The banking unit of FS Bancorp (FSBW) in Mountlake Terrace, Wash., has promoted two executives in an effort to strengthen oversight of credit operations.

The $341 million-asset company said that its 1st Security Bank of Washington had named Steven L. Haynes as its new chief credit officer and Dennis V. O'Leary as its new chief lending officer.

The promotions are tied to the bank's "determination to distinguish the oversight of the bank's credit and lending functions" and should "further enhance the knowledge and expertise" of the bank in these areas, FS Bancorp said in a news release Tuesday. The promotions take effect next week.

FS Bancorp reported a third-quarter profit of $3.3 million, or $1.03 per share, up from $225,000 a year earlier. This included a $2.3 million tax benefit from the reversal of the majority of its deferred tax asset valuation allowance.

Haynes has served as 1st Security's chief lending officer since November 2005. Previously he worked at U.S. Bancorp (USB) for more than 23 years, where he was a senior vice president of commercial lending before his departure.

O'Leary will succeed Haynes. O'Leary joined 1st Security in August 2011, in the bank's newly formed construction lending division. He previously worked at Sterling Savings Bank as the Puget Sound regional director of the residential construction lending division. Sterling acquired Golf Savings Bank in 2006 where O'Leary had served as an executive vice president of commercial real estate lending.

The bank, a former credit union that converted in 2004, raised $32.4 million through its initial public offering in July.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.