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Fiserv Target of $1B Lawsuit
Posted on April 18th, 2009 No commentsBrookfield-based Fiserv was hit with a $1 billion class-action suit that contends the firm breached its fiduciary duty and bears responsibility for money lost by clients of Bernard Madoff who used Fiserv subsidiaries as custodian for pension or Individual Retirement Accounts. Read the Milwaukee Journal Sentinel article.
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Bank Mutual Income Up 42%
Posted on April 17th, 2009 No commentsBrown Deer-based Bank Mutual Corp. said its first quarter net income increased 42 percent as mortgage lending profits increased and investments showed significant gains, according to the Business Journal of Milwaukee.
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Associated Earnings Fall 47%
Posted on April 16th, 2009 No commentsAssociated Banc-Corp reported that profits fell almost 47 percent in the first quarter and that it is cutting its dividend by 27 cents. At the same time, the bank more than quadrupled its quarterly allocation to reserves for potential loan losses, adding $105.4 million, according to the Milwaukee Journal Sentinel.
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More Bad News for Marine Bank
Posted on April 16th, 2009 No commentsCIB Marine Bancshares Inc. revealed in regulatory documents that Marine Bank, one of its two bank subsidiaries, soon will be under orders by federal and state regulators to deal with bad loans, maintain adequate capital and improve other business practices, raising doubts that the company will be able to stay in business, the Milwaukee Journal Sentinel reported.
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Wis. Bankruptcy Filings Up 35%
Posted on April 15th, 2009 No commentsBankruptcy filings in Wisconsin soared 35 percent in the first quarter of the year, as mounting job losses, reduced working hours and the weak economy took a toll on consumers. People over 50 who lost a job or had a big household pay cut, as well as workers on commission, account for an increasing number of filings, bankruptcy attorneys say. Read the Milwaukee Journal Sentinel article.
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InvestorsBank Names New CEO
Posted on April 14th, 2009 No commentsRichard Hensley has been named chief executive officer of Waukesha-based InvestorsBank. He previously served as Wisconsin president of Citizens Bank. Timothy Schadeberg remains the bank’s president, a role he began in May 2008. Read the Milwaukee Small Business Times article.
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Securant Receives TARP Funds
Posted on April 14th, 2009 No commentsThe Milwaukee parent company of Securant Bank & Trust has become the 13th Wisconsin bank to receive an investment from the federal government. The Treasury bought $5.1 million in preferred stock through the government’s Capital Purchase Program, the Milwaukee Journal Sentinel reported.
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Milwaukee Home Prices Below ’05 Levels
Posted on April 13th, 2009 No commentsAverage sale prices of homes in metro Milwaukee are below what they were a few years ago as the housing slump has dragged on, according to figures released by Metro MLS Inc. The average sale price in the four-county area was $220,256 in the first quarter of 2009, compared with $233,178 in the first quarter of 2005. Read the Milwaukee Journal Sentinel article.
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Manitowoc Bank Stock Rises 38%
Posted on April 13th, 2009 No commentsIn March, the stock of Bank First National, the former First National Bank in Manitowoc, was one of the top five gainers in the Wisconsin Ticker, a monthly analysis of public company stock prices in the state by Bloomberg News. A $1,000 investment in Bank First National’s parent company — First Manitowoc Bancorp Inc. — on March 1 would have grown to more than $1,384 by the end of the month, according to Bloomberg. Read the Milwaukee Journal Sentinel story.
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CIB Marine’s Future in Question
Posted on April 12th, 2009 No commentsCIB Marine Bancshares Inc. said in a series of regulatory filings over the past several months that it wants holders of its trust-preferred securities, which were issued earlier this decade to finance the bank’s growth, to accept preferred stock in exchange for the securities — a move that would bring badly needed capital to the bank holding company, according to the Milwaukee Journal Sentinel.