July 11, 2013
Waterstone Financial, Inc.
(NASDAQ: WSBF) announced today that the Order to Cease and Desist (the "Order") previously issued by its federal banking regulator was terminated effective
, 2013. The Order was issued by the
Office of Thrift Supervision
and has been terminated by the
Board of Governors of the Federal Reserve System
, President and Chief Executive Officer of Waterstone Financial, Inc., holding company for
(the "Bank"), attributes the successful termination of the Order to the employees of the Bank and its wholly owned subsidiary,
Waterstone Mortgage Corporation
. "Our teams have worked diligently to improve operations and return to profitability," commented Gordon. "It is their hard work and dedication that have strengthened our organization."
Waterstone Financial reported net income of
for the year ended
December 31, 2012
compared to a loss of
for the prior year. The Company reported net income of
for the three months ended
March 31, 2013
and 2012 respectively.
SOURCE Waterstone Financial, Inc.