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Wis. Credit Unions Report Rough First Quarter
Posted on June 9th, 2009 No commentsWisconsin’s 247 credit unions lost $78.8 million in the first quarter, a loss attributed to their required $90.5 million payments to the National Credit Union Share Insurance Fund. Without those payments, they would have posted overall net income of nearly $11.7 million, according to a report from the Wisconsin Office of Credit Unions. Read the Milwaukee Journal Sentinel article.
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Harris Bank Sets Up Downtown Milwaukee HQ
Posted on June 8th, 2009 No commentsChicago-based Harris Bank has moved its district headquarters and 20 employees downtown and agreed to a multiyear sponsorship of the Marcus Center for the Performing Arts, the Milwaukee Journal-Sentinel reported.
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Lawmakers Coming to Borrowers’ Rescue
Posted on June 5th, 2009 No comments“Can’t afford your mortgage payment? If the bank won’t take your call, your member of Congress just might,” according to an entry on the Milwaukee Journal Sentinel’s Dollars & Sense blog. “Several lawmakers whose districts are drowning in foreclosures are taking unprecedented steps to help people stay in their homes, including picking up the phone themselves to negotiate with banks on behalf of their constituents,” the entry reads. The article refers to members of Congress nationwide, not specifically in Wisconsin.
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Skimming Device Found on ATM
Posted on June 5th, 2009 No commentsA “skimming” device that records credit card information was put on a Tri City Bank ATM in Oak Creek, stealing information from 38 people, police say in court documents. The customers’ accounts were closed and it appears they did not lose money, according to a search warrant filed in Milwaukee County court. Read the Milwaukee Journal Sentinel article.
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Judge Rules in Financial Adviser Case
Posted on June 4th, 2009 No commentsA federal court judge has rejected a request by Smith Barney to order financial advisers who now work for Robert W. Baird & Co.’s Green Bay office to stop soliciting Smith Barney clients. Smith Barney’s non-solicitation agreement with the employees was “overly broad” and invalid under Wisconsin law, the judge ruled. Read the Milwaukee Journal Sentinel article.
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Milwaukee Housing Prices Show Promise
Posted on June 3rd, 2009 No commentsHousing prices in the Milwaukee metropolitan area rebounded in the first quarter of 2009, but remained slightly undervalued, according to a quarterly report by IHS Global Insight. The report says that housing values in the Milwaukee area averaged $186,700 in the first quarter of 2009, representing a 2.1 percent rebound from the fourth quarter of 2008. Read the Business Journal article.
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Johnson Bank Exceeds $1B in Mortgages for ’09
Posted on June 2nd, 2009 No commentsRacine-based Johnson Bank has already surpassed the $1 billion mark in mortgage loans closed in 2009. Johnson Bank originates mortgage loans in nearly 60 locations throughout Wisconsin and Arizona and services more than 21,400 loans, The Small Business Times of Milwaukee reported.
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Longtime Savers Doing Fine During Downturn
Posted on June 2nd, 2009 No commentsPerhaps not surprisingly, “a recent survey by online banking business HSBC Direct suggests that people who are longtime active savers are enduring this economic downturn virtually unscathed,” according to an entry on the Milwaukee Journal Sentinel’s Dollars & Sense blog.
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Credit Union Car Lot May Get Reprieve
Posted on June 2nd, 2009 No commentsA used car sales business operated by Educators Credit Union in Sturtevant may get to stay in business. An amendment added during an overnight session of the Joint Finance Committee would exempt Educators from a state law that prohibits credit unions from selling cars as part of their daily operations. The credit union had been ordered by regulators to shut down the car sales business next year, according to the Milwaukee Journal Sentinel.
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SBA Helping Car Dealers
Posted on June 1st, 2009 No commentsThe Small Business Administration will provide financing for auto dealers’ inventory starting July 1. The government-guaranteed loans will be available to dealers to finance their auto and other inventory, known in the industry as a floor plan, the Business Journal of Milwaukee reported.