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MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ:FSBW), the holding company for 1st Security Bank of Washington, announced Monday the promotion of May-Ling Sowell to Chief Compliance Officer, SVP. The bank, currently valued at $317 million, has demonstrated strong financial health with an overall "GOOD" rating according to InvestingPro analysis.
Sowell has served as the bank’s Compliance Officer since November 2006, initially joining after working as a private consultant for the institution. Her banking career spans over 30 years, and she obtained her Certified Regulatory Compliance Manager designation in 2012. Under the current management, the bank has maintained dividend payments for 13 consecutive years, with a current dividend yield of 2.7%.
In her new role, Sowell will lead a team responsible for the bank’s regulatory compliance system, security, and internal compliance training. Before joining 1st Security Bank, she held similar positions at several local community banks and operated her own consulting business for two years.
FS Bancorp operates 27 branches across Washington and Oregon, offering loan and deposit services to customers, with mortgage services available at each location as well as lending offices throughout the Pacific Northwest.
The announcement was made through a company press release statement.
In other recent news, FS Bancorp reported a net income of $8.0 million for the first quarter of 2025, slightly down from $8.4 million in the same quarter of the previous year. Earnings per diluted share were $1.01, compared to $1.06 a year earlier. The company experienced significant growth in total deposits, which increased by $275.7 million to $2.62 billion, largely due to a rise in brokered deposits. In addition, FS Bancorp authorized a new $5 million share repurchase program, following the completion of repurchasing 98,317 shares in the first quarter. The company’s Board of Directors also approved a quarterly cash dividend of $0.28 per common share. Meanwhile, FS Bancorp appointed Baker Tilly as its new auditing firm after the merger of its former auditor, Moss Adams, with Baker Tilly. Shareholders recently approved executive compensation at the company’s annual meeting, re-electing several directors and affirming the annual frequency of future compensation votes. These developments underscore FS Bancorp’s ongoing strategic initiatives and financial health.
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