Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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Job Losses Predicted for M&I Execs, Staff
Posted on January 28th, 2011 No commentsMilwaukee business executives believe that top executives and many backroom and support staff will lose their jobs at M&I Bank. M&I has declined to disclose employment figures by department or business unit, but has about 4,000 Milwaukee-area employees, The Business Journal reported. -
Regulators Close Evergreen State Bank
Posted on January 28th, 2011 No commentsA 112-year-old Stoughton bank became the fourth Wisconsin bank to fail since the economic downturn began. Evergreen State Bank was closed by state regulators on Friday, Jan. 28. McFarland State Bank will assume all of the deposits of the failed bank and agreed to purchase “essentially all” of its assets, according to the FDIC. Evergreen State Bank had about $246.5 million in assets. Read the Milwaukee Journal Sentinel article. -
Harris Names ‘Integration Management’ Director
Posted on January 25th, 2011 No commentsA Harris Bank executive from Chicago has been appointed to manage the integration of Harris and M&I Bank. BMO Financial Group disclosed in a regulatory filing that Cecily Mistarz has been named to the newly created position of Integration Management Office director, the Milwaukee Journal Sentinel reported. -
Letter: What About M&I Shareholders?
Posted on January 8th, 2011 No commentsM&I Bank’s leadership sold stock to BMO “for the greatly undervalued price of $7.75 [per share],” wrote Thomas J. Gitter, describing himself as an M&I shareholder, in a letter to the editor. “I was of the opinion that the bank was owned by the stockholders. It’s time to get a new board of directors whose fiduciary responsibility has the interest of the stockholders at heart,” he wrote to the Wisconsin State Journal. -
BMO Financial Names Transition Executive
Posted on January 5th, 2011 No commentsBMO Financial Group has named Russ Robertson to oversee the integration of Marshall & Ilsley Corp. into the company. He has been appointed executive vice president for business integration and vice chairman of BMO Financial’s Harris Financial Corp. BMO operates Chicago-based Harris Bank. Read the Milwaukee Journal Sentinel article. -
M&I Execs May Be Eligible for Payments
Posted on December 31st, 2010 No commentsMarshall & Ilsley Corp. executives may receive “golden parachute” payments in the millions of dollars — payments that are prohibited as long as M&I owes money in the Troubled Asset Relief Program (TARP) — when M&I is sold to BMO Financial Group, the Business Journal of Milwaukee reported. -
M&I Deal ‘Will Hurt SE Wisconsin’
Posted on December 24th, 2010 No comments“As much as community leaders and Marshall & Ilsley Corp. officials want to put a positive spin on the sale of Wisconsin’s largest bank, the bottom line is the transaction will hurt southeast Wisconsin,” The Business Journal of Milwaukee wrote. -
Blog: M&I Execs ‘Defensive’
Posted on December 23rd, 2010 No comments“A brutal two-plus years for Marshall & Ilsley Corp. and its shareholders likely ended with the Dec. 17 news of the bank being sold, but many shareholders remain bitter and top executives remain defensive,” writes Rich Kirchen in The Business Journal’s BizTalk blog. -
Lenders Calling on M&I Customers
Posted on December 22nd, 2010 No commentsLenders at other Wisconsin banks are taking advantage of opportunities for new business after the recently announced acquisition of M&I Bank by BMO Financial. Read the Milwaukee Journal Sentinel article and The Business Journal blog. -
Milwaukee Loses Another Corporate HQ
Posted on December 18th, 2010 No comments“If this keeps up, our leading export soon may be corporate headquarters,” began a Milwaukee Journal Sentinel article. “Marshall & Ilsley Corp., Bucyrus International and Ladish Co. in just the last five weeks; Midwest Airlines, Metavante Technologies and Grede Foundries within the last 18 months – every one a good-sized, home-grown firm scooped up by an out-of-state buyer.”