FS Bancorp, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by FS Bancorp, Inc. (NASDAQ: FSBW) on May 26, 2022. The filing reports a corporate governance event involving the retirement of a director from the Company and its subsidiary, 1st Security Bank of Washington.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
On May 26, 2022, Mark H. Tueffers retired from the Board of Directors of FS Bancorp, Inc. and 1st Security Bank of Washington, as well as from the Audit Committee and the Bank's Asset Quality Committee. Mr. Tueffers had served as a director of the Bank since 2013 and joined the FS Bancorp Board in 2016. The Board has not yet determined whether to fill the vacancy or reduce the Board size.
Outlook, Risks, and Unusual Items
Mr. Tueffers did not cite any disagreement with the Company regarding operations, policies, or practices. In recognition of his service, the Compensation Committee accelerated the vesting of his stock awards and options. No other risks, contingencies, or unusual items were disclosed in this filing.
Key Facts for Investors
- Mark H. Tueffers retired from the Board and all committee memberships effective May 26, 2022.
- The Board has not yet decided whether to appoint a replacement or reduce the number of directors.
- Mr. Tueffers' retirement was not due to any disagreement with the Company.
- Stock awards and options for Mr. Tueffers were accelerated upon retirement.