Waterstone Mortgage again looking for a CEO
Andy Peach is resigning as the president and CEO of Waterstone Mortgage, effective July 31, after less than a year in the role. Peach is the third person to leave or be fired from the position since the summer of 2018.
"We appreciate the contributions Andy made to Waterstone Mortgage and wish him well in his future endeavors," Doug Gordon, president and CEO of WaterStone Bank, said in a press release. "Our executive team is comprised of accomplished leaders with extensive experience in the mortgage lending industry, and they will continue, as they have for many years, to guide and grow Waterstone Mortgage while we search for a new president and CEO."
Gordon, who is also the CEO of holding company Waterstone Financial, will again serve as interim CEO of the mortgage company during the process.
Peach is leaving the retail mortgage originator to work for an undisclosed correspondent lender. Before joining Waterstone, he was the chief production officer at Pacific Union Financial. Prior to that role, he was its senior executive vice president in charge of the correspondent and wholesale channels.
"It has been an honor and privilege to work with an exceptionally dedicated team of executives and hardworking employees," said Peach. "Leaving Waterstone Mortgage is a difficult decision and not one that I take lightly. I will truly miss being a part of the Waterstone family and I am grateful to have had the opportunity to lead such an exceptional company."
In June 2018, before Peach was hired, A.W. Pickel III was brought in to be president of Waterstone's mortgage unit, with Eric Egenhoefer, the mortgage company's founder, remaining as CEO. However, a few months later Eganhoefer left the company entirely and Pickel became CEO.
But Waterstone terminated Pickel "for cause" the following March. Peach came on board in August.
In the first quarter, Waterstone Mortgage had net income of $2.8 million, up from $2.4 million in the fourth quarter and $719,000 in the first quarter of 2019. It originated $708.8 million for the first quarter, compared with $770.1 million in the fourth quarter and $501.4 million one year prior.