FS Bancorp Appoints Matthew Mullet CEO Effective June 1, 2026
FSBW•FS Bancorp named Matthew D. Mullet CEO effective June 1, 2026, completing its CEO succession plan announced on August 15, 2025. Mullet, CFO since 2011, has served as President of 1st Security Bank and the holding company, preserving executive continuity.
1. CEO Succession Execution
FS Bancorp has named Matthew D. Mullet CEO effective June 1, 2026, completing its two-stage succession plan announced on August 15, 2025. This move follows the retirement of long-serving CEO Joe Adams, reinforcing a structured leadership transition.
2. Mullet’s Tenure and Leadership Roles
Matthew Mullet joined FS Bancorp as Chief Financial Officer in 2011 and was elevated to President of both 1st Security Bank and the holding company prior to this appointment. His extended tenure underscores continuity in financial management and corporate strategy.
3. Post-Succession Board Changes
Joe Adams retired as CEO on May 31, 2026, and will continue serving on the board of directors for the company and the bank. His ongoing presence is intended to support governance stability and uphold the bank’s people-first culture.
4. Company Profile
FS Bancorp is the holding company for 1st Security Bank of Washington, operating 28 branches and multiple loan production offices across Washington and Oregon. The bank specializes in loan and deposit services for small- and middle-market businesses and individuals in key Northwest markets.
