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Developers Lose Pre-Payment Penalty Lawsuit
Posted on June 19th, 2009 No commentsA developer that filed a lawsuit fighting a $797,000 penalty charged for repaying a commercial loan early will have to pay the bank an additional $834,000 more as a pre-payment penalty, a Milwaukee Circuit Court judge has decided. Read more in the Milwaukee Journal Sentinel’s Proof and Hearsay blog.
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Merger Partners Sought for Credit Unions
Posted on June 18th, 2009 No commentsRegulators are looking for merger partners for Allco Credit Union, of West Allis, and First Security Credit Union, of Elm Grove, both of which have fallen below capital standards. Read the Milwaukee Journal Sentinel article.
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M&I Pays Treasury $21.4M Dividend
Posted on June 18th, 2009 No commentsMarshall & Ilsley Corp. will pay a quarterly cash dividend of more than $21.4 million to the U.S. Treasury on the preferred stock it sold to the federal government, the Milwaukee Journal Sentinel reported. M&I sold $1.7 billion in senior preferred shares last November through the U.S. Treasury’s Trouble Asset Relief Program, or TARP. Publicly traded stock banks that took TARP money must pay a 5 percent annual dividend on the preferred shares.
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River Valley Bank Takes Part in TARP
Posted on June 18th, 2009 No commentsRiver Valley Bancorporation Inc. in Wausau became the 18th Wisconsin-based bank to receive capital through the U.S. Treasury’s Troubled Asset Relief Program, according to the Milwaukee Journal Sentinel.
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U.S. Bancorp Opts Out of TARP
Posted on June 17th, 2009 No commentsU.S. Bancorp announced it has returned the $6.6 billion in Troubled Asset Relief Program money, according to the Business Journal of Milwaukee.
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Credit Ratings Lowered
Posted on June 17th, 2009 No commentsAssociated Banc-Corp was among 18 regional banks nationwide to have their credit ratings lowered by Standard & Poor’s Ratings Services, the Milwaukee Journal Sentinel reported.
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M&I Raises $552M in Stock Offering
Posted on June 17th, 2009 No commentsA common stock offering raised $552 million for Marshall & Ilsley Corp., the Milwaukee Journal Sentinel reported. M&I said it intends to use the proceeds for general corporate purposes and may contribute some of the capital to its subsidiaries. It also may use all or some of the money toward repaying the U.S. Treasury’s $1.7 billion investment in the bank.
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$2.2B in Commercial Loans Overdue
Posted on June 13th, 2009 No commentsCommercial loans totaling nearly $2.2 billion were overdue at the end of the first quarter, compared with a little more than $1 billion in Wisconsin a year earlier, the Milwaukee Journal Sentinel reported. That includes loans tied to business operations as well as commercial real estate.
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Executives Expect Recession to Linger
Posted on June 12th, 2009 No commentsFifty percent of northeastern Wisconsin business owners and chief executives said it will take two years for the recession to end; 41 percent said it will end in the next year; and 9 percent said the downturn will last five or more years. Read more about the results from Nicolet National Bank’s Business Pulse survey in the Milwaukee Journal Sentinel.
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Ten Banks OK’d to Repay TARP Money
Posted on June 9th, 2009 No commentsTen U.S. banks will be allowed to repay up to $68 billion in TARP funds, the U.S. Treasury Department announced. Treasury did not name the 10 banks, but said they were being approved for early repayment of the federal bailout funds under the Troubled Asset Relief Program because the so-called stress tests performed by the government revealed they were healthy enough to pay back the money, the Business Journal of Milwaukee reported.