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Anchor to Cut Expenses Amid Regulatory Concerns
Posted on June 26th, 2009 No commentsMadison-based Anchor BanCorp Wisconsin Inc. is under orders by regulators to improve its performance and is cutting expenses by at least 6 percent. The company had a net loss of $43.3 million in the quarter ended March 31 as the bank was forced to greatly increase its reserves to cover potentially bad debt, according to the Milwaukee Journal Sentinel.
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M&I Extends Foreclosure Moratorium
Posted on June 26th, 2009 No commentsMarshall & Ilsley Corp. has extended its moratorium on home foreclosures until Sept. 30. The program applies to borrowers who live in their homes and agree to work in good faith to reach a successful repayment agreement. Read the Milwaukee Journal Sentinel article.
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SBA Makes Changes to 504 Program
Posted on June 24th, 2009 No commentsSmall businesses looking to expand are now able to refinance existing loans to buy real estate and other fixed assets as a result of permanent changes to the U.S. Small Business Administration’s 504 Certified Development Company loan program, the Business Journal of Milwaukee reported.
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Bauer Signs Two-Year Contract with Anchor
Posted on June 24th, 2009 No commentsChris M. Bauer will be paid a salary of $480,000 a year to run Madison-based Anchor BanCorp Wisconsin Inc. His contract with Anchor is for two years, according to the Milwaukee Journal Sentinel.
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Thrivent Financial Exec to Retire
Posted on June 24th, 2009 No commentsBruce Nicholson, the chairman, president and chief executive of Thrivent Financial for Lutherans, intends to retire by the end of next year, the Milwaukee Journal Sentinel reported. Seven years ago, Nicholson helped lead the merger of Appleton-based Aid Association for Lutherans and Lutheran Brotherhood of Minneapolis to form Thrivent.
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CUNA Mutual Doubles Retirement Business
Posted on June 24th, 2009 No commentsCUNA Mutual Group plans to acquire CPI Qualified Plan Consultants Inc., of Great Bend, Kan. The acquisition will double CUNA Mutual’s retirement business to about 7,500 retirement plans with assets under administration of almost $10 billion, the Milwaukee Journal Sentinel reported.
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Baylake Chairman Herlache Retires
Posted on June 23rd, 2009 No commentsThomas L. Herlache will retire as chairman of the board at Sturgeon Bay-based Baylake the company. He will continue to serve as Corp., upon completion of his two-year agreement with a director, according to a Baylake news release.
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Wis. Loan Climate to Stay Cloudy
Posted on June 23rd, 2009 No commentsLess than one-fourth, or 23 percent, of Wisconsin bank leaders say they expect residential loan demand to increase in the second half of 2009. Demand for other loans is expected to stay flat for the rest of the year as well, according to results of a twice-a-year Wisconsin Bankers Association survey. Read the Milwaukee Journal Sentinel article or the WBA news release.
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Regulators Request Information in Metavante Acquisition
Posted on June 22nd, 2009 No commentsThe U.S. Department of Justice has requested additional information, delaying the planned acquisition of Metavante Technologies Inc. by Fidelity National Information Services Inc., the Business Journal of Milwaukee reported.
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Anchor Names New President
Posted on June 22nd, 2009 No commentsAnchor BanCorp Wisconsin Inc. has brought in former Firstar Bank Milwaukee chief executive Chris M. Bauer to be president and CEO of the corporation and CEO of the bank. Bauer succeeds President Douglas J. Timmerman, who plans to retire in 2009, and CEO Mark D. Timmerman. Read more in the Milwaukee Journal Sentinel.