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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M&I, BMO Deal Came Together Quickly
Posted on December 17th, 2010 No commentsThe deal between BMO Financial Group and Marshall & Ilsley Corp. “came together quickly,” according to BMO’s CEO Bill Downe, but the Canadian company carefully reviewed M&I’s loan portfolio before proceeding, The Business Journal reported. -
Leaders Put Positive Spin on Deal
Posted on December 17th, 2010 No commentsCommunity leaders were putting a positive spin on the news that Marshall & Ilsley Corp will be purchased by BMO Financial Group. They said Harris will want to keep M&I’s market share and goodwill in the community and thus is likely to keep up M&I’s community involvement. Read The Business Journal article. -
Editorial: ‘Why We Don’t Cheer’
Posted on December 17th, 2010 No comments“One of Wisconsin’s oldest and most venerated corporate citizens, Marshall & Ilsley Corp., is being sold. And no matter how long the corporate publicity machines whir, they can’t change the nagging feeling that this deal is of questionable value for Milwaukee,” wrote the Milwaukee Journal-Sentinel in an editorial. -
‘New Money Won’ in M&I Deal
Posted on December 17th, 2010 No commentsMarshall & Ilsley Corp., Wisconsin’s largest bank holding company, was sold to BMO – the Canadian operator of the Bank of Montreal and Harris Bank – for $4.1 billion in stock, or $7.75 a share. Not a bad price, if you purchased the stock last year for $5.75 a share in one of M&I’s two offerings – but if you’re a longtime shareholder, the sale price doesn’t look so hot. Some say a change in the bank’s lending style was responsible for the dramatic losses that led to the sale. Read the Milwaukee Journal Sentinel article. -
M&I, Johnson Bank Closing Branches
Posted on December 14th, 2010 No commentsM&I Bank will close three branches – in Greendale, Wauwatosa and Port Washington – but will not eliminate any jobs. Johnson Bank plans to close a branch in Menomonee, in addition to recently announced branch closings in Arizona, Racine, Sheboygan and Lake Geneva, the Small Business Times reported. -
Banks, Harley Participated in Fed Programs
Posted on December 4th, 2010 No commentsWhen the Federal Reserve unleashed a barrage of programs in 2008 to try to prevent the collapse of the financial system, a handful of Wisconsin firms – mostly banks, but the state’s perhaps best-known company as well – opted in. Of the more than 21,000 loans and other transactions the Fed made during the financial crisis, at least nine state financial institutions – including Wisconsin’s two biggest banks – and Milwaukee motorcycle maker Harley-Davidson Inc. used some of the emergency measures. Read the Milwaukee Journal Sentinel article.
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M&I Pays Dividend on TARP Stock
Posted on October 21st, 2010 No commentsMarshall & Ilsley Corp. declared a regular quarterly cash dividend of $21.4 million on its preferred stock purchased from the U.S. Treasury as part of the Troubled Asset Relief Program, the Business Journal reported. -
M&I Leads State in Market Share
Posted on October 7th, 2010 No commentsMilwaukee-based M&I had deposits of more than $24 billion, leading the state with 18.95 percent of deposit market share, according to the FDIC. That is up slightly from 18.79 percent in 2009. In the Milwaukee metro area, M&I’s market share was 29.6 percent, up from 28.04 percent in last year’s FDIC survey, the Milwaukee Journal Sentinel reported. -
M&I Continues Foreclosure Moratorium
Posted on October 1st, 2010 No commentsMarshall & Ilsley Corp. said Friday it has extended its mortgage foreclosure moratorium again – the seventh three-month extension since late 2008, the Milwaukee Journal Sentinel reported.
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Another M&I Exec Goes to Harris Bank
Posted on July 30th, 2010 No commentsHarris Bank has hired another former M&I Bank executive, Peter Engel, who will serve as Harris’ president of retail banking for the state. Tom Bolger, a former M&I executive who joined Harris Bank previously, has the new title of president of commercial banking for Wisconsin, the Milwaukee Journal Sentinel reported.