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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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. -
M&I Shareholder Sues Over Acquisition
Posted on December 21st, 2010 No commentsA shareholder filed a class action lawsuit against Marshall and Isley Bank claiming the current acquisition deal between M&I and the Bank of Montreal is unfair, reported WISN-TV in Milwaukee. -
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.”
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Canada Banks on a ‘Buyout Binge’
Posted on December 18th, 2010 No commentsCanada’s biggest banks are on a buyout binge, often targeting weaker rivals in other nations. Canada’s No. 4 lender, Toronto-based Bank of Montreal, often known as BMO Financial Group, announced the biggest of the recent takeovers with its friendly $4.1 billion acquisition of Marshall & Ilsley Corp. – a change not likely to affect customers. Read more in the Milwaukee Journal Sentinel, the Appleton Post-Crescent, or Green Bay Press-Gazette. -
M&I Announces Acquisition by BMO
Posted on December 17th, 2010 No commentsAfter two years in the red and facing a still-bumpy road back to profitability, Marshall & Ilsley Corp. announced its acquisition by the Canadian parent company of Harris Bank, a move that should invigorate the wounded M&I franchise but will cost Milwaukee a corporate headquarters. The all-stock deal is valued at $4.1 billion. Read more in the Milwaukee Journal Sentinel, the Small Business Times and The Business Journal.