WaterStone Bank

What WaterStone Bank does

WaterStone Bank is a state-chartered savings bank headquartered in Wauwatosa, Wisconsin, founded in 1921 and operating as a wholly owned subsidiary of WaterStone Financial, Inc. (NASDAQ: WSBF). The bank serves individual consumers and small-to-medium businesses across Southeast Wisconsin through 14 physical branches spanning Milwaukee, Waukesha, and Washington counties, complemented by over 650 no-fee ATMs across Wisconsin and Minnesota. Its product suite covers personal checking (Essential, Universal, Stepping Stone, Checking 2.5 with 2.50% cash-back rewards), savings (Ultimate Money Market, Life Moments Savings, CDs, HSAs, IRAs), residential mortgages and HELOCs, business checking across four tiers, business CDs and money market, commercial real estate and small business lending, credit cards via Elan Financial Services, merchant services through Fiserv, and gift/prepaid cards via Pathward. The bank also operates WaterStone Investment Services (wealth management) and the WaterStone Bank Foundation.

The bank's technology stack centers on a digital banking platform with native mobile apps for iOS and Android, integrated Zelle peer-to-peer payments, mobile wallet support (Apple Pay, Google Pay, Samsung Pay), Card Suite Lite for debit card management (freeze/unfreeze, spending limits, location-based controls, instant alerts), online self-service account opening, and Microsoft Bookings for scheduled appointments. Specialized population programs segment and lock in customers: Classic Club (50+), HERO (first responders), MVP (military), Student Checking (ages 14-26), Blue's Jr. Bankers (children under 14), and BRAVO (employer partnership channel).

WaterStone generates revenue primarily through net interest income on residential mortgages, HELOCs, commercial real estate loans, and small business loans (offset by deposit interest expense), with supplementary fee income from deposit account maintenance and overdraft charges, transaction and processing fees on business accounts, credit card interchange via the Elan partnership, and merchant services revenue via Fiserv. GTM motion is hybrid: community-led acquisition through local sponsorships, events, and the Bank Foundation, combined with direct-to-consumer digital channels including online account opening and mobile app onboarding. Recent strategic posture has expanded beyond traditional community banking, with WaterStone (via The Christian Community Foundation) investing $40 million in Salem Media convertible preferred stock in 2025 and announcing a definitive agreement in May 2026 to acquire Salem Media outright for $1.00 per share in a going-private transaction expected to close August 2026.

Name

WaterStone Bank

Legal name

WaterStone Bank SSB

Website

https://wsbonline.com

Company type

Private

Founded year

1921

Operating status

Operating

Headcount range

501–1,000 employees

Short description

WaterStone Bank is a 100+ year community bank in Southeast Wisconsin offering consumer and business deposit, lending, and wealth management products through 14 branches, digital banking, and specialized programs for distinct customer segments; subsidiary of NASDAQ-listed WaterStone Financial (WSBF).

Ownership category

akta.pro rank

Headquarters

HQ city

Wauwatosa

HQ country

United States

HQ region

North America

Offices16 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Primary revenue source from interest earned on loans including residential mortgages, home equity lines of credit, commercial real estate loans, and small business loans, offset by interest paid on deposits
2. Deposit Account Fees: Monthly maintenance fees on checking and savings accounts, overdraft fees, and account service charges. Fees are often waived based on minimum balance requirements or enrollment in specific programs
3. Transaction and Processing Fees: Fees from business checking accounts for transactions exceeding monthly limits, foreign currency exchange orders, and merchant services processing
4. Credit Card Interchange: Revenue from credit card transactions processed through Elan Financial Services partnership

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

WaterStone Bank is a state-chartered community savings bank headquartered in Wauwatosa, Wisconsin, operating 14 branches across Southeast Wisconsin. It offers a full suite of consumer deposit products (checking, savings, money market, CDs, HSAs, IRAs), residential mortgage and HELOC products, personal and business credit cards, and small business/commercial real estate lending, alongside merchant services and wealth management through WaterStone Investment Services.

Product overview

WaterStone Bank is a regional community bank headquartered in Wauwatosa, Wisconsin, offering a comprehensive suite of personal and business banking products. The bank's personal banking lineup centers on checking accounts (Checking 2.5 with cash-back rewards, Essential, Universal, and Stepping Stone), savings vehicles (Ultimate Money Market, Life Moments Savings, Blue's Jr. Bankers), certificates of deposit, Health Savings Accounts, IRAs (Traditional, Roth, and Fixed-Rate CDs), credit cards through Elan Financial Services, and home lending including HELOCs and ARMs. Special population programs include Classic Club for ages 50+, HERO for first responders, MVP for military members, and Student Checking for ages 14-26. Business banking encompasses four checking tiers (Essential, Advantage, Analysis, Interest), business money market and CDs, credit cards, small business and commercial real estate lending, merchant services with Fiserv, and the BRAVO employee benefits program. Digital banking capabilities are delivered through web and mobile platforms with integrated Zelle payments, mobile wallet support (Apple Pay, Google Pay, Samsung Pay), and Card Suite Lite for debit card management. The bank operates 14 branches across Southeast Wisconsin.

Differentiator

Problem solved

Functional benefit

Brands

• WaterStone Investment Services: Investment services including wealth management, financial planning, and investment advisory services.
• WaterStone Bank Foundation

Products and services

• Checking 2.5

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• FiservcoreTechnology or IntegrationWaterStone Bank has partnered with Fiserv to offer merchant card processing services through Fiserv Merchant Services. This partnership provides businesses with flexible pricing, rapid fund availability, reliable technology, fraud protection, and dedicated support for accepting credit and debit card payments.
• Children's WisconsinminorOthersWaterStone Bank has a charitable partnership where $10 is donated to Children's Wisconsin for each Blue's Jr. Bankers Savings account opened. This supports children's health and wellness programs in the community.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• PyraMax Bank: Community bank headquartered in Greenfield, Wisconsin, serving the greater Milwaukee area. Directly comparable to WaterStone in market geography, customer segments, and small business banking focus.
• Waukesha State Bank: Community bank headquartered in Waukesha, WI, with branches across Waukesha County. Closely comparable to WaterStone in size, geographic focus, and full-service consumer/business banking offering.
• First Bank Financial Centre: Wisconsin-based community bank operating in the greater Milwaukee and Waukesha markets. Offers comparable consumer and business banking products to WaterStone with similar suburban Milwaukee branch density.
• Johnson Financial Group: Wisconsin-based privately-held financial services company offering community banking, wealth management, and insurance. Comparable to WaterStone in regional focus, private ownership profile, and integrated banking-plus-investment services model.
• Town Bank (Wintrust): Wisconsin community bank subsidiary of Wintrust Financial serving the Milwaukee metro. Comparable to WaterStone in product breadth and Southeast Wisconsin market focus, though now operating as part of a larger multi-bank holding company.
• North Shore Bank: Mutual savings bank headquartered in Brookfield, Wisconsin, with branches across the Milwaukee metro. Directly comparable to WaterStone in product mix (checking, savings, mortgages) and Southeast Wisconsin geographic footprint.

Regional players

• Old National Bank: Midwest-headquartered community bank of comparable size and business mix (consumer/SMB banking, mortgages, wealth management). Comparable to WaterStone in operating model and product depth, though serving a different Midwest geography.

Broad incumbents

• BMO Bank (formerly Harris Bank): Major North American bank with deep historical roots in Wisconsin (formerly M&I/Harris). Competes directly with WaterStone for Milwaukee-area consumer and SMB deposits and loans as a much larger incumbent with broader product capabilities.
• Citizens Bank: Super-regional bank with branch presence across the Midwest including Wisconsin. Overlaps with WaterStone in personal and business banking products but operates at materially larger scale with broader geographic diversification.
• Associated Bank: Green Bay-based regional bank with extensive Wisconsin branch presence. Comparable to WaterStone in core products and Wisconsin geographic focus but materially larger in scale and balance sheet, providing a regional incumbent benchmark.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/waterstonebank
• YouTubeyoutube.com/channel/UC9qXIoU4HjftXngVNHZXeqQ
• Facebookfacebook.com/waterstonebank
• LinkedInlinkedin.com/company/waterstone-bank
• Instagraminstagram.com/waterstonebank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WaterStone Bank