FS Bancorp appoints Matthew D. Mullet as CEO, effective June 1, 2026, following Joe Adams' retirement.
Quiver AI Summary
FS Bancorp, Inc., the parent company of 1st Security Bank of Washington, announced the appointment of Matthew D. Mullet as CEO, effective June 1, 2026, as part of a planned succession strategy. Mullet, who has previously served as President and CEO of 1st Security Bank and as the Company's President, will maintain these roles following the retirement of former CEO Joe Adams, who will continue as a director. Mullet's experience as the bank's Chief Financial Officer since 2011 is expected to contribute positively to the company's focus on customer and employee success. He expressed honor in his new role and commitment to fostering a strong workplace culture and continued financial success for the organization. 1st Security Bank operates numerous branches and provides a variety of financial services primarily to businesses and individuals in Washington and Oregon.
Potential Positives
- Matthew D. Mullet's appointment as CEO emphasizes continuity in leadership, as he has previously served as President and CEO of 1st Security Bank and as President of FS Bancorp.
- The succession plan was announced well in advance, reflecting a proactive approach to leadership transitions, which can instill confidence in stakeholders.
- Under Mr. Mullet's leadership, the company aims to continue its financial success and promote a positive workplace culture, which may enhance employee satisfaction and customer service.
Potential Negatives
- Transitioning to a new CEO may raise concerns about leadership continuity and consistency in the company's direction following Joe Adams' retirement.
- The timing of the CEO appointment could suggest instability or a lack of preparedness if the succession plan was announced only a few months prior to the change.
FAQ
Who is the new CEO of FS Bancorp, Inc.?
The new CEO of FS Bancorp, Inc. is Matthew D. Mullet, effective June 1, 2026.
What roles will Matthew D. Mullet continue to hold?
Matthew D. Mullet will continue as President and CEO of 1st Security Bank and President of FS Bancorp.
When did Joe Adams retire as CEO?
Joe Adams retired as CEO of FS Bancorp on May 31, 2026.
What is the focus of 1st Security Bank?
1st Security Bank primarily offers loan and deposit services to small and middle-market businesses and individuals in Washington and Oregon.
Where are 1st Security Bank's branches located?
The bank operates 28 branches in the greater Puget Sound area, Tri-Cities, and Vancouver, Washington.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$FSBW Revenue
$FSBW had revenues of $4.7M in Q1 2026. This is a decrease of -86.96% from the same period in the prior year.
You can track FSBW financials on Quiver Quantitative's FSBW stock page.
You can access data on FSBW stock through the Quiver Quantitative API.
$FSBW Hedge Fund Activity
We have seen 31 institutional investors add shares of $FSBW stock to their portfolio, and 44 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 677,410 shares (-66.1%) from their portfolio in Q4 2025, for an estimated $27,888,969
- CLEARSTEAD ADVISORS, LLC added 20,000 shares (+inf%) to their portfolio in Q1 2026, for an estimated $771,800
- TWO SIGMA INVESTMENTS, LP added 11,765 shares (+48.1%) to their portfolio in Q1 2026, for an estimated $454,011
- MORGAN STANLEY added 11,225 shares (+47.8%) to their portfolio in Q1 2026, for an estimated $433,172
- BARCLAYS PLC removed 8,919 shares (-31.8%) from their portfolio in Q1 2026, for an estimated $344,184
- VANGUARD GROUP INC added 8,461 shares (+2.1%) to their portfolio in Q4 2025, for an estimated $348,339
- GOLDMAN SACHS GROUP INC added 7,882 shares (+51.2%) to their portfolio in Q1 2026, for an estimated $304,166
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
Full Release
MOUNTLAKE TERRACE, Wash., June 01, 2026 (GLOBE NEWSWIRE) -- FS Bancorp, Inc. (the “Company”) (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank” or “Bank”), announced today that it has named Matthew D. Mullet CEO of the Company, effective June 1, 2026. This appointment is part of the CEO succession plan that was previously announced on August 15, 2025. Matt Mullet has served as President and CEO of 1st Security Bank and as President of the Company and will continue in those roles.
Joe Adams, who retired as CEO of the Company on May 31, 2026, will continue to serve as a director of the Company and the Bank. Under his leadership, there was an emphasis on reinforcing the Bank’s people first culture and developing the Company’s vision and purpose statements.
Matt Mullet served the bank as its Chief Financial Officer since 2011 before his current role. His experience and dedication to the Company’s customers and employees will continue in his new role.
Mr. Mullet said, “I am honored by this opportunity to support our teams across the organization, continue with our financial success, and contribute to the Company’s Vision to Build a Truly Great Place to Work and Bank.”
About 1st Security Bank of Washington
FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 28 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.
Note Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate", "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that 1st Security expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the Securities and Exchange Commission reports of FS Bancorp, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.
Contacts:
Matthew D. Mullet
President & CEO
(425) 771-5299
www.FSBWA.com
