Pewaukee-based Waterstone Mortgage Corp. has named Jeff McGuiness as the company’s new president and CEO, according to a filing with the U.S. Securities and Exchange Commission.
McGuiness most recently served as chief sales officer for Middletown, Rhode Island-based Embrace Home Loans where he had been employed since 2015. McGuiness was also previously chief executive officer of Lenders One from 2012 and 2015 and served as head of mortgage and consumer banking at Aurora Bank from 2006 to 2012.
In his new role at Waterstone Mortgage, McGuiness will be responsible for all aspects of the company’s business and corporate functions.
“I’m excited to join an organization with such a strong history of quality and commitment to excellence in the mortgage lending industry,” McGuiness said in a statement. “Waterstone Mortgage has demonstrated the ability to attract and retain top industry talent, while leveraging the commitment and financial stability of Waterstone Bank.”
Waterstone Mortgage is a wholly owned subsidiary of WaterStone Bank SSB, which, in turn, is a wholly owned subsidiary of Waterstone Financial, Inc.
McGuiness, who starts his new role on Nov. 16, will be the company’s fourth president and CEO since 2018, when company founder Eric Egenhoefer left Waterstone Mortgage. A.W. Pickel III succeeded Egenhoefer as CEO, but was terminated after less than a year with the company. Five months later, Andy Peach was named CEO. Then he resigned in June, nine months after he took the position.
Under an employment agreement with Waterstone Mortgage, McGuiness is entitled to a base salary of $400,000, which will increase to $425,000 on Jan.1, 2022 and to $450,000 Jan.1, 2023, according to documents filed with the SEC.
Per the agreement, McGuiness will be granted shares of restricted stock in January of 2021 with a value of $135,000. McGuiness is also eligible for a cash-base sign-on bonus of $325,000.
“We are pleased to have Jeff McGuiness join Waterstone Mortgage,” WaterStone Bank president and CEO Doug Gordon said in a statement. “His experience, expertise, and connections in the mortgage industry will lead the future growth of Waterstone Mortgage. Jeff’s leadership style will complement the strength of the executive team and enhance the success of our mortgage banking operation.”
As of June 30, 2020, WaterStone Bank had $2.2 billion in assets and $1.2 billion in total deposits, according to the Federal Deposit Insurance Corporation.