Waterstone Financial, Inc. operates as the holding company for WaterStone Bank that provides various banking services. The bank conducts business from its eight banking offices and nine automated teller machines. As of December 31, 2012, the company had 16 offices in Wisconsin, 14 offices in Minnesota, 11 offices in Pennsylvania, 10 offices in Florida, 4 offices in each of Arizona and Indiana, 3 offices in Ohio, 2 offices in each of Idaho and Iowa, and 1 office in each of Illinois and Maryland. Market Area The company’s market area is defined as the Milwaukee, Wisconsin metropolitan market, which is geographically located in the southeast corner of the state. Its primary market area is Milwaukee and Waukesha counties and the five surrounding counties of Ozaukee, Washington, Jefferson, Walworth, and Racine. The company has four branch offices in Milwaukee County, three branch offices in Waukesha County, and one branch office in Washington County. Lending Activities The bank's principal lending activity is originating one- to four-family and approximately four-family residential real estate loans for retention in its portfolio. It also offers home equity loans and lines of credit, construction and land loans, commercial real estate and commercial business loans, and consumer loans. The company originates residential mortgage loans for the purpose of sale on the secondary market. One- to Four-Family Residential Mortgage Loans: The bank's primary lending activity is originating residential mortgage loans secured by properties located in Milwaukee and surrounding counties. Its adjustable-rate mortgage loans amortize through terms of approximately 30 years. Over Four-family Real Estate Loans: These loans are secured by properties located in the company’s primary market area. Over four-family real estate loans are offered with interest rates that are fixed for periods of approximately five years or are variable and either adjust based on a market index or at the company’s discretion. Home Equity Loans and Lines of Credit: The company also offers home equity loans and home equity lines of credit, both of which are secured by owner-occupied and non-owner occupied one- to four-family residences. Its home equity lines of credit have 10-year terms and adjustable rates of interest. Residential Construction and Land Loans: The company originates construction loans to individuals and contractors for the construction and acquisition of single and multi-family residences. Commercial Real Estate Loans: These loans are secured by property located in the company’s primary market area. The company’s commercial real estate underwriting policies provide that such real estate loans might be made in amounts of approximately 80% of the appraised value of the property. Commercial Loans: Commercial loans are made up of loans secured by accounts receivable, inventory, equipment, and real estate. These loans are made to borrowers that are located in the company’s primary market area. Working capital lines of credit are granted for the purpose of carrying inventory and accounts receivable or purchasing equipment. Commercial business loans are variable rate loans with initial fixed rate periods of approximately five years. These loans amortize approximately 15 to 25 years. Investment Securities The bank's investment securities portfolio principally includes mortgage-backed securities, government-sponsored enterprise bonds, and municipal obligations. Deposits The bank offers a selection of deposit instruments, including checking, savings, money market deposit accounts, and fixed-term certificates of deposit. Subsidiary Activities Wauwatosa Investments, Inc.: Wauwatosa Investments, Inc. operates in Nevada as the bank’s investment subsidiary. This wholly-owned subsidiary owns and manages the majority of the consolidated investment portfolio. Waterstone Mortgage Corporation: Waterstone Mortgage Corporation is a mortgage banking business with offices in Wisconsin, Pennsylvania, Minnesota, Florida, Ohio, Arizona, Idaho, Indiana, Iowa, Illinois, and Maryland. Supervision and Regulation The bank is subject to extensive regulation by the Wisconsin Department of Financial Institutions, Division of Banking and by the Federal Deposit Insurance Corporation (FDIC), as its deposit insurer and primary federal regulator. The bank’s deposit accounts are insured up to applicable limits by the FDIC under its Deposit Insurance Fund. Loans to, and other transactions with, affiliates of the bank, such as the company and Lamplighter Financial, MHC, are restricted by the Federal Reserve Act and regulations issued by the FRB thereunder. Sections 23A and 23B of the Federal Reserve Act govern transactions between an insured savings bank, such as the bank, and any of its affiliates, including the company. Under the Community Reinvestment Act, the bank has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low and moderate income neighborhoods. As of the date of its regulatory examination, the bank is rated ‘satisfactory’ with respect to its Community Reinvestment Act compliance. The bank, as a member of the FHLB of Chicago, is required to acquire and hold shares of capital stock in the FHLB of Chicago in specified amounts. The company is savings and loan holding company within the meaning of the Home Owners' Loan Act. They are registered with and regulated by the Federal Reserve Board. The company is therefore subject to the information, proxy solicitation, insider trading restrictions, and other requirements under the Securities Exchange Act. History Waterstone Financial, Inc. was founded in 1921.
waterstone financial inc
11200 West Plank Court
Wauwatosa, WI 53226
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