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Get filing alertsFS Bancorp names Matt Mullet CEO, completing succession plan; Joe Adams retires
Filed June 1, 2026 · Period ending June 1, 2026 · ~1 min read
Key Changes
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Matthew D. Mullet appointed CEO effective June 1, 2026, completing succession plan announced August 2025. Mullet continues as President of FS Bancorp and President/CEO of 1st Security Bank.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Joe Adams retired as CEO May 31, 2026, but remains director of both FS Bancorp and 1st Security Bank, providing continuity during transition.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Mullet served as CFO of 1st Security Bank from 2011 before promotion to President roles, bringing over a decade of financial leadership and institutional knowledge.
Exhibit 99.1 view on EDGAR →
Summary
FS Bancorp completed a planned CEO succession on June 1, 2026, with Matthew D. Mullet taking the top role at the holding company. The transition was announced nine months earlier in August 2025, giving the market and organization time to prepare.
Mullet already held the President and CEO roles at the subsidiary bank, so the appointment consolidates leadership across the enterprise rather than introducing an outside executive. The orderly handoff matters because Mullet has deep institutional knowledge—he was CFO of 1st Security Bank from 2011 before his promotions, meaning he's been in senior financial or operating roles for over a decade.
Outgoing CEO Joe Adams remains on both boards, preserving continuity and oversight during the transition. For shareholders, this is a low-drama succession: announced well in advance, executed on schedule, with an internal candidate who knows the business and a retiring CEO who stays engaged at the board level.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · verify on EDGAR →
Joe Adams, who retired as CEO of the Company on May 31, 2026, will continue to serve as a director of the Company and the Bank. Under his leadership, there was an emphasis on reinforcing the Bank’s people first culture and developing the Company’s vision and purpose statements.
Joe Adams retired as CEO on May 31, 2026, but remains a director of both the Company and the Bank. His tenure emphasized the Bank's people-first culture and development of vision and purpose statements. This represents continuity through board service after executive retirement.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 17, 2026 · How we verify