FS Bancorp (NASDAQ: FSBW) promotes Matthew Mullet to 1st Security Bank CEO

Rhea-AI Filing Summary

FS Bancorp, Inc., the holding company for 1st Security Bank of Washington, is implementing a planned leadership transition at its bank subsidiary. The company has named Matthew D. Mullet as President and Chief Executive Officer of 1st Security Bank effective September 1, 2025.

Mullet has been President of both the bank and the company since July 2024 and previously served as Chief Financial Officer of both entities since September 2011, providing long-term continuity. Joseph C. Adams, Chief Executive Officer of the bank since 2004, will retire from that bank role on September 1, 2025 but will remain Chief Executive Officer of FS Bancorp, Inc. until May 2026.

The company states there are no family relationships between Mullet and any director or other executive officer, and that he has not taken part in any related party transactions with the company or the bank that would require disclosure under Securities and Exchange Commission rules.

Insights

Banking governance analyst

FS Bancorp outlines an internal, staged CEO transition to its bank subsidiary.

FS Bancorp, Inc. is elevating long-time executive Matthew D. Mullet to President and Chief Executive Officer of 1st Security Bank effective September 1, 2025. He has served as President since July 2024 and previously was Chief Financial Officer since September 2011, signaling substantial institutional knowledge.

Outgoing bank CEO Joseph C. Adams, in the role since 2004, will retire from the bank but stay on as Chief Executive Officer of the holding company until May 2026. This overlapping period can support continuity at the group level while the new bank CEO settles into the role.

The company notes that Mullet has no family relationships with directors or other executive officers and no related party transactions requiring disclosure under Securities and Exchange Commission rules. Overall, this appears to be a planned, internally sourced succession rather than a disruptive leadership change.

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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): August 15, 2025

FS Bancorp, Inc

(Exact name of registrant as specified in its charter)

Washington	001-35589	45-4585178
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

6920 220th Street SW Mountlake Terrace, Washington	98043
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (425) 771-5299

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.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		FSBW		NASDAQ

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 August 15, 2025, 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 President and Chief Executive Officer of Bank effective September 1, 2025.  Mr. Mullet has served as President of the Bank and the Company since July 2024 and previously served as the Chief Financial Officer of both the Company and the Bank, a position that he held since September 2011.

Joseph C. Adams, who has served as Chief Executive Officer of the Bank since 2004, will be retiring from that position, effective September 1, 2025 and will remain Chief Executive Officer of the Company until May 2026.

For further information concerning Mr. Mullet’s background, reference is made to the press release dated August 15, 2025, which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

There are no family relationships between Mr. Mullet and any director or other executive officer of the Company. Mr. Mullet has not engaged in any transaction with the Company or the Bank that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission.

Item 9.01  Financial Statements and Exhibits.

(d)   Exhibits

Exhibit No.		Description
99.1		Press Release of FS Bancorp, Inc. dated August 15, 2025.
104		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.

Date: August 15, 2025	FS BANCORP, INC.
	/s/ Joseph C. Adams
	Joseph C. Adams
	Chief Executive Officer

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FAQ

What leadership change did FS Bancorp, Inc. (FSBW) announce at 1st Security Bank?

FS Bancorp announced that Matthew D. Mullet will become President and Chief Executive Officer of 1st Security Bank effective September 1, 2025. He has already been serving as President of both the bank and the company since July 2024, after long tenure as Chief Financial Officer.

What is Joseph C. Adams’s role after the FS Bancorp (FSBW) bank CEO transition?

Joseph C. Adams will retire as Chief Executive Officer of 1st Security Bank effective September 1, 2025. He will continue as Chief Executive Officer of FS Bancorp, Inc. until May 2026, providing leadership continuity at the holding company level during the transition.

What experience does Matthew D. Mullet bring to his new CEO role at 1st Security Bank?

Matthew D. Mullet has been President of both FS Bancorp and 1st Security Bank since July 2024. Before that, he served as Chief Financial Officer of both entities since September 2011, giving him extensive financial and operational experience within the organization.

Are there any disclosed related party concerns involving Matthew D. Mullet at FS Bancorp (FSBW)?

FS Bancorp states there are no family relationships between Matthew D. Mullet and any director or other executive officer. It also notes he has not engaged in transactions with the company or bank that require disclosure as related party transactions under SEC rules.

When does the CEO transition at 1st Security Bank, a subsidiary of FS Bancorp (FSBW), take effect?

The transition becomes effective on September 1, 2025, when Matthew D. Mullet assumes the role of President and Chief Executive Officer of 1st Security Bank. On the same date, long-time CEO Joseph C. Adams retires from the bank position but remains FS Bancorp CEO.