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Tri City Gaining After Elmwood Acquisition
Posted on December 30th, 2009 No commentsTwo months after Tri City National Bank in South Milwaukee purchased the failed Bank of Elmwood in Racine, it has grown from last place in Racine County market share to third place and to more than $1 billion in assets. Almost all of the former Elwood staff still works for Tri City, including former CEO Jess Levin, who works from his same office and has the title of community executive. Read more in the Milwaukee Journal Sentinel.
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TARP Restricts Bonuses for M&I Execs
Posted on December 29th, 2009 No commentsMarshall & Ilsley Corp. – like other institutions that participate in the U.S. Treasury’s TARP – won’t be awarding stock options and bonuses to the bank’s top executives, but rather “stock salaries” in addition to their cash salaries. Read more in the Milwaukee Journal Sentinel.
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Wisconsin Farmers Turning to SBA for Help
Posted on December 26th, 2009 No commentsStrapped for credit, farmers are turning to the Small Business Administration and other government lenders for help. In fact, Wisconsin leads the nation in the number of farmers seeking help from America’s Recovery Capital Loans, a temporary program offered through next September or until the money runs out. Read more in the Milwaukee Journal Sentinel.
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Wisconsin Banker, Others Meet With President
Posted on December 23rd, 2009 No commentsDeloris Sims, CEO of Legacy Bank in Milwaukee, was one of just eight community bankers who had the opportunity to talk with President Barack Obama at the White House about bankers’ efforts to lend in the face of increased regulatory scrutiny. Read more on WisBusiness.com, in the Milwaukee Journal Sentinel or in the Milwaukee Business Journal.
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Wisconsin SBA Gets Additional Funds
Posted on December 23rd, 2009 No commentsPresident Barack Obama has signed a bill to help provide additional funding to the SBA that will support $4.5 billion in small business lending, according to SBA’s Wisconsin District Office. New approvals of the stimulus loans, which offer higher guarantees and reduced fees, were expected to begin Dec. 28, the Milwaukee Business Journal reported.
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Mortgage Giants Take Aim at MGIC
Posted on December 23rd, 2009 No commentsCountrywide Home Loans Inc. and BAC Home Loans Servicing LP have filed a complaint against Milwaukee-based MGIC Investment Corp., alleging that the mortgage insurer has denied, and continues to deny, valid mortgage insurance claims submitted by Countrywide and BAC Home Loans, according to the Milwaukee Business Journal.
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Wells Completes TARP Repayment
Posted on December 23rd, 2009 No commentsWells Fargo & Co. said it has completed its repayment of funds it received under the federal TARP program. Wells redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury in October 2008 and paid accrued dividends of $131.9 million, the Milwaukee Business Journal reported.
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Johnson Bank Stays Active in Mortgage Market
Posted on December 22nd, 2009 No commentsResidential mortgages have remained an attractive business segment for Racine, Wis.-based Johnson Bank. The bank was the 22nd largest seller of residential mortgage loans in the country to Freddie Mac, and the largest Wisconsin-based bank for the third quarter of 2009. Read the Small Business Times article.
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M&I Extends Foreclosure Moratorium
Posted on December 22nd, 2009 No commentsMarshall & Ilsley Corp. announced that it has extended its foreclosure moratorium an additional three months, though March 31, 2010. The bank had initially imposed a moratorium on Dec. 18, 2008, the Milwaukee Journal Sentinel reported.
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M&I Reports Significant Energy Use Reduction
Posted on December 22nd, 2009 No commentsMilwaukee-based Marshall & Ilsley Corp. achieved a 30 percent energy reduction over the last nine months through the use of software designed by Seattle-based Verdiem that has been installed on more than 11,000 desktop and laptop computers, the Business Times reported.