1st Security Bancorp was formed in 2008 to be the holding company for 1st Security Bank of Washington, which operates about a dozen branches in the Puget Sound region. The bank provides standard deposit products such as checking and savings accounts, CDs, and IRAs to area businesses and consumers. Its lending activities are focused on consumer loans (about half of its portfolio), including home improvement and automobile loans. The bank also writes business and construction loans, and commercial and residential mortgages. 1st Security Bancorp filed for an IPO in 2008 as the global credit meltdown was in its nascent stages; it has since shelved the offering.