Cease and desist order lifted from Waterstone

The Cease and Desist order issued by the Office of Thrift Supervision to Waterstone Financial Inc. has been terminated.

The federal banking regulator issued the order in December 2009. The Board of Governors of the Federal Reserve System terminated the order affecting the Wauwatosa-based parent of WaterStone Bank.

“Our teams have worked diligently to improve operations and return to profitability,” said Doug Gordon, president and CEO of Waterstone Financial. “It is their hard work and dedication that have strengthened our organization.”

The holding company reported net income of $34.9 million in 2012, up from a $7.5 million loss in 2011. It has $1.63 billion in assets as of March 31. Waterstone reported $4.6 million in net income for the first quarter of 2013, up from $2.2 million in the first quarter of 2012.

Waterstone Financial, which has eight community bank branches in the metropolitan Milwaukee market and mortgage banking offices in 12 states, announced last month that it plans to reorganize into a fully public stock holding company.

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