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U.S. Bancorp Ends TARP Participation
Posted on July 17th, 2009 No commentsThe Minneapolis-based parent company of U.S. Bank paid $139 million to buy back a 10-year warrant that entitled the Treasury Department to purchase 32.7 million shares of U.S. Bancorp stock for $30.29 per share, thus ending the bank’s participation in TARP, according to the Wisconsin State Journal.
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M&I Reports $139.3M Loss
Posted on July 17th, 2009 No commentsMarshall & Ilsley Corp. lost $139.3 million in the second quarter as loans related to construction and development continued to deteriorate. Read the Milwaukee Journal Sentinel article.
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MGIC to Launch New Subsidiary
Posted on July 16th, 2009 No commentsMortgage Guaranty Insurance Corp. will contribute up to $1 billion to a wholly owned subsidiary to write new mortgage guaranty insurance, the Business Journal of Milwaukee reported. The subsidiary, known as MGIC Indemnity Corp., will write new business starting Jan. 1, 2010, the company said.
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Chase Profits Up Despite Credit Losses
Posted on July 16th, 2009 No commentsStrong performance in key divisions helped power JPMorgan Chase & Co., operator of Chase bank, to a 36 percent jump in second-quarter profit, even as its provision for credit losses doubled, the Business Journal of Milwaukee reported.
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CIB Marine Plans Expedited Chapter 11
Posted on July 16th, 2009 No commentsBank holding company CIB Marine Bancshares Inc., which runs Marine Bank in metro Milwaukee, is planning a pre-packaged Chapter 11 reorganization, according to the Business Journal of Milwaukee.
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Madison-Area Foreclosures Up 91% from ’08
Posted on July 16th, 2009 No commentsLocal foreclosure filings were up 52 percent from May to June in the three-county Madison metropolitan area of Dane, Columbia and Iowa Counties, with 338 filings in June compared to 222 in May. That’s a 91 percent increase from year to year, the Capital Times reported.
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Associated Reports $24.7M Loss
Posted on July 16th, 2009 No commentsAssociated Banc-Corp lost $24.7 million in the second quarter as loan losses rose, the Milwaukee Journal Sentinel reported.
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Oshkosh Bank Finances Lemonade Stand
Posted on July 15th, 2009 No commentsThree siblings are the proud co-owners of “Best Choice Lemonade,” a lemonade stand that opened July 9 in the parking lot at Choice Bank in Oshkosh. The bank had sought a family from its customer base to develop the project, which involves an interest-free loan from the bank of $19.78, the Oshkosh Northwestern reported. See the lemonade stand’s web site.
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Metavante Working With SunTrust Mortgage
Posted on July 15th, 2009 No commentsMetavante Technologies Inc. announced a new project with SunTrust Mortgage Inc. The company has as deployed Metavante’s online point-of-sale technology in its retail and third-party mortgage operations, the Business Journal of Milwaukee reported.
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Guaranty Not Allowed to Halt Payments
Posted on July 15th, 2009 No commentsA federal judge has denied Guaranty Bank’s request that it be allowed to halt payments to an insurance company despite Guaranty’s contention that continuing to pay millions of dollars in premiums each month threatened the bank’s survival. Read the Milwaukee Journal Sentinel story.