A three-year old consent order between WaterStone Bank SSB, a wholly-owned subsidiary of Waterstone Financial Inc., holding company of WaterStone Bank, and regulators has been terminated after the Wauwatosa financial institution satisfied requirements to return to profitability.
The consent order with the Federal Deposit Insurance Corp. (FDIC) and the Wisconsin Department of Financial Institutions from November 2009 was issued as a result of significant loan losses incurred in 2008 and 2009.
Doug Gordon, president and chief executive officer for WaterStone Bank, attributed the successful satisfaction of the consent order requirements to the employees of the bank and its subsidiary, Waterstone Mortgage Corp.
“Our teams have worked diligently to improve operations and return to profitability,” Gordon said. “It is their hard work and dedication that will now allow WaterStone to continue with its plans for future growth.”
WaterStone Bank reported net income for the nine months ended Sept. 30 totaling $16.4 million, compared with losses of $2.9 million and $2.1 million for the nine months ended Sept. 30, 2011, and 2010, respectively.
WaterStone Bank has branch offices in Wauwatosa, Franklin/Hales Corners, Germantown/Menomonee Falls, Oak Creek, Oconomowoc/Lake Country, Pewaukee, Waukesha/Brookfield and West Allis.
