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Economic Discussion Can Be Viewed Online
Posted on December 8th, 2009 No commentsResults from the 2009 First Business Economic Survey will be released during a panel discussion in Waukesha on Dec. 15. Although registration is closed, those interested can still watch streaming video of the event at www.BizTimesChannel.com, the Small Business Times of Milwaukee reported.
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Bank Launches New Private Banking Products
Posted on December 8th, 2009 No commentsWaukesha, Wis.-based InvestorsBank has launched a new private banking offering, which includes an interest-bearing checking account, money market account, a home equity line of credit with no closing costs or annual fees, no ATM fees, free online banking with bill pay, free private banking checks, free traveler’s and cashier’s checks, and a wealth management review, according to the Small Business Times of Milwaukee.
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Wis. SBA Lending Up Significantly Year to Year
Posted on December 8th, 2009 No commentsSoutheastern Wisconsin financial institutions approved 70 SBA-backed loans in southeast Wisconsin this November for a total of $21.3 million in loans. Compare that to November 2008, when those institutions made 29 loans worth $6.7 million, the Business Journal of Milwaukee reported.
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Brokerage Opens 1st Wisconsin Office
Posted on December 7th, 2009 No commentsBenjamin F. Edwards & Co. opened an office in Madison, the upstart brokerage firm’s first in Wisconsin and fifth in the country, the Business Journal of Milwaukee reported.
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Wells to Lay Off 26 in Menomonee Falls
Posted on December 6th, 2009 No commentsWells Fargo will permanently lay off 26 employees beginning in February 2010 from its Menomonee Falls real estate resource center, the Business Journal of Milwaukee reported.
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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.
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Moody’s Downgrades M&I Ratings
Posted on December 4th, 2009 No commentsMoody’s Investors Service has downgraded the ratings of Marshall & Ilsley Corp. and its subsidiaries. The service said the downgrade reflects the view that Milwaukee-based M&I faces “sizable” credit losses throughout 2010 from real estate loans, according to the Milwaukee Journal Sentinel.