Wauwatosa, Wis.-based Waterstone Financial CEO Doug Gordon will retire at the end of this year.
Gordon will continue to serve on the board of directors of both the holding company and its subsidiary, WaterStone Bank. He will also join the board of directors of Waterstone Mortgage, a bank subsidiary.
The board elected President William F. Bruss as the next CEO of both the company and bank, effective Jan. 1. Hired by the bank 26 years ago, Bruss is a longtime chief operating officer who was named president at the beginning of last year, a role he will continue in through the end of the year.
Board Chair Pat Lawton noted the transition has been planned for several years. He credited Gordon for leading the bank as it grew to a $2.2 billion institution from $1.4 billion and converted to a publicly-held institution. During Gordon’s tenure, Waterstone Mortgage grew to originate more than $4 billion in annual mortgages. “More importantly, Doug has attracted and retained an outstanding group of leaders and staff that are dedicated to our mission,” Lawton noted.
“As I retire from my position as CEO of this esteemed financial institution, I am filled with a sense of gratitude and accomplishment,” Gordon added. “Over the years, we have grown and expanded our operations, while remaining committed to our values of integrity, customer service and community involvement. It has been an honor to lead such a dedicated and talented team, and I am proud of all that we have achieved together.”