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Decline in Farmland Value Worst Since 1985
Posted on May 21st, 2009 No commentsThe value of good farmland in several Midwestern states fell by a dramatic 6 percent in the first quarter, the biggest decline since 1985, the Federal Reserve Bank of Chicago wrote in its AgLetter. The Fed also reported that the demand for non-real estate loans and the availability of funds were higher than in the same period a year ago. Loan repayment rates edged up as well. Read the Reuters article.
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Southport Bank Names New CEO
Posted on May 21st, 2009 No commentsGerald Schwallier will succeed Southport Bank founder Karl Ostby as president and chief executive of Southport Bank in Kenosha. Ostby, who started the bank in 1997, said earlier this year that he plans to retire. Schwallier, 62, was founding president of Meridian Capital Bank in Milwaukee. He also was the market chief executive for Bank One in Kenosha and Racine. He most recently was executive vice president and chief credit officer for the Bank of Scottsdale in Arizona. Read the Milwaukee Journal Sentinel article.
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Fiserv to Buy Back Shares
Posted on May 21st, 2009 No commentsThe board of Fiserv Inc. authorized the repurchase of up to 5 million shares, or about 3 percent, of the company’s common stock, according to the Milwaukee Journal Sentinel.