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August 27, 2015 10:46 PM ET


Company Overview of Westbury Bancorp, Inc.

Company Overview

Westbury Bancorp, Inc. operates as a federal savings and loan holding company for Westbury Bank that provides various banking and financial products and services. The company offers deposit accounts, such as non-interest-bearing and interest-bearing checking accounts, passbook and statement savings accounts, variable rate money market accounts, certificates of deposit, and term certificate accounts. Its loan portfolio includes one-to four-family residential real estate loans, commercial real estate loans, commercial business loans, and multi-family loans, as well as consumer loans comprising home equity lines of credit, construction loans, and automobile loans. The company serves individuals...

200 South Main Street

West Bend, WI 53095

United States

Founded in 1926

127 Employees





Key Executives for Westbury Bancorp, Inc.

Chairman, Chief Executive Officer, Chairman of Westbury Bank and Chief Executive Officer of Westbury Bank
Age: 65
Total Annual Compensation: $286.7K
President, Chief Operating Officer, President of Westbury Bank and Chief Operating Officer of Westbury Bank
Age: 45
Total Annual Compensation: $181.7K
Chief Financial Officer, Senior Vice President, Chief Financial Officer of Westbury Bank and Senior Vice President of Westbury Bank
Age: 51
Total Annual Compensation: $172.9K
Compensation as of Fiscal Year 2014.

Westbury Bancorp, Inc. Key Developments

Westbury Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2015

Westbury Bancorp, Inc. reported earnings results for the third quarter and nine months ended June 30, 2015. For the quarter, the company reported net interest income of $4,767,000 against $4,108,000 a year ago. Income before income tax expense was $158,000 against $33,000 a year ago. Net income was $110,000 or $0.03 per share against $69,000 or $0.01 per share a year ago. Return on average assets was 0.07% against $0.05% a year ago. Return on average equity was 0.56% against 0.31% a year ago. For this quarter, compared to the first two quarters of the year, earnings decreased due to decisions made by management that will ultimately contribute to progress toward long-term goal of earnings growth. The company made the decision to close an underperforming branch office and to buyout a service contract. These decisions reduced earnings this quarter but are expected to reduce expenses in future periods for the Company. For the nine months, the company reported net interest income of $13,878,000 against $12,283,000 a year ago. Income before income tax expense was $1,577,000 against loss before income tax expense of $2,915,000 a year ago. Net income was $1,041,000 or $0.03 per share against net loss of $69,000 or $0.01 per share a year ago. Return on average assets was 0.23% against negative return on average assets of $0.40% a year ago. Return on average equity was 1.66% against negative return on average equity of 0.31% a year ago.

Westbury Bancorp, Inc. and Westbury Bank Announces Management Changes, Effective October 1, 2015

Westbury Bancorp, Inc. appointed Greg J. Remus Chief Executive Officer (CEO) of the Company and its subsidiary, Westbury Bank, effective October 1, 2015. Remus will succeed Ray Lipman who will be stepping down as Chief Executive Officer for the Company and the Bank. Lipman will continue to serve as Chairman of the Board for the Company and the Bank and will focus on corporate governance, strategic planning and growth opportunities. In January 2014, Remus was named Chief Operating Officer and in January 2015, he was named President of both the company and the Bank. Remus has been an officer of the Bank since August 2009, and served in a number of positions of the Bank since that time. Prior to joining Westbury Bank, Remus had 18 years of commercial banking experience with a number of commercial banks. The Company and Bank's strategic focus as a community commercial banking model also resulted in the Board of Directors creating three new senior management positions effective as of October 1, 2015. Kirk Emerich was named Executive Vice President - Chief Financial Officer and Investor Relations. Glenn Stadler was named Executive Vice President - Chief Commercial Lending Officer. Peter Lee was named Executive Vice President - Chief Community Banking Officer. Emerich will be responsible for investor relations, enterprise risk management and all financial matters and will continue to serve as Chief Financial Officer. Stadler will be responsible for developing and managing business banking relationships, overall production of business lending, cash management services and commercial deposit growth. Lee, in his expanded role, will be responsible for overall retail lending including sales production of all retail products in branch network and has retail banking experience of over 30 years.

Westbury Bancorp, Inc., Annual General Meeting, Jun 17, 2015

Westbury Bancorp, Inc., Annual General Meeting, Jun 17, 2015., at 13:30 Central Standard Time. Location: Westbury Bank. Agenda: To elect three directors; to ratify the appointment of McGladrey LLP as independent registered public accounting firm for the year ending September 30, 2015; and to consider such other matters as may properly come before the Annual Meeting, or any adjournments thereof.

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