with concentration in metropolitan Seattle area.
Physical Infrastructure Details
- Total branch square footage: 42,000 sq ft
- Average branch size: 2,625 sq ft
- Operating hours: Monday-Friday, 9am-5pm
FS Bancorp, Inc. (FSBW) - Marketing Mix: Promotion
Community-focused Marketing Strategies
FS Bancorp reported $2.68 billion in total assets as of Q3 2023, with a local market focus in Washington State.
| Marketing Channel | Annual Investment | Target Audience |
|---|---|---|
| Local Community Events | $275,000 | Regional Small Businesses |
| Community Sponsorships | $125,000 | Local Non-Profits |
Digital Advertising Targeting Local Businesses and Individuals
Digital marketing budget allocated: $450,000 in 2023.
- Google Ads spending: $185,000
- Social Media Advertising: $135,000
- Targeted Online Campaigns: $130,000
Relationship-based Customer Acquisition Approach
Customer acquisition cost: $342 per new business banking client in 2023.
| Acquisition Strategy | Conversion Rate | Annual Cost |
|---|---|---|
| Referral Programs | 4.2% | $215,000 |
| Business Networking | 3.7% | $175,000 |
Social Media Presence
Social media engagement metrics for 2023:
- LinkedIn Followers: 3,750
- Twitter Followers: 2,100
- Facebook Followers: 5,400
Targeted Marketing Campaigns for Small to Medium-sized Businesses
SMB marketing investment: $620,000 in 2023.
| Campaign Type | Reach | Conversion Rate |
|---|---|---|
| Email Marketing | 8,500 businesses | 2.9% |
| Webinar Series | 1,200 attendees | 3.5% |
FS Bancorp, Inc. (FSBW) - Marketing Mix: Price
Competitive Interest Rates on Deposit and Lending Products
As of Q4 2023, FS Bancorp's deposit rates for savings accounts ranged from 0.50% to 4.25% APY, depending on account balance and type. Mortgage lending rates for 30-year fixed loans were averaging between 6.75% to 7.25%.
| Account Type | Minimum Balance | Interest Rate |
|---|---|---|
| Basic Savings | $0-$4,999 | 0.50% APY |
| Premium Savings | $5,000-$24,999 | 2.75% APY |
| High Yield Savings | $25,000+ | 4.25% APY |
Transparent Fee Structure for Banking Services
FS Bancorp maintains a transparent fee schedule with the following key charges:
- Monthly Checking Account Maintenance: $12 (waived with minimum balance of $1,500)
- Overdraft Fee: $35 per transaction
- ATM Withdrawal Fee: $3 for out-of-network transactions
- Wire Transfer Fee: $25 domestic, $45 international
Tiered Pricing for Different Account Types and Customer Segments
The bank offers differentiated pricing based on customer segments:
| Customer Segment | Account Features | Special Pricing |
|---|---|---|
| Student | No monthly fees, free online banking | $0 maintenance cost |
| Senior | Reduced transaction fees | 50% off standard fees |
| Business | Customized commercial banking | Negotiated rates |
Competitive Rates Aligned with Regional Banking Market
In the Puget Sound region, FS Bancorp's rates were competitive within 0.25-0.50% of regional banking peers as of December 2023.
Value-Based Pricing Strategy
FS Bancorp's pricing reflects service quality and relationship banking, with relationship-based discounts offering up to 0.25% rate reductions for long-term customers with multiple product engagements.
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