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Ransom Retires in Black River Falls
Posted on January 21st, 2009 No commentsJohn Drace is the new president of Jackson County Bank in Black River Falls, replacing Gene Ransom, who led the bank since 2001. Fred Goettl will now serve as executive vice president. Read the Jackson County Chronicle story.
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Milwaukee Foreclosure Plan OK’d
Posted on January 20th, 2009 No commentsThe U.S. Department of Housing and Urban Development has approved a city of Milwaukee plan to spend its $9.2 million Neighborhood Stabilization Program allocation on a program to assist homebuyers who purchase foreclosed properties. The program will also fund rental unit rehabilitation, large project rental development, demolition of unsafe structures, a land bank and more, the Small Business Times reported.
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Bill Would Extend Wage Lien
Posted on January 20th, 2009 No commentsCurrent Wisconsin law allows employees to collect up to $3,000 in back wages when their employer files for bankruptcy or ceases operations. A new proposal authored by state Sen. John Lehman (D-Racine), named the Employee Wage Protection Act, would eliminate the $3,000 per employee cap in recovering unpaid wages. If passed, the bill could restrict lending, bankers say. Read more in the Small Business Times.
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Merger Forms Westbury Bank
Posted on January 19th, 2009 No commentsThe bank formed by the merger of West Bend Savings Bank and Continental Savings Bank will be called Westbury Bank. With assets of $680 million, Westbury is the 22nd-largest bank based in Wisconsin. Its headquarters is in West Bend, with a regional office in Greenfield and 28 locations, the Milwaukee Journal Sentinel reported.
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Results of Banker Survey Released
Posted on January 19th, 2009 No commentsNearly 90 percent of bank chief executives recently surveyed by the Wisconsin Bankers Association said they believe the state’s economy is weakening, and 54 percent expect businesses in their markets to cut employees in the next six months. Read more in the Milwaukee Journal Sentinel.
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No Prosecution for Bad Check Writers
Posted on January 18th, 2009 No commentsOutagamie County is the 16th county in Wisconsin to contract with the Minnesota-based Financial Crimes Services, which charges bank fees and required class fees on top of restitution to people who write bad checks, allowing them to avoid criminal prosecution, the Appleton Post-Crescent reported.
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Re-fis Send Banks into Overtime
Posted on January 17th, 2009 No commentsMilwaukee-area lenders say they are being bombarded by applications for mortgage refinancing as interest rates hover around 5 percent, prompting banks to reassign staff to mortgage processing and work extra hours, according to the Milwaukee Journal Sentinel.
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Latest Foreclosure Stats Released
Posted on January 15th, 2009 No commentsIn Wisconsin, 25,164 foreclosure filings were made in 2008, 62 percent more than in 2007 and 249 percent more than in 2006, on a total of 19,695 properties, according to numbers for RealtyTrac – a service that provides foreclosure information to potential buyers – reported in The Capital Times.
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Chicago Fed CEO: Outlook Sluggish
Posted on January 15th, 2009 No commentsEven if the economy begins to grow again in the second half of this year, job losses are likely to continue mounting into the middle of 2010, said Charles L. Evans, president and chief executive of the Federal Reserve Bank of Chicago at the Wisconsin Economic Forecast Luncheon in Madison. Read more in the Milwaukee Journal Sentinel or WisBusiness.com.
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Hendee Focused on Relationship
Posted on January 14th, 2009 No commentsFormer Firstar Corp. Chairman and Milwaukee civic leader John Hendee focused on relationships with people, said family members and former associates. He died Jan. 4 at age 82. Read the Milwaukee Journal Sentinel obituary.