FS Bancorp, Inc. Names Matt Mullet CEO
Rhea-AI Summary
FS Bancorp (NASDAQ: FSBW) appointed Matthew D. Mullet as CEO of the Company, effective June 1, 2026, as part of a previously announced succession plan. He remains President and CEO of 1st Security Bank and President of FS Bancorp, while former CEO Joe Adams continues as a director.
AI-generated analysis. Not financial advice.
Positive
- CEO transition effective June 1, 2026 follows an announced succession plan
- Matthew Mullet retains roles as President and CEO of 1st Security Bank
- Former CEO Joe Adams remains on the boards of the Company and Bank
- Mullet has served in leadership roles since at least 2011, including CFO
Negative
- None.
News Market Reaction – FSBW
On the day this news was published, FSBW gained 0.02%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
FSBW was down 2.05% while peers showed a mixed, mostly modest move: CBAN up 0.51%, BWFG roughly flat, PCB down 0.24%, BCML down 0.93%, CZFS down 0.80%. This points to a stock-specific reaction rather than a broad regional-bank move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 21 | Earnings & dividend | Positive | +0.0% | Reported Q1 2026 net income and maintained long dividend streak. |
| Feb 25 | Acquisition announcement | Positive | -0.3% | Announced Pacific West Bancorp merger with projected EPS accretion. |
| Feb 12 | Management recognition | Positive | +0.8% | Bank CEO Matthew Mullet joined SF Fed Seattle Branch board. |
| Jan 21 | Earnings & dividend | Positive | +0.5% | Reported Q4 2025 and full-year earnings with dividend increase. |
| Dec 23 | Management hire | Positive | -0.3% | Appointed new Senior VP, Director of Home Lending for growth focus. |
Positive financial and management news has usually seen modestly positive or flat reactions, with occasional divergences on M&A and management updates.
Over the last several months, FSBW has highlighted steady performance and strategic initiatives. Q4 2025 and Q1 2026 results showed net income of $8.4 million and $7.8 million, ongoing dividend growth, and rising book value. The announced Pacific West Bancorp merger, valued at about $34.6 million, would expand assets, loans and branches. Management and board-related news, including leadership appointments at 1st Security Bank and external board roles, underscore an active governance and succession focus, into which today’s CEO transition fits.
Market Pulse Summary
This announcement details the planned elevation of Matthew D. Mullet to CEO of FS Bancorp, Inc. effective June 1, 2026, following a succession plan first disclosed on August 15, 2025. The move keeps him in his existing roles at 1st Security Bank and the Company, emphasizing continuity after Joe Adams’s retirement on May 31, 2026. In context of recent earnings, dividends, and the pending Pacific West Bancorp merger, investors may watch how leadership continuity supports execution of these ongoing initiatives.
AI-generated analysis. Not financial advice.
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
