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| Additional information |
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| WaterStone Bank SSB |
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Mission statement:
We are passionate about serving our communities by providing an unparalleled banking experience for our customers, excellent advancement opportunities for our employees, and outstanding value for our shareholders. |
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History:
From 1921 through May, 2008, WaterStone Bank was known primarily as Wauwatosa Savings Bank. The bank experienced quite a bit of growth throughout the years leading up to 2008, both in new branch offices and in additional product lines. Doug Gordon, President and CEO of WaterStone stated, “A name change is necessary to better reflect what we are now, and what we plan to be in the future.” On May 19, 2008, Wauwatosa Savings Bank became WaterStone Bank, SSB.
Since 1921 WaterStone has served local communities as a financial institution known for its tradition of stability and community involvement. With offices in Wauwatosa, Oak Creek, Franklin/Hales Corners, Oconomowoc, Pewaukee, Waukesha, Germantown/Menomonee Falls, and West Allis, the bank offers mortgage products, home equity products, checking, savings, certificates of deposit, money market, IRA accounts, commercial loans, and business banking products.
During its long history, WaterStone has established strong ties to its communities and is committed to promoting community growth and development. The bank established the WaterStone Bank Fund (formerly the Wauwatosa Savings Bank Fund) with the Waukesha County Community Foundation in 2002 in order to ensure the bank’s ability to continually give back to the communities in which they serve. The bank supports a variety of local programs but special consideration is given to programs that promote education, youth organizations and community development.
WaterStone Bank began as a building and loan association under the name of Wauwatosa Building and Loan in 1921 by founder Edward F. Geske and other local businessmen on the site that is now 7615 W. State Street in the village of Wauwatosa. Today, the Wauwatosa branch office is located at 7500 W. State Street in the facility that was built in 1971.
Through the years, the original “building and loan” became a “savings and loan” and eventually, on January 1, 1994, became a “savings bank.” In September 2005, depositors approved a bank reorganization plan and a partial stock issuance plan. In October 2005, the public stock began trading on NASDAQ. In May 2008, the bank officially changed its name to WaterStone Bank, SSB. On August 1, 2008, the holdings company also changed its name from Wauwatosa Holdings to Waterstone Financial, Inc. and is currently traded under the symbol [WSBF].
The bank’s second branch was the Oak Creek office on South 27th Street, which opened in 1973. The bank’s present Oak Creek office located at 6560 S. 27th Street was built in 1988.
The first Waukesha branch opened in 1986 at 1710 Paramount Drive (Highways 164 and 18) in an existing bank building. In September 2005, the office relocated to a new facility at 21505 E. Moreland Blvd. (Highway 18 just west of I-94). The Oconomowoc branch office opened in March 2003 at 1233 Corporate Center Drive (near Highway 67 and I-94).
The main Pewaukee branch office, which opened in June 2004, offers full service and is located at 1230 George Towne Drive, just east of Highway 16 and Capitol Drive. Two branches were opened in 2006; one in Franklin/Hales Corners at 6555 S. 108th Street, six blocks south of Forest Home, and the other office opened in Germantown/Menomonee Falls at W188N9820 Appleton Avenue, just north of County Line Rd.
The newest office of Wauwatosa Savings opened in March, 2007 at 10101 W. Greenfield Avenue in West Allis. This office combines a full-service bank and a lending center to offer customers a full range of deposit and lending products, as well as centralize residential mortgage and consumer lending to offer a quicker response for customer satisfaction.
During its long history, the bank has had only five Chief Executive Officers: Edward J. Geske, Charles A. Perry, Raymond J. Perry, Donald J. Stephens, and currently Douglas S. Gordon, President and CEO.
2007 was an important year in WaterStone’s transition from a savings bank to a full-service bank. In January Jon McGlocklin, former National Basketball Association (NBA) player, television sports commentator and co-founder and president of the MACC Fund signed an agreement to be the Bank’s spokesperson. McGlocklin’s support contributes to the bank’s ability to reach out to new and existing markets. In February the bank’s in-house processing technology was upgraded in order to introduce many new products to meet their customers’ needs, as well as offer faster and more efficient operations to provide the best customer service available in the marketplace.
In late 2007 it was apparent that Wauwatosa Savings was no longer a typical savings and loan institution, and the bank’s markets reached beyond Wauwatosa. “As we continue to expand geographically to other communities, “Wauwatosa” does not clearly define our intentions to be the premier community bank in all the communities we serve,” commented Gordon.
WaterStone Bank reports assets of over $1.7 billion and employs just over 200 people. The bank is FDIC insured and an Equal Housing Lender. |
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