Baylake Corp. Posts 4th Quarter Profit

Baylake Corp., the Sturgeon Bay-based parent company of Baylake Bank, posted a profit of $678,000 for the fourth quarter of 2009, a turnaround from its net loss of $9.9 million the year before. Earnings were 9 cents per share, compared with the net loss of $1.25 per share, in fourth quarter 2008, according to the Milwaukee Business Journal.

Fiserv Vice Chairman Resigns

Peter Kight, founder and former CEO of CheckFree Corp., will resign as vice chairman of Fiserv Inc. on March 31, the Milwaukee Business Journal reported.

Another Busy Year for Bankruptcies

Bankruptcy filings jumped almost 30 percent in Wisconsin in 2009, on top of a 35 percent increase in filings in 2008. “Unemployment would absolutely be the No. 1 issue,” said Milwaukee-area bankruptcy attorney Robert Waud, who said his practice had its busiest year ever. Read the Milwaukee Journal Sentinel article.

Federal Law Brings Changes in Overdraft Fees

A check of local banks that provided information to the Wisconsin State Journal found a number of modest fee changes that some customers will face because of a change in federal law related to overdraft fees. Mike Petta, manager of the Verona branch of Capitol Bank, said he thinks smaller banks are trying to hold the line on fees. Read the article.

Bank Mutual Earnings Down 76%

Brown Deer, Wis.-based Bank Mutual Corp. reported fourth-quarter profits had dropped 76 percent as it increased loan-loss reserves. Bank Mutual posted net income of almost $1.5 million, or 3 cents a share, down from $6.2 million, or 13 cents, in fourth quarter 2008, according to the Milwaukee Journal Sentinel.

Beware of Phony Census Takers

Would-be identity thieves may pose as U.S. Census representatives to obtain personal financial information, like bank account and credit card information, Social Security numbers and passwords. Legitimate questionnaires and representatives don’t request this data, the Fond du Lac Reporter reminded readers.

Most Savers Kept Money in 401(k)s

Of more than 1,100 plan participants polled by Francis Investment Counsel LLC between July and December, 68 percent had not changed their 401(k) accounts in response to the financial crisis. Of the 32 percent that changed their 401(k)s, 18 percent reduced the amount contributed or stopped saving completely, the Milwaukee Journal Sentinel reported.

New CEO Named at Thrivent

1/20/10
Effective Feb. 1, Brad Hewitt will become the new CEO of Thrivent Financial, based in Appleton, Wis. The former chief operating officer replaces Bruce Nicholson, who retires Feb. 1 after 27 years of service to the company, according to a Thrivent news release.

https://www.thrivent.com/newceo/

Wells Fargo Touts Confidence in Customers

Breaking from the cautious, even downbeat forecasts of rivals like JPMorgan Chase & Co., Wells Fargo used words like “favorable” and “confidence” about its future amid tentative signs that its loan defaults are close to a peak or already have peaked. But banking analysts say that ongoing problems could still hold back recovery, according to the Milwaukee Journal Sentinel.

U.S. Bancorp Ends Year With Record Revenues

U.S. Bancorp reported fourth quarter net income of $602 million, or 30 cents per share, up from $330 million, or 15 cents per share, in the same period a year ago.
The Minneapolis-based parent company of U.S. Bank said its most recent quarter’s growth was the result of strong year-over-year growth in both net interest income and fee revenue. Read more in the Milwaukee Small Business Times.