Who Owns 1st Security Bank Company?

1st Security Bank Bundle

Get Full Bundle:

	SWOT	$15	$10
	5 FORCES	$15	$10
	BCG	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10

TOTAL:

ADD TO CART

Who Really Owns 1st Security Bank?

Understanding the ownership structure of a financial institution is crucial for investors and stakeholders alike. The impending merger of First Security Bancorp, Inc. with Byline Bancorp, Inc., valued at approximately $41 million and anticipated to conclude in Q2 2025, adds a layer of complexity to the question of 1st Security Bank owner. This analysis delves into the evolving landscape of 1st Security Bank ownership, providing insights into its strategic direction and future prospects.

This exploration will uncover the key players influencing 1st Security Bank's trajectory, from its early days to its current position as a community bank serving Washington and Oregon. Discover the impact of mergers and acquisitions on 1st Security Bank SWOT Analysis, and learn about the bank's financial performance, including its $3.07 billion in total assets as of March 31, 2025. We'll examine the roles of major shareholders and the implications for anyone interested in 1st Security Bank ownership.

The question 'Who owns 1st Security Bank?' has a nuanced answer, especially considering its transition from a mutual savings bank to a stock-holding company. Before July 2012, 1st Security Bank, a subsidiary of FS Bancorp, Inc., did not have traditional shareholders. This structure changed significantly with the conversion, paving the way for public ownership.

Following the conversion, public shareholders held the voting rights in FS Bancorp. This shift marked a crucial change in the bank's ownership structure, making it more accessible to investors. The Employee Stock Ownership Plan (ESOP) also played a key role.

The FS Bancorp, Inc. ESOP became a notable early owner. As of April 2022, it held 5.83% of FS Bancorp's common stock. This plan included employees of both FS Bancorp and 1st Security Bank, who could direct the trustee on how to vote their allocated shares.

Early Ownership Structure

1st Security Bank, under FS Bancorp, Inc., transitioned from a mutual savings bank to a stock-holding company in July 2012.

Public Ownership

The conversion allowed for public ownership, with voting rights vested in public shareholders.

ESOP Participation

The FS Bancorp, Inc. Employee Stock Ownership Plan (ESOP) held a significant portion of the company's stock.

Employee Involvement

Employees of both FS Bancorp and 1st Security Bank participated in the ESOP.

Voting Rights

ESOP participants could instruct the trustee on how to vote their shares.

Key Date

The conversion to a stock-holding company occurred in July 2012.

It is important to differentiate 1st Security Bank from other entities with similar names. For instance, First Security Bank in Roundup, Montana, was established in 1971 by stockholders like William D. Bianchi and others. The First Security Bank in Searcy, Arkansas, chartered in 1932, was later acquired by Reynie Rutledge, who formed First Security Bancorp in 1981. The First Security Bank in Beaver, Oklahoma, has a history dating back to 1916, with ownership passing to the heirs of Ralph Zastrow, E.L. (Jim) Wallaser, W.A. Herbrechtsmeyer, and Merten J. Klaus in 1940. For more insights into the competitive landscape, consider exploring the Competitors Landscape of 1st Security Bank.

Key Ownership Facts

Understanding the ownership of 1st Security Bank involves recognizing its evolution and the roles of key entities.

• FS Bancorp, Inc. is the parent company of 1st Security Bank.
• Public shareholders hold voting rights post-conversion.
• The ESOP held 5.83% of FS Bancorp's common stock as of April 2022.
• Employees of both FS Bancorp and 1st Security Bank participate in the ESOP.
• Other banks with similar names have different founding and ownership structures.

1st Security Bank SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

The ownership structure of 1st Security Bank has evolved significantly. A pivotal moment occurred in July 2012 when FS Bancorp, Inc., the holding company for 1st Security Bank of Washington, transitioned from a mutual savings bank to a stock holding company. This change allowed the company to become publicly traded on NASDAQ, opening up ownership to public shareholders and influencing who owns 1st Security Bank.

The conversion to a stock holding company was a strategic move that broadened the base of 1st Security Bank ownership. This transition facilitated the inclusion of institutional investors, mutual funds, and individual insiders among the major stakeholders. This shift is a key part of understanding 1st Security Bank ownership.

Insider ownership also plays a crucial role in the ownership landscape. Key figures like Joseph C. Adams, the Director and CEO, hold a significant number of shares, totaling 134,804 shares as per recent filings. Matthew D. Mullet, President and CFO, holds 100,999 shares. Donn C. Costa, EVP and Chief Home Lending Officer, holds 76,172 shares, and Michael J. Mansfield, Director, holds 68,932 shares. Ted A. Leech, Director and Chairman of the Board, holds 46,899 shares. These holdings, though substantial for the individuals, generally represent less than 1% of total shares outstanding for most insiders. For more insights, you can explore Revenue Streams & Business Model of 1st Security Bank.

Key Takeaways on 1st Security Bank Ownership

FS Bancorp, Inc. went public in 2012, changing the ownership structure.

• Institutional investors and insiders are the major stakeholders.
• T. Rowe Price and the ESOP hold significant shares.
• Key executives have substantial individual shareholdings.
• The merger between Byline Bancorp, Inc. and First Security Bancorp (Illinois) is a recent development.

1st Security Bank PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

The Board of Directors of FS Bancorp, Inc., the holding company for 1st Security Bank, oversees the company's governance and strategic direction. As of the 2024 Proxy Statement, the board consists of eight members, divided into three classes. The leadership includes Joseph C. Adams as CEO of both the Company and the Bank, and Matthew D. Mullet, who was promoted to President of both the Bank and the Company in July 2024 while remaining CFO. Ted A. Leech serves as Chairman of the Board.

Other directors include Joseph P. Zavaglia, Margaret R. Piesik, Michael J. Mansfield, Terri L. Degner, Marina Cofer-Wildsmith, and Pamela Marie Andrews. Understanding the 1st Security Bank owner structure is key to grasping the bank's operations and decision-making processes. This board structure is critical for 1st Security Bank ownership and its strategic direction.

The voting structure for FS Bancorp, Inc. is generally one-share-one-vote for common stock. Shareholders of record on March 22, 2024, were entitled to one vote for each share owned, unless holding more than 10% of FS Bancorp's outstanding shares. As of March 22, 2024, there were 7,805,795 shares of FS Bancorp common stock outstanding and eligible to vote. The Employee Stock Ownership Plan (ESOP) holds a significant stake, with participants directing the trustee on how to vote their allocated shares. For more details on the bank's strategy, you can read about the Growth Strategy of 1st Security Bank.

Key Takeaways on Ownership

Understanding the board and voting structure is crucial for Who owns 1st Security Bank.

• The board is composed of eight members.
• Shareholders have one vote per share.
• The ESOP has a notable influence.
• Leadership changes occurred in 2024.

1st Security Bank Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

Over the past few years, the ownership profile of 1st Security Bank, under its holding company FS Bancorp, Inc., has seen several shifts. In November 2022, 1st Security Bank expanded its footprint by acquiring seven branches from Columbia Bank, bringing in approximately $510 million in deposits and $76 million in loans. This strategic move into the Oregon market is a key development in understanding who owns 1st Security Bank and its growth trajectory.

Share repurchase programs are another significant trend impacting Bank ownership. FS Bancorp, Inc. has authorized multiple share repurchase plans, including an additional $10 million in April 2022 and further authorizations in April 2025 and November 2024. These buybacks can influence the ownership stakes of existing shareholders, potentially increasing their percentage of ownership. Understanding these actions provides insights into the company's financial strategy and its approach to shareholder value.

Leadership changes and industry consolidation also play a role in the evolution of 1st Security Bank ownership. Recent promotions within FS Bancorp, Inc. and 1st Security Bank, such as Matthew D. Mullet's promotion to President in July 2024, reflect the company's strategic direction. Furthermore, the broader banking sector, including the acquisition of First Security Bancorp (Illinois) by Byline Bancorp in September 2024, illustrates ongoing consolidation trends. For more insights into the company's strategy, consider reading about Growth Strategy of 1st Security Bank.

1st Security Bank Owner

FS Bancorp, Inc. is the holding company. The ownership structure involves institutional investors and public shareholders.

Who owns 1st Security Bank

Primarily owned by its public shareholders and institutional investors. The exact percentage held by major shareholders can vary.

Recent Developments

Acquisitions and share repurchase programs have been key strategies. Leadership changes also reflect evolving strategies.

Industry Trends

Consolidation within the banking sector. Mergers and acquisitions are common, reflecting a dynamic market.

1st Security Bank Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔

Related Blogs