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Northwestern Mutual Names New CEO
Posted on May 29th, 2010 No comments“I view my emergence as the new CEO as just another chapter in the same book,” said John E. Schlifske, who officially was elected last week to succeed Edward J. Zore as chief executive of Northwestern Mutual Life Insurance Co. on July 1, according to the Milwaukee Journal Sentinel.
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Fed Board Proposal a ‘Travesty,’ Banker Says
Posted on May 28th, 2010 No commentsA Senate proposal to remove bankers from Federal Reserve boards “is an overreaction to a particular unique situation, and to have bankers removed from these boards is a travesty,” said Mark Hewitt, chief executive of Clear Lake Bank and Trust Co in Iowa and a director at the Federal Reserve Bank of Chicago. Read the Reuters news story.
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Associated Focuses on Non-Performing Assets
Posted on May 28th, 2010 No comments“Goal number one this year is to reduce our non-performing assets. Goal number two is to become much more focused again on our customers. We’re doing a lot of work across the company now to make sure that we know what our risk appetite is. We’re redefining that right now,” said Associated Bank CEO Phil Flynn. Read the Q&A in the Milwaukee Small Business Times.
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Paying Off TARP a Priority for M&I
Posted on May 28th, 2010 No comments“Step one is get to profitability. We have a pretty good shot by the end of the year. We’ll be close if we’re not. The second step after that is pay off TARP. The third step after that is evaluate what the appropriate level for the dividend should be,” said M&I Bank President & CEO Mark Furlong in a Q&A with the Milwaukee Small Business Times.
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M&I, Associated: Poised for Turnaround
Posted on May 28th, 2010 No commentsWisconsin’s two largest banks – Associated Bank and M&I Bank – lost a combined $982 million in 2009. The two banks, which employ more than 11,000 people at 660 branches between them, reported loan and lease loss provisions of more than $1.8 billion last year. But the CEOs of both banks believe they will return to profitability by 2011, according to the Small Business Times of Milwaukee.
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CIB Still Seeking Buyer; New President Named
Posted on May 27th, 2010 No commentsCIB Marine Bancshares Inc., the parent company of Marine Bank, is continuing to seek a buyer but has no prospects at the moment, said chairman and CEO John Hickey Jr. Hickey also announced that he will remain as chairman. Chuck Ponicki, who has been senior vice president and chief credit officer, will serve as the new president and chief operating officer, the Milwaukee Business Journal reported.
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Falbo Leaves Nebraska Bank; Named in Suit
Posted on May 25th, 2010 No commentsAfter a three-month stint leading TierOne Corp., former Associated Bank and State Financial Services executive Michael Falbo has left the Nebraska bank and now has been named as a defendant in a class-action lawsuit, according to the Business Journal of Milwaukee.
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Wisconsin Bankers: Ratings Not Credible
Posted on May 25th, 2010 No comments“The public and media should not place any credibility in ratings of federally insured depository institutions prepared by private companies. The only accurate ratings for financial institutions are issued by government regulatory agencies, and they are not made public out of fear that they could unnecessarily alarm depositors,” the Wisconsin Bankers Association said of a Weiss Ratings report that claimed nearly 100 Wisconsin banks were in serious financial difficulty. Read “Wisconsin banks retort against bleak ratings report” in the Milwaukee Biz Blog.
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Natl. City Banks Convert to PNC in June
Posted on May 25th, 2010 No commentsPNC Financial Services Group Inc., which is planning a $50 million expansion in the Milwaukee area over the next several years, will convert its National City Bank branches to the PNC Bank brand name during the weekend of June 11-13, the Milwaukee Journal Sentinel reported.
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Ratings Service: 97 Wis. Banks Troubled
Posted on May 25th, 2010 No commentsWeiss Ratings has put 97 Wisconsin banks and thrifts on a national list of institutions in serious financial difficulty. Thirty Wisconsin banks are ranked “strong.” Overall, 2,259 U.S. banks and S&Ls, controlling $5.8 trillion, or 43.8 percent of the industry’s total assets, are considered vulnerable, according to Weiss. Read The Capital Times story.