UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2014
WATERSTONE FINANCIAL, INC.
(Exact name of Registrant as specified in its charter)
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Maryland
(State or Other Jurisdiction
of Incorporation)
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001-36271
(Commission File Number)
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90-1026709
(I.R.S. Employer Identification No.)
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11200 W. Plank Ct, Wauwatosa, Wisconsin 53226
(Address of principal executive offices)
(414) 761-1000
Registrant's telephone number, including area code
Not Applicable
(Former Name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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| Item 5.02 | Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On February 18, 2014, Waterstone Financial, Inc. (the "Company") appointed Mark Gerke as Vice President, Controller and Principal Accounting Officer of the Company, effective immediately.
Mr. Gerke, age 39, has served as Vice President and Controller of WaterStone Bank SSB (the "Bank"), the Company's wholly-owned subsidiary, since October 2005. From 1998 to 2005, Mr. Gerke served in various positions with the public accounting firm Ernst & Young LLP, including as Senior Manager in assurance services before joining the Bank. Mr. Gerke is a Certified Public Accountant and holds degrees in accounting and business administration from the University of Wisconsin – Green Bay.
In the ordinary course of business, the Bank makes loans available to its directors, officers and employees. After six months of continuous employment, full-time employees of the Bank were previously entitled to receive a mortgage loan at a reduced interest rate, consistent with applicable laws and regulations. In December 2005, the board of directors discontinued the employee loan program for employee loans originated after March 31, 2006. Employee loans at reduced interest rates originated on or before March 31, 2006 continue on their same terms. Employees are subject to income tax on the difference between interest paid pursuant to their employee rate and interest that would have been paid pursuant to the non-employee rate.
The chart below lists information with respect to Mr. Gerke's participation in the employee mortgage loan program during the year ended December 31, 2013.
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Largest Aggregate
Balance 01/01/13 to 12/31/13
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Interest
Rate
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Non-employee Interest Rate
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Principal
Balance
12/31/13
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Principal Paid
01/01/13 to
12/31/13
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Interest Paid
01/01/13 to
12/31/13
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$241,319
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1.68%
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6.50%
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$232,895
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$8,424
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$4,138
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Item 9.01 Financial Statements and Exhibits
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Waterstone Financial, Inc.
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Date: February 21, 2014
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Name: William F. Bruss
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Title: Chief Operating Officer
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