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Fiserv Income, Revenue Down
Posted on April 30th, 2009 No commentsNet income at Fiserv Inc. declined 69 percent in the first quarter because last year’s results included a special gain, the Milwaukee Journal Sentinel reported.
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MGIC Reports Loss
Posted on April 29th, 2009 No commentsMGIC Investment Corp., the Milwaukee-based mortgage insurer, reported a larger-than-expected first-quarter loss of $184.6 million, or $1.49 a share, the Milwaukee Journal Sentinel reported.
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Amcore Announces Cutbacks
Posted on April 28th, 2009 No commentsAfter its fifth consecutive quarterly loss, Amcore Financial of Rockford, Ill., has announced cost-reduction measures including elimination of 116 jobs, decreases in executive pay and an adjustment of branch hours, the Wisconsin State Journal reported.
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UWM Hosts Bank Watchdog Panel
Posted on April 28th, 2009 No commentsThe global financial crisis was both predictable and preventable, argues Harvard University law professor Elizabeth Warren. She is the outspoken chairwoman of the Warren chairs the Congressional Oversight Panel, which oversees the Treasury Department’s $700 billion effort to shore up American banks. The group met at the University of Wisconsin-Milwaukee to collect testimony examining whether the Treasury’s massive infusions have invigorated lending enough to trickle down to small businesses and consumers. Read more in the Milwaukee Journal Sentinel about the purpose of the meeting and business owners’ testimony.
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Student Loan Changes Proposed
Posted on April 27th, 2009 No commentsPresident Barack Obama is proposing to change the way student loans are distributed nationwide. Obama’s plan, included in his budget proposal, would end the Federal Family Education Loan Program in exchange for more direct lending to students by the federal government, the University of Wisconsin-Madison’s Badger Herald reported.
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Metavante Shareholder Files Suit
Posted on April 27th, 2009 No commentsA Metavante Technologies Inc. shareholder has filed a lawsuit in an attempt to derail the sale of the company, saying the $3 billion price is too low and the board of directors breached its financial duty in agreeing to the sale, the Milwaukee Journal Sentinel reported.
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U.S. Bancorp Buys Idaho Bank Assets
Posted on April 27th, 2009 No commentsThe holding company of Minneapolis-based U.S. Bank, the second-largest bank in the Milwaukee area, acquired $225 million in deposits of First Bank of Idaho and branches that operate under the name First Bank of the Tetons, the Business Journal of Milwaukee reported.
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Wis. Bank All A-Twitter
Posted on April 26th, 2009 No commentsBrookfield-based North Shore Bank is using the online networking tool Twitter to promote its involvement in community events, according to a story in Bank Technology News.
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M&I Shareholders Vent at Meeting
Posted on April 26th, 2009 No commentsIn a standing-room-only annual meeting, top executives of Marshall & Ilsley Corp. felt the wrath of shareholders unhappy about a huge cut in the dividend and decisions made in recent years by management. Last year M&I posted a $568 million loss, and its stock price fell more than 48 percent. The quarterly dividend was cut to a penny from 32 cents. Read the Milwaukee Journal Sentinel article.
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Stimulus Scam Hits Wisconsin
Posted on April 24th, 2009 No commentsLetters purporting to be from a bank, with “Economic Stimulus Act 2009” on the masthead are showing up in more Madison-area mailboxes. These letters suggest the recipient will be eligible for a lower fixed rate on their mortgage – but they’re a scam. Read the Wisconsin State Journal article.