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Associated’s Binder Resigns
Posted on May 15th, 2009 No commentsLisa Binder, one of the highest profile female executives in the Wisconsin banking industry, has resigned from her positions as president and chief operating officer at Associated Banc-Corp and Associated Bank. Read more in the Business Journal of Milwaukee.
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MGIC Seeks Approval for New Subsidiary
Posted on May 14th, 2009 No commentsMGIC Investment Corp. is hoping to win regulatory approval for a plan that would allow it to write new business through a subsidiary while the parent company deals with delinquencies and losses from the ongoing housing slump, Chairman Curt S. Culver told shareholders. Read the Milwaukee Journal Sentinel article.
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M&I Sues Guaranty Over Loan Collateral
Posted on May 14th, 2009 No commentsM&I Bank is suing the holding company of Guaranty Bank over what M&I contends was the devaluing of collateral on a $50 million loan made years ago to Guaranty, the Milwaukee Journal Sentinel reported.
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TARP Opened to Smaller Banks
Posted on May 13th, 2009 No commentsU.S. Treasury Secretary Timothy Geithner said funds from the Troubled Asset Relief Program will now be available to small, community and privately owned banks, according to a MarketWatch report. About $109.6 billion of TARP funding remains, Geithner said. (News item from the Business Journal of Milwaukee.)
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Marine Bank Re-Working Restructuring Plan
Posted on May 12th, 2009 No commentsThe parent of Marine Bank will go back to the drawing board to try to craft a debt-restructuring plan more acceptable to investors who years ago bought securities that generated expansion money for the now-struggling bank holding company. Read the Milwaukee Journal Sentinel article.
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Wis. Home Prices Hold Steady
Posted on May 12th, 2009 No commentsData released for the first quarter shows that Wisconsin experienced more of a drop off in home sales than the national average, but home prices were more stable. The median home price declined 9.5 percent in the state compared with 13.8 percent nationwide, the Milwaukee Journal Sentinel reported.
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Milwaukee Home Sales Show Promise
Posted on May 11th, 2009 No commentsHome sales in the metro Milwaukee area fell about 2 percent in April, the smallest monthly drop so far this year but not quite a clear sign that an upturn in the housing market is imminent, according to the Milwaukee Journal Sentinel.
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Community Banks ‘Too Small to Risk Embarrassment’
Posted on May 11th, 2009 No commentsIt’s unlikely that any group of professionals is happier to highlight the dullness of their work than small-town bankers. Forget “too big to fail.” These banks consider themselves too small to risk embarrassment, The New York Times writes.
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Baraboo Bank Puts TARP Money to Work
Posted on May 11th, 2009 No commentsBaraboo Bancorp Inc. has earmarked all of its $20.7 million in TARP money for loans for homes, cars, businesses and farms. “The loan demand out here is crazy,” CEO Merlin Zitzner told the Chicago Tribune. “We’ve had to hire five or six loan processors because we’re helping hundreds and hundreds of people refinance their houses.” Read the article.
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U.S. Bancorp Begins $2.5B Stock Sale
Posted on May 11th, 2009 No commentsMinneapolis-based U.S. Bancorp began a $2.5 billion stock sale and told investors it intends to pay back the federal government’s $6.6 billion bailout under the Capital Purchase Program, the Business Journal of Milwaukee reported.