FS Bancorp Names Matthew Mullet as New CEO of 1st Security Bank

FS Bancorp has named Matthew Mullet as the new CEO of 1st Security Bank, effective February 2024. Mullet has extensive experience in the banking industry and has held various positions, including President at Jefferson Investment Holdings and Managing Director at Fortress Investment Group. FS Bancorp is a holding company for 1st Security Bank, which provides loan and deposit services to customers in Washington and Oregon. The bank has two segments: commercial and consumer banking and home lending.

FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington, has announced a significant leadership change. Matthew D. Mullet has been named President and CEO of 1st Security Bank, effective September 1, 2025. This appointment follows the retirement of long-time CEO Joseph C. Adams, who will step down as CEO of the bank but continue as CEO of FS Bancorp until May 2026 [1].

Mullet, who has been serving as President of 1st Security Bank and FS Bancorp since July 2024, brings extensive experience to the role. He began his banking career in June 2000 as a financial examiner with the Washington State Department of Financial Institutions and has held various executive positions, including Chief Financial Officer at Golf Savings Bank and Sterling Savings Bank [1]. His background includes home lending credit, liquidity management, risk management, and strategic planning, making him well-suited to lead 1st Security Bank.

Adams, who has been CEO of the Bank since 2004, will continue to serve as CEO of FS Bancorp until May 2026. He has been instrumental in driving the growth and mission preservation of the company over the past 22 years. The succession plan was carefully planned by the Board of Directors, who expressed confidence in Mullet's leadership skills and knowledge of the Bank's operations [1].

FS Bancorp operates through 27 bank branches, one headquarters office, and loan production offices in various suburban communities in Washington and Oregon. The Bank services home mortgage customers across the Northwest, focusing on markets in Washington State, including the Puget Sound, Tri-Cities, and Vancouver [1]. The company's two segments are Commercial and Consumer Banking and Home Lending.

The announcement comes as FS Bancorp has been upgrading its buyback program and has seen its stock target raised by various analysts, reflecting a positive outlook on the company's future performance [2, 3].

References:
[1] https://www.morningstar.com/news/globe-newswire/9513314/fs-bancorp-inc-announces-ceo-succession-plan
[2] https://www.marketwatch.com/story/fs-bancorp-ceo-joseph-adams-to-retire-139b8906
[3] https://www.marketwatch.com/investing/stock/fsbw