FS Bancorp has named Matthew D. Mullet as president and CEO of its subsidiary, 1st Security Bank of Washington, effective Sept. 1, the company said last week.
Mullet will replace CEO Joseph C. Adams, who has led the Mountlake Terrace, Washington-based bank since 2004 and will retire Sep. 1. Mullet will continue to hold the roles of president of 1st Security Bank and FS Bancorp, which he has occupied since July 2024.
Adams will remain the CEO of FS Bancorp until May 2026 – a position he has held since 2012, the company said.
Mullet’s promotion to president last July “was part of the longer-term plan to have Joe Adams, current CEO, retire,” Mullet said via email.
“Matt is the right choice to serve as CEO,” Adams said in a statement Aug. 15. “He has proven himself as a leader, rising through successive executive positions at the Company and at the Bank, producing strong results and building effective teams.”
Mullet joined 1st Security in 2011 as chief financial officer, “with a focus on financial opportunities as the strategy to grow the organization,” he said. He learned that although strategies are essential, “the best ideas fall short on delivery” without people to execute those strategies.
“This organization has provided me with multiple opportunities to learn and grow. My goal is to continue that tradition with our current and future teammates,” Mullet said.
The succession has been “carefully planned” by the board, according to Ted Leech, chairman of the board of FS Bancorp.
“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,” Leech said in a prepared statement.
Mullet noted the leadership transition has kept employees in mind and addressed potential concerns about organizational changes.
“We wanted to be very transparent, open, and clear that the CEO transition does not change our Mission, Vision Statement, or Core Values,” Mullet said. The partnership between 1st Security Bank and FS Bancorp “has resulted in a strong return for shareholders over the past thirteen years as a public company,” he added.
Mullet started his career as a financial examiner in the banking division of the Washington State Department of Financial Institutions. Prior to joining 1st Security Bank, he was the senior vice president and CFO at Golf Savings Bank.
Timothy Coffey, associate director of depository research at Janney Montgomery Scott, noted the transition appears well-thought out.
“We think this change from Joe Adams to Matt Mullet at 1stSecurity Bank makes a lot of sense,” Coffey said in an emailed statement. “Matt has been very influential in operations and has the experience with the bank necessary to maintain the culture Joe established. Our expectation is for a smooth transition at bank, and potentially a similar succession announcement at the holding company when Joe retires next year.”
1st Security Bank promoted its controller, Phil Whittington, to the CFO position in May after an extensive search process.
