Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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Letter: Use TARP Funds as Intended
Posted on February 6th, 2010 No comments“President Obama has proposed that the government take $30 billion in repayments from the Toxic Asset Relief Program and distribute it to banks for small business loans. While there may be a legitimate need, this would be contrary to the law as written,” reads a letter to the editor in the Wausau Daily Herald.
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Bank of America Drops MGIC
Posted on February 5th, 2010 No commentsMilwaukee-based MGIC Investment Corp. has lost Bank of America as a customer. In December 2009, the mortgage insurer disclosed that B of A had sued MGIC for refusing to pay an estimated $100 million in claims the past two years. Read the story in the Business Journal of Milwaukee.
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Anchor Reports $12.2M Loss for Quarter
Posted on February 5th, 2010 No commentsThe parent company of AnchorBank lost $12.2 million in the quarter ended Dec. 31 as it increased loan loss reserves again. CEO Chris Bauer noted that while the quarterly provision for loan losses remained high at almost $10.5 million, it was down $50.4 million from the previous quarter. Read the Milwaukee Journal Sentinel article.
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Bank Declines Land in Foreclosure Suit
Posted on February 5th, 2010 No commentsM&I Bank has filed a foreclosure suit because of a delinquent $1.6 million loan on a housing development in Franklin, Wis. The developer offered to give the bank the land, which the bank declined, according to a story in the Milwaukee Journal Sentinel.
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Home Equity an Option for Building Reserve
Posted on February 5th, 2010 No commentsOne way to build up needed personal reserves “may be to leverage your home and use loan proceeds to populate your emergency reserve,” writes Dick Hensley, CEO of InvestorsBank in Waukesha, in the Milwaukee Small Business Times.
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Bank of Luxemburg Pays Dividend
Posted on February 4th, 2010 No commentsThe parent company of Bank of Luxemburg paid a semi-annual cash dividend of 50 cents per share to stockholders in December. “We are profitable and expect to remain so,” said President John Slatky in the Green Bay Press-Gazette.
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M&I Likely to Repay TARP Next Year
Posted on February 3rd, 2010 No commentsMarshall & Ilsley Corp. probably won’t start paying back the U.S. Treasury’s $1.7 billion TARP investment until next year, CFO Greg Smith said at the Morgan Stanley U.S. Financials Conference in New York City, according to the Milwaukee Journal Sentinel.
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Bank Mutual Declares Dividend
Posted on February 3rd, 2010 No commentsBank Mutual Corp. will pay a quarterly cash dividend of 7 cents per share on March 1 to shareholders of record on Feb. 11, the Green Bay Press-Gazette reported.
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Amcore Reports Smaller Q4 Loss
Posted on February 2nd, 2010 No commentsAmcore Financial Inc., a Rockford, Ill.-based bank holding company that sold four of its Wisconsin branches in 2009 to help shore up its capital position, reported a smaller net loss for the fourth quarter of 2009, the Business Journal of Milwaukee reported.
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Citizens Parent Co. Sells Iowa Bank
Posted on February 1st, 2010 No commentsCitizens Republic Bancorp Inc., the parent of Citizens Bank locations in Wisconsin, said Monday that it has agreed to sell F&M Bank-Iowa to Great Western Bank of Sioux Falls, S.D., for about $50 million in cash, the Business Journal of Milwaukee reported.