Matt Mullet named CEO of 1st Security Bank as Joe Adams steps down

MOUNTLAKE TERRACE, Wash. - FS Bancorp, Inc. (NASDAQ:FSBW), a $304 million market cap regional bank with a solid "GOOD" Financial Health rating according to InvestingPro, announced Friday that Matthew D. Mullet will become President and CEO of its subsidiary 1st Security Bank of Washington, effective September 1, 2025.

Joseph C. Adams, who has led the bank since 2004, will retire from his position as the bank’s CEO but will continue to serve as CEO of the parent company FS Bancorp, a role he has held since 2012.

Mullet, who has been serving as President of both 1st Security Bank and FS Bancorp since July 2024, will maintain these roles alongside his new position.

"This succession in executive leadership has been carefully planned by the Board," said Ted Leech, Chairman of the Board of Directors.

Mullet brings extensive financial services experience to the role, having joined 1st Security Bank in 2011 as a Senior Vice President. He previously served as Chief Financial Officer of the bank until May 1, 2025, when Phillip Whittington succeeded him in that position.

Prior to joining 1st Security, Mullet worked at Golf Savings Bank, where he rose to the position of Chief Financial Officer in 2007, and later at Sterling Savings Bank following a merger. His banking career began in 2000 as a financial examiner with the Washington State Department of Financial Institutions.

FS Bancorp operates 27 bank branches across Washington and Oregon, along with loan production offices in the Puget Sound area, Tri-Cities, and Vancouver, Washington.

The information in this article is based on a press release issued by FS Bancorp.

In other recent news, FS Bancorp reported a second-quarter net income of $7.7 million, or $0.99 per diluted share, a decrease from $9.0 million, or $1.13 per diluted share, in the same quarter last year. The company declared its 50th consecutive quarterly cash dividend of $0.28 per common share, alongside a special dividend of $0.22 per share, payable on August 21, 2025. FS Bancorp’s Board of Directors also authorized an additional $5 million share repurchase program, allowing the company to buy back shares over a 12-month period until July 9, 2026. In a strategic move, the company appointed Baker Tilly as its new auditing firm following the merger of its previous auditor, Moss Adams LLP, with Baker Tilly US, LLP. Additionally, FS Bancorp promoted May-Ling Sowell to Chief Compliance Officer, Senior Vice President, recognizing her long-term service and expertise in regulatory compliance. At the Annual Meeting, shareholders approved executive compensation and re-elected directors Ted A. Leech and Marina Cofer-Wildsmith for three-year terms. Terri L. Degner was elected for a one-year term, while other directors will continue their terms. These developments reflect FS Bancorp’s ongoing strategic initiatives and corporate governance activities.

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