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New Associated Exec Going Over Portfolio
Posted on December 5th, 2009 No commentsPhilip Flynn, the new chief executive of Green Bay, Wis.-based Associated BancCorp said he intends to spend a lot of time drilling into the books of Associated, which, like many banks, has been taking losses on real estate projects that ran into trouble as the housing market and economy slumped. “You have to very clearly, very conservatively, very coldly look at the portfolio and forecast what your loss content is and deal with that,” Flynn told the Milwaukee Journal Sentinel. Read the article.
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‘Major Opportunities Exist’ for Banks
Posted on December 5th, 2009 No comments“Bank credit is still [an] engine of long-term growth in this economy. … Until banks have the capability begin making loans again, growth will be slowed. However, as with any decline in the industry, major opportunities exist for new banks to be formed or other types of investments to fill the role,” writes Dr. Phil Greenwood, CPA, in his blog. Greenwood provides management advisory and development services to middle market and early stage enterprises in the area of strategic planning, finance, and accounting and is a faculty member at the University of Wisconsin-Madison’s School of Business.
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Anchor Restructures to Move Forward
Posted on December 5th, 2009 No commentsLeaders of Anchor BanCorp Wisconsin, based in Madison, have taken a series of steps since January to shore up the 90-year-old thrift institution. They have strengthened the company’s structure and recruited executives with a variety of financial experience. Father and son Doug and Mark Timmerman had led the financial institution for many years. Read the Wisconsin State Journal article.
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Anchor Ready for ‘Change in Strategic Direction’
Posted on December 5th, 2009 No comments“This is a major change in strategic direction. It’s a big turnaround story for the state,” said Chris Bauer, a former Milwaukee bank executive who came out of retirement last June to take over as president and CEO of Anchor BanCorp, of Anchor’s proposed deal that will make Badger Holdings its majority stockholder. Read more in the Wisconsin State Journal.