Matthew Mullet becomes FS Bancorp (NASDAQ: FSBW) CEO in planned transition
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
FS Bancorp, Inc. has completed a planned leadership transition by naming Matthew D. Mullet as Chief Executive Officer of the Company, effective June 1, 2026. This move follows a CEO succession plan first announced on August 15, 2025.
Mullet already serves as President and CEO of 1st Security Bank of Washington and as President of FS Bancorp; he will continue in those roles along with his new CEO position. He previously served as the Bank’s Chief Financial Officer since 2011.
Former CEO Joe Adams retired from the CEO role on May 31, 2026 and will remain on the boards of both the Company and the Bank. The filing also reiterates the Bank’s focus on serving small- and middle-market customers across Washington and Oregon through a network of branches and loan production offices.
Positive
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Insights
Planned CEO succession consolidates leadership roles but keeps board continuity.
FS Bancorp elevated Matthew D. Mullet to Company CEO effective June 1, 2026, as part of a succession plan announced in August 2025. He retains his positions as President and CEO of 1st Security Bank and President of the Company.
This suggests an emphasis on continuity, since Mullet has been with the organization as CFO since 2011 before his current roles. Joe Adams’ retirement as CEO on May 31, 2026 is softened by his continued service as a director at both entities, preserving institutional knowledge.
For a regional bank operating 28 branches and additional offices across Washington and Oregon, stable leadership and a previously disclosed transition plan point to an orderly handover rather than a reactive change. Subsequent filings may provide more detail on any strategic shifts under Mullet’s leadership.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
CEO effective date: June 1, 2026
CEO retirement date: May 31, 2026
Succession plan announcement date: August 15, 2025
+2 more
5 metrics
CEO effective date
June 1, 2026
Matthew D. Mullet named CEO of FS Bancorp effective this date
CEO retirement date
May 31, 2026
Joe Adams retired as CEO of FS Bancorp on this date
Succession plan announcement date
August 15, 2025
Date the CEO succession plan was previously announced
Branch network size
28 branches
Number of 1st Security Bank branches in Washington and Oregon
CFO tenure start
2011
Year Matthew D. Mullet began serving as Chief Financial Officer
Key Terms
CEO succession plan, forward-looking statements, Private Securities Litigation Reform Act of 1995, Annual Report on Form 10-K, +1 more
5 terms
CEO succession plan financial
"This appointment is part of the CEO succession plan that was previously announced on August 15, 2025."
forward-looking statements regulatory
"This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Private Securities Litigation Reform Act of 1995 regulatory
"This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995,"
Annual Report on Form 10-K regulatory
"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,"
An annual report on Form 10‑K is a required, comprehensive filing that publicly traded companies give to regulators and investors summarizing their business, results of operations, detailed financial statements reviewed by independent auditors, material risks, legal issues and management’s discussion of performance. Investors use it like a company’s year‑end report card and medical checkup: it reveals how the business made money, where it is vulnerable, and the facts needed to compare value, judge risk and make informed investment decisions.
loan production offices financial
"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."
Loan production offices are small branches that focus on finding, interviewing and processing loan applications but typically do not take deposits or offer full banking services; think of them as a lender’s storefront that generates loan business without a full back-office bank branch. Investors watch them because they signal a bank’s strategy to grow lending in new areas with lower upfront cost, which can boost revenue but may raise oversight, credit quality and regulatory risks.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 1, 2026
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code: (425 ) 771-5299
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions.
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On June 1, 2026, FS Bancorp, Inc. (“Company”) (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security Bank” or “Bank”) announced
that it has named Matthew D. Mullet as Chief Executive Officer 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 also 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.
For further information reference is made to the press release dated June 1, 2026, which is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press Release of FS Bancorp, Inc. dated June 1, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Date: June 1, 2026
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FS BANCORP, INC.
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Erin Burr
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Chief Risk Officer and CRA Officer, EVP
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Exhibit 99.1
FS Bancorp, Inc. Names Matt Mullet CEO
Mountlake Terrace, WA, June 1, 2026 – 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
FAQ
What leadership change did FS Bancorp (FSBW) announce on June 1, 2026?
FS Bancorp named Matthew D. Mullet as Chief Executive Officer of the Company, effective June 1, 2026. This step completes a previously announced CEO succession plan and keeps Mullet in his existing roles as President of FS Bancorp and President and CEO of 1st Security Bank.
Was the FS Bancorp (FSBW) CEO transition a planned succession?
Yes. The appointment of Matthew D. Mullet as CEO is part of a CEO succession plan first announced on August 15, 2025. The filing frames his promotion as an orderly, pre-planned transition rather than an unexpected management change at the holding company.
What roles will Matthew D. Mullet hold at FS Bancorp (FSBW) and 1st Security Bank?
Matthew D. Mullet will serve as CEO of FS Bancorp while continuing as President of the Company and as President and CEO of 1st Security Bank. This consolidates leadership across the holding company and bank, maintaining continuity in day-to-day and strategic management.
What is Joe Adams’ role at FS Bancorp (FSBW) after retiring as CEO?
Joe Adams retired as CEO of FS Bancorp on May 31, 2026 but will remain a director of both the Company and 1st Security Bank. His continuing board service preserves institutional experience and involvement in governance despite the change in executive leadership.
What markets does FS Bancorp (FSBW) and 1st Security Bank primarily serve?
FS Bancorp’s 1st Security Bank focuses on loan and deposit services for small- and middle-market businesses and individuals in Washington and Oregon. It operates 28 branches, a headquarters office, and loan production offices in the Puget Sound, Tri-Cities, Vancouver and other Northwest markets.
What experience does Matthew D. Mullet bring to his new CEO role at FS Bancorp (FSBW)?
Matthew D. Mullet previously served as Chief Financial Officer of 1st Security Bank since 2011 and later became President and CEO of the Bank and President of FS Bancorp. The company highlights his long tenure and commitment to customers, employees, and its people-first culture.