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 CEO of the Company, effective June 1, 2026. This appointment is part of the CEO succession plan that was previously announced on August 15, 2025. Matt Mullet has served as President and CEO of 1st Security Bank and as President of the Company and will continue in those roles.  

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.

Matt Mullet served the bank as its Chief Financial Officer since 2011 before his current role. His experience and dedication to the Company's customers and employees will continue in his new role.

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