Waterstone Financial (WSBF) in Wauwatosa, Wis., has opened its first branch outside its home state.
The $1.6 billion-asset company said Tuesday that the branch, located in Maple Grove, Minn., will focus on commercial real estate lending.
We are excited to be entering the Minnesota market WaterStone has a strong capital base to provide for consistent loan growth in the Twin Cities, Doug Gordon, WaterStones president and chief executive, said in the release.
WaterStone began a common stock offering this month tied to its previously announced second-step conversion. The company is selling the 73.5% stake owned by its holding company, Lamplighter Financial.
The company has 10 branches in Wisconsin and mortgage banking offices in 12 states, according to the release and data from the Federal Deposit Insurance Corp.