The Waterstone Mortgage Story

Waterstone Mortgage Corp. has maintained a reputation for exceptional service and competitive mortgage financing since our inception in 2000. Since then we’ve grown to one of the largest mortgage lenders in the country with more than 400 employees in 12 states.

In 2010 the Business Journal of Milwaukee ranked Waterstone as southeastern Wisconsin’s largest mortgage lender with more than $1.1 billion in annual origination volume. We are a wholly owned subsidiary of WaterStone Bank SSB (NASDAQ: WSBF) with assets of more than $1.7 billion. With this structure, we are able to offer our clients all of the benefits of an independent mortgage banker, as well as the portfolio products of a bank.

Waterstone is also a Fannie Mae and Freddie Mac approved Seller/Servicer which allows our clients to benefit from enhanced product offerings and a more flexible approval process. All of our conventional and government loans are processed, underwritten and closed locally by people who understand the markets in which we lend. This is critical in assuring your realtor or closing agent that we’ll get to the closing table on time and without additional headaches or delays.

We are committed to providing you with an exceptional experience and we look forward to the opportunity to serve you!
 

Waterstone Mortgage has locations in 12 states.
 

The WaterStone Bank Story
From 1921 through May 2008, WaterStone Bank was known primarily as Wauwatosa Savings Bank. The bank experienced substantial growth in the years prior to 2008 both in terms of number of branches and product offerings. The growth prompted then-president and CEO Doug Gordon to state, "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.

WaterStone Bank actually began as a building and loan association under the name of Wauwatosa Building and Loan in 1921 by founder Edward F. Geske.

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].

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.

The bank offers mortgage products, home equity products, checking, savings, certificates of deposit, money market, IRA accounts, commercial loans, and business banking products.

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.