-
FDIC Closes Amcore; Reopens as Harris Bank
Posted on April 24th, 2010 No commentsThe federal Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, closed Amcore Bank on April 23. The FDIC entered into a purchase and assumption agreement with Harris National Association, Chicago, to assume all of the deposits of Amcore Bank. Read the stories in the Business Journal of Milwaukee, the Milwaukee Journal Sentinel and the Wisconsin State Journal.
-
FINRA Fines U.S. Bank Over Securities
Posted on April 23rd, 2010 No commentsThe Financial Industry Regulatory Authority, or FINRA, has fined U.S. Bank $275,000 over charges related to the selling of auction-rate securities before the market for those securities collapsed in 2008. The Minneapolis-based banking company has already repurchased more than $150 million of auction rate securities held in customer accounts, according to the Business Journal of Milwaukee.
-
Editorial: ‘Light at End of TARP Tunnel’
Posted on April 23rd, 2010 No commentsThe $700 billion Troubled Asset Relief Program may end up costing the nation around $89 million, according to the U.S. Treasury, a figure that does not include the billions to help Fannie Mae and Freddie Mac. “It’s still big money, but compared with what could have happened when credit markets seized at the end of 2008, it was money well spent,” the Milwaukee Journal Sentinel wrote in an editorial.
-
Associated Q1 Loss Totals $33.8M
Posted on April 22nd, 2010 No commentsGreen Bay, Wis.-based Associated Banc-Corp reported a first-quarter net loss to common shareholders of $33.8 million, or 20 cents per common share, compared with net income of $35.4 million, or 28 cents per share, for the same period a year ago, the Small Business Times of Milwaukee and the Business Journal reported.
-
Blackhawk Reports Slight Decline in Profits
Posted on April 22nd, 2010 No commentsBeloit, Wis.-based Blackhawk Bancorp Inc. reported a slight decline in its first-quarter profit as mortgage-banking business decreased and more money was allocated to the loan-loss reserve to cover potential bad debt. The company had net income of $653,000 in the quarter, or 23 cents a share, down from $662,000, or 29 cents, a year earlier, the Milwaukee Journal Sentinel reported.
-
Maritime Nears April 30 Regulatory Deadline
Posted on April 22nd, 2010 No commentsMaritime Savings Bank, based in West Allis, Wis., continues to try to find a buyer or sell assets to raise capital to meet an April 30 deadline. The bank, which has been under orders from regulators since last year to improve its financial condition, has not yet been granted an extension to solve its capital problems, according to the Milwaukee Journal Sentinel.
-
Baylake Reports $818,000 Net Income
Posted on April 21st, 2010 No commentsSturgeon Bay, Wis.-based Baylake Corp. had net income of $818,000, or 10 cents per share, in the first quarter, compared with net income of nearly $2.3 million, or 29 cents, in last year’s first quarter, when Baylake benefited from $2.8 million in realized gains on the sale of securities. Read the Milwaukee Journal Sentinel story.
-
M&I Posts $140M Q1 Loss
Posted on April 20th, 2010 No commentsMilwaukee-based Marshall & Ilsley Corp. posted another loss in the first quarter, totaling $140.5 million, or 27 cents a share, from $116.9 million, or 44 cents, in the first period of 2009, the Milwaukee Journal Sentinel reported.
-
Banker Serves on Packers Exec Committee
Posted on April 17th, 2010 No comments“I was never as strong with numbers, so we put a couple of bank presidents on the board,” said Bob Harlan, president of the Green Bay Packers, referring to the Packers’ Board of Directors. Currently, just one banker holds a coveted position on the board’s Executive Committee: Peter Platten III, retired vice chairman of M&I Corp. Read the Green Bay Press-Gazette article.
-
CU Commercial Lending Debate Rings Familiar
Posted on April 17th, 2010 No commentsThe banking industry opposes a proposed change in federal law that would allow credit unions to increase commercial lending to 25 percent of assets, up from the current 12.25 percent cap, on the grounds that it is unnecessary and risky. Read more in the Milwaukee Journal Sentinel.