Committed to Serving Customers and Communities: WaterStone Bank
In this Spotlight on Community Banks article, we spoke with Doug Gordon, CEO of WaterStone Bank. Mr. Gordon discusses the evolution of WaterStone Bank and its commitment to serving its customers and the community.
WaterStone Bank, established in 1921 and headquartered in Wauwatosa, Wisconsin, offers a full suite of personal and business banking products and services. WaterStone Bank has a customer first approach by providing highly personalized customer service through enhanced digital services and new product offerings. WaterStone Bank is committed to serving the community through its devotion to a wide range of charitable initiatives in the greater Milwaukee community.
WaterStone Bank has been listed on Nasdaq since 2014 and trades under the ticker symbol “WSBF”.
How has your mission evolved over the last nine years?
WaterStone Bank is passionate about serving our communities by providing unparalleled banking experience for our customers, excellent advancement opportunities for our employees and outstanding value for our shareholders.
As a financial institution that originated in 1921, stability and community involvement have always been deeply embedded in WaterStone Bank’s culture and values. When we became publicly traded in 2014, our mission evolved to deliver value to our shareholders while holding true to our roots. Making good decisions for our customers, the communities we serve and our employees complement our focus to uphold shareholder value. We firmly believe that to be a strong community bank, we need to have a strong community, it is where we started and remains fundamental to our mission today.
How important is community involvement for a regional bank? What are some of the ways you’re working to better the communities you serve?
As a community bank, our focus is to enrich the community and support local nonprofits. WaterStone Bank established the WaterStone Bank Foundation in 2002 to ensure our bank continues to give back to the communities in which we live, work and serve.
Each year, our WaterStone Bank Foundation wholeheartedly supports a wide range of locally based charities that serve initiatives surrounding education, women and children, community development and veterans’ initiatives.
In 2022, our foundation donated over $645,000 to more than 250 local nonprofits and schools. Meanwhile, our dedicated employees volunteered nearly 750 hours of community service and actively served on 43 nonprofit boards in the greater Milwaukee area. Our commitment to the community is one of the many ways we rekindle our dedication to our hometown as we strive to be a great corporate citizen and neighbor.
What’s been the biggest surprise during your nine years as a publicly traded company?
Becoming a publicly traded company has brought significant benefits, including access to capital and increased visibility. At the same time, it has required an adjustment and allocation of resources to compliance and reporting requirements.
It’s also formulated the realization of the strong influence shareholder services firms have on the way a company manages its business and employees. However, we have worked to mitigate any potential downsides by maintaining a focus on long-term stability and strong governance, while engaging with experienced advisers and communicating effectively to our shareholders.
Who is the ideal WaterStone Bank customer?
WaterStone Bank is committed to offering a range of reliable financial products and services to suit the needs of all, including customers with unique financial needs. For example, WaterStone Bank joined the Association of Military Banks of America as part of our efforts to be a top financial resource for veterans.
Many of our customers have long-standing relationships with us and value our well-established position in the community and our involvement in the local economy. They trust the one-on-one interactions with our employees and rely on the individualized guidance we offer to help make sound financial decisions.
How do you build customer loyalty?
WaterStone Bank’s focus on providing excellent personalized customer service and tailored financial solutions gives our customers confidence in banking with us. We strive to understand their individual needs and address their concerns proactively, while offering competitive rates and fees and embracing innovation.
Michael Spector
Nasdaq
Michael is responsible for managing relationships with Nasdaq listed companies in the South Central and South Western U.S.
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