FS Bancorp Announces That Matthew D. Mullet Will Become President And CEO Of 1st Security Bank Effective September 1, 2025,

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 President and CEO of 1st Security Bank, effective September 1, 2025. Joseph C. Adams, who has served as CEO of the Bank since 2004, will be retiring from that position, effective September 1, 2025. Matt Mullet has served as President of 1st Security Bank and of FS Bancorp, Inc. since July 2024 and will also continue in those roles.  

Joe Adams, who is retiring as CEO of the Bank on September 1, 2025, will continue to serve as CEO of FS Bancorp, Inc., a position he has held since 2012.

"On behalf of our Board and entire organization, I extend our deep appreciation to Joe Adams for his leadership, which has been instrumental in driving our growth, preserving our mission, and building shareholder value over the past 22 years," said Ted Leech, Chairman of the Board of Directors of the Company. Ted Leech further added, "This succession in executive leadership has been carefully planned by the Board and we are pleased to announce that Joe Adams will be succeeded by Matt Mullet. We have the utmost confidence in Matt, who has served the Bank extremely well for the past fourteen years and has already demonstrated the strength of his leadership skills, the depth of his knowledge of the Bank's operations and his knowledge of the communities we serve."