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 Home > About Us > Financial News
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Last year started out with a bang with the announcement of our name change. We had experienced quite a bit
of growth over the last couple years, both in new branch offices and in additional product lines and we felt that
a name change was necessary to better reflect what we are now, and what we plan to be in the future. The
bank was no longer a typical savings and loan institution, and our markets now reach beyond Wauwatosa. As
we continue to expand geographically to other communities, “Wauwatosa” does not clearly define our
intentions to be the premier community bank in all the communities we serve.
To that end, we invited our customers and communities to weigh in on the new name by completing an opinion
ballot during the month of February. In May we officially changed our name to WaterStone Bank. We’ve
invested a great deal of time and effort into informing the public of the name change, as well as reinforcing our
commitment to our communities through event involvement and charitable contributions. With the name
change, our customers and communities can still expect the same high level of customer service that they’ve
grown accustomed to, in addition to expanded product offerings to fit each customer’s individual lifestyle.
This past year has also been a year filled with uncertainty for everyone in the financial industry. Failures,
mergers, takeovers and bailouts were common and often unsettling words consistently broadcasted by the
media. While we might not hear the end of “failures, mergers, takeover and bailouts” in 2009, we at
WaterStone Bank have made a few changes to help us charge through the challenges that still lie ahead in the
financial industry.
Before briefly discussing the internal changes we’ve instituted, I’d like to take a moment to thank you, our
customer, for your loyalty and trust. WaterStone Bank has been a proud partner of families and businesses in
Southeastern Wisconsin for over 88 years. Our foundation was built and strengthened over the years by
creating stable relationships with our neighbors by providing loans and deposit products to meet the needs of
the communities we are privileged to serve.
WaterStone Bank fully recognizes the challenges we face as a financial institution in today’s economic climate.
We have taken steps to improve the quality of our assets. Our loan underwriting standards are more
conservative. In addition, our loan review function has been bolstered to ensure that controls and safeguards
are uniformly applied. We expanded our collections department and added a credit department to manage and
reduce the number of past due loans. These adjustments to our internal operations coupled with WaterStone
Bank’s commitment to grow in a prudent manner will, we believe, result in a stronger financial institution in the
coming years.
It’s important to remember that any financial decision you make during these challenging times should be
based on your specific situation, in consultation with your financial advisor or banker, not on any media
report. It is also important to remember that we at WaterStone Bank are managing the areas of the current
economy that are within our control. We are committed to operating in a safe and sound manner and
remaining well-informed so that we may help reassure our customers during these unsettling times. If you have
questions or concerns, please don’t hesitate to contact us at (414) 761-1000 or visit your local branch office.
At WaterStone Bank our success depends on the relationships that we create and maintain with you, our
customers and neighbors. It is our pledge to you that we’ll continue to offer personal service you can trust and
easy access to quality products as we push through this economic downturn together. On behalf of the
WaterStone Bank team, we wish you a happy and healthy 2009!
Sincerely,
Douglas S. Gordon
President & CEO
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