Waukesha-based First Federal Bank of Wisconsin announced that Steve Wierschem has been promoted to president and chief executive officer.

Wierschem served as chief financial officer of the bank from 2020 until December of 2025 and added the title of president of the bank in December of 2024.

Prior to joining First Federal Bank of Wisconsin, Wierschem worked for PwC for more than 13 years.

As CEO of First Federal Bank of Wisconsin, Wierschem succeeds Edward Schaefer, who will assume the role of executive chairman of the bank’s board of directors. Schaefer had been the bank’s CEO since 2016.

“Steve continues to perform at a very high level, and his promotion to president and CEO is a natural next step for him to oversee all daily operations of the bank,” said Schaefer. “Over the last few years, the board and I developed a succession plan to transition my daily leadership to Steve. His performance continues to exceed our expectations, and his promotion to add the title of CEO falls in line perfectly with our plan. We are confident in Steve’s ability to lead First Federal.”

First Federal Bank of Wisconsin has $276.3 million in assets and six branch locations in Milwaukee, Waukesha and Brookfield.

“I am honored to step into the role of president and CEO and grateful for Ed’s mentorship.” said Wierschem. “With the support of the talented First Federal team, we will focus on profitably growing the bank, providing exceptional customer service, and supporting the communities we serve.”

Steve Wierschem and Edward Schaefer