Andy Peach will step down as President and CEO of Waterstone Mortgage with effect from July 31 after less than a year. Peach is the third person to leave or be dismissed since summer 2018.
"We appreciate the contributions Andy has made to Waterstone Mortgage and wish him all the best for his future endeavors," said Doug Gordon, President and CEO of WaterStone Bank, in a press release. "Our leadership team is comprised of experienced executives with extensive experience in the mortgage loan industry. As many years ago, they will lead and expand Waterstone Mortgage as we look for a new president and CEO."
Gordon, who is also CEO of Holding Waterstone Financial, will again act as interim CEO of the mortgage bank during the process.
Peach is leaving the residential mortgage lender to work for an undisclosed correspondence lender. Before joining Waterstone, he was Chief Production Officer at Pacific Union Financial. Prior to this, he was responsible for the correspondence and wholesale channels as a senior executive vice president.
"It was an honor and a privilege to work with an exceptionally dedicated team of leaders and hardworking people," said Peach. "Leaving Waterstone Mortgage is a difficult decision and not one that I make lightly. I will really miss being part of the Waterstone family, and I am grateful to have had the opportunity to run such an exceptional business. "
In June 2018, before Peach was hired, A.W. Pickel III was named President of Waterstone's mortgage division, with Eric Egenhoefer, founder of the mortgage company, continuing to serve as CEO. A few months later, Eganhoefer left the company completely and Pickel became CEO.
But Waterstone ended Pickel "for an important reason" the following March. Peach came on board in August.
In the first quarter, Waterstone Mortgage posted net income of $ 2.8 million, compared to $ 2.4 million in the fourth quarter and $ 719,000 in the first quarter of 2019. In the first quarter, $ 708.8 million was estimated, compared to $ 770.1 $ 4 million in the fourth quarter and $ 501.4 million a year earlier.