WaterStone Bank SSB has plans to open a new branch in the City of Milwaukee at 6801 W. Oklahoma Ave., the bank announced today.
The new location, which was formerly a Bank Mutual branch, is WaterStone Bank’s first Milwaukee location and 14th branch throughout southeastern Wisconsin. As a full-service bank, WaterStone Bank will offer the Milwaukee community in-branch solutions as well as online and digital solutions.
“WaterStone Bank has been an active lender and has provided community support in the City of Milwaukee for many years,” WaterStone Bank president and chief executive officer Doug Gordon said in a statement. “We are excited to establish our first branch in the city where we can provide total banking solutions to its citizens and businesses.”
In 2018, WaterStone Bank SSB applied with the Federal Deposit Insurance Corporation to operate bank branches at three former Bank Mutual locations. The applications were subject to the Community Reinvestment Act that requires banks to provide services to low-income neighborhoods.
Real estate developers Randy Roth and Dennis Klein purchased 27 former Bank Mutual properties that were closed as a result of Green Bay-based Associated Banc-Corp’s acquisition of Brown Deer-based Bank Mutual Corp. in February of 2018. Those properties included the former Bank Mutual branch building at 6801 W. Oklahoma Ave. that will be occupied by WaterStone Bank.
WaterStone Bank recently opened two new branches in 2019 in West Allis and Oak Creek, both of which were former Bank Mutual branches purchased by Roth and Klein.
As of June 2020, WaterStone Bank had approximately $2.2 billion in assets and $1.2 billion in total deposits, according to the FDIC.