form102fdicstipulation.htm


     

    FEDERAL DEPOSIT INSURANCE CORPORATION

    


    WASHINGTON,
D.C.

    


    AND

    


    STATE OF
WISCONSIN

    


    DEPARTMENT
OF FINANCIAL INSTITUTIONS

    


    


    


     

    
      	 


    

                                                                                                                   
)

    In the
Matter
of                                                                                    )                                                                     
STIPULATION AND CONSENT

    )                                                                          
TO THE ISSUANCE OF A

    WATERSTONE
BANK,
SSB                                                             )                                                                               
 CONSENT ORDER

    WAUWATOSA,
WISCONSIN                                                         )

    )

    (WISCONSIN
CHARTERED                                                              )                                                                                      
FDIC-09-509b

    INSURED NONMEMBER
BANK)                                    )

    )

    
      	 


    

     

     

    Subject to the acceptance of this
STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("STIPULATION") by
the Federal Deposit Insurance Corporation ("FDIC") and the State of Wisconsin
Department of Financial Institutions, (“WDFI”), it is hereby stipulated and
agreed by and among representatives of the FDIC, the WDFI, and Waterstone
Bank,SSB, Wauwatosa, Wisconsin ("Bank") as follows:

    1.           The
Bank has been advised of its right to receive a NOTICE OF CHARGES AND OF HEARING
("NOTICE") detailing the unsafe or unsound banking practices alleged to have
been committed by the Bank and of its right to a hearing on the charges under
section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b),
and of its right to a hearing on the charges under section 220.04(9) of the
Wisconsin Statutes, Wis. Stat. § 220.04(9),  regarding
hearings before the WDFI, and has knowingly waived those rights.

     

    
      
        
        

      

      
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    2.  The Bank, solely for the
purpose of this proceeding, and without admitting or denying any of the charges
of unsafe or unsound banking practices, hereby consents and agrees to the
issuance of a CONSENT ORDER ("ORDER") by the FDIC and the WDFI.

    3.           The
Bank further stipulates and agrees that such ORDER shall be deemed to be an
order which has become final and unappealable, and that the ORDER shall become
effective upon issuance by the FDIC and the WDFI and fully enforceable by the
FDIC and the WDFI pursuant to the provisions of section 8(i) of the Act, 12
U.S.C. § 1818(i) and under Section 220.04(9) of the Wisconsin Statutes, Wis.
Stat. § 220.04(9), respectively, subject only to the conditions set forth in
paragraph 4 of this STIPULATION.

    4.           In
the event the FDIC and the WDFI accept this STIPULATION and issue the ORDER, it
is agreed that no action to enforce the ORDER will be taken by the FDIC in the
United States District Court or the appropriate Federal Circuit Court or by the
WDFI in the appropriate State Circuit Court unless the Bank, any Bank
institution-affiliated party, as that term is defined in section 3(u) of the
Act, 12 U.S.C. § 1813(u), or any of its successors or assigns, has violated or
is about to violate any provision of the ORDER.

    


    
      
        
        

      

      
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    5.           The
Bank hereby waives:

    (a)           The
receipt of a NOTICE;

    (b)           All
defenses and counterclaims of any kind to this
proceeding;

    (c)           A
hearing for the purpose of taking evidence on the
allegations in the NOTICE;

    (d)           The
filing of proposed findings of fact and conclusions
of law;

    (e)           A
recommended decision of an Administrative Law Judge;
and

    (f)           Exceptions
and briefs with respect to such recommended
decision.

    


    Dated this _______ day of
_______________, 2009.

    


    


    FEDERAL
DEPOSIT
INSURANCE                                                                           WATERSTONE
BANK, SSB

    CORPORATION,                                                                                                         WAUWATOSA,
WISCONSIN

    LEGAL
DIVISION

    


    By:                                                                                                                                 By:

    


    


    _____________________________                                                                   _____________________________                


    Louis J.
DiPietro                                                                                                   
       Thomas E. Dalum

    Deputy
Regional
Counsel                                                                                
          Director

    


    


    
      
        
        

      

      
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    STATE OF
WISCONSIN

    DEPARTMENT
OF
FINANCIAL                                                                          _____________________________

    INSTITUTIONS                                                                                                        Douglas
S. Gordon

                        Director

    By:

    


    


    ___________________________                                                                     _____________________________

    Michael
J.
Mach                                                                                                   
   Michael L. Hansen

    Administrator                                                                                                     
      Director

    Division
of Banking

     

                                                                                                                             
         
______________________________

                     
  Patrick S. Lawton

                     
  Chairman of the Board

    


    


             
         
_____________________________

                 
      Stephen J. Schmidt

               
        Director

    


    


                
      Comprising the Board of

                                                                                                                          
       Directors of

              
        Waterstone Bank, SSB

              
        Wauwatosa, Wisconsin


    
      
         


      

      
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