FS Bancorp Appoints Cynthia Beyl As New CFO

The company names its Chief Accounting Officer as interim CFO, underscoring a strategic focus on stability.

September 04, 2025

FS Bancorp, Inc. Initiates Executive Transition

FS Bancorp, Inc., the holding company for 1st Security Bank of Washington, has announced a key executive transition following the resignation of its long-serving Chief Financial Officer. The company disclosed that Matthew Mullet, who held the CFO role since 2012, has stepped down. In response, the board has appointed Cynthia Beyl, the bank’s current Chief Accounting Officer, as interim CFO effective immediately.

The leadership shift, communicated through an 8-K filing dated September 4, 2025, signals a carefully managed changeover in the company’s financial leadership. Mullet’s resignation was not attributed to any disagreements or concerns regarding FS Bancorp’s financial practices or disclosures, a detail that appears intended to reassure investors and stakeholders about the continuity and integrity of the firm’s financial operations.

A Decade of Financial Stewardship Ends

Matthew Mullet’s departure marks the end of a tenure that spanned over a decade. Appointed CFO in 2012, Mullet has played a central role in overseeing the company’s financial operations during a period that included significant growth, regulatory shifts, and a changing banking environment. The filing emphasized that his resignation was voluntary and amicable, with no disputes cited between him and the board or management.

The board of directors, while expressing gratitude for Mullet’s contributions, moved swiftly to install a familiar and experienced internal leader in his place. Cynthia Beyl’s elevation to the interim CFO position appears designed to maintain operational continuity and avoid disruption in the financial reporting cycle.

Cynthia Beyl Brings Continuity and Experience

Beyl’s appointment underscores the company's confidence in its internal bench strength. She joined FS Bancorp in 2017 and has served as the Chief Accounting Officer since August 2020. Her earlier roles within the company included Controller and Principal Accounting Officer, and she has been a key figure in the firm’s compliance and accounting functions.

Beyl brings a wealth of experience, not only within FS Bancorp but also from prior roles in public accounting and corporate finance. She began her career at Deloitte and held accounting leadership roles at several financial institutions before joining FS Bancorp. Her familiarity with the company's internal controls, audit processes, and reporting structure makes her a natural interim successor while the board evaluates permanent candidates.

No Disruption to Financial Oversight Expected

Despite the high-profile nature of the transition, FS Bancorp made clear that there are no concerns about the integrity of its financial statements or its disclosure practices. The company’s internal control framework remains intact, and Beyl is expected to maintain continuity in its financial strategy and regulatory reporting obligations.

This reassurance is significant for investors and regulators alike, particularly as financial institutions continue to navigate a complex economic environment marked by interest rate fluctuations, evolving consumer behavior, and increased scrutiny from federal regulators.

Looking Ahead: Board Will Evaluate Permanent CFO Options

While Beyl’s appointment is currently designated as interim, FS Bancorp has not specified a timeline for naming a permanent replacement. The decision to elevate an internal executive with deep institutional knowledge signals a cautious and measured approach, likely aimed at avoiding operational volatility while the board considers its long-term leadership needs.

The leadership change may also present an opportunity for FS Bancorp to reassess its financial strategy, capital planning, and investor communication framework, particularly as it continues to grow in an increasingly competitive regional banking landscape.

Strategic Stability Amid Change

In the broader context, FS Bancorp’s announcement aligns with a trend among regional banks to emphasize stability and internal succession planning amid leadership transitions. As the banking industry continues to grapple with technological shifts and regulatory changes, FS Bancorp’s internal appointment strategy could be viewed as a prudent move to preserve institutional knowledge and maintain investor confidence.

With Beyl at the helm of the company’s financial operations, stakeholders can expect a continuation of existing financial policies and practices—at least in the near term—while the company evaluates its path forward.