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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Small Protest Organized at M&I Branch
Posted on February 22nd, 2011 No commentsSeven people gathered at an M&I bank branch at 5101 Spring St., Racine, to protest Gov. Scott Walker’s budget repair bill. The protesters handed out flyers claiming that bank employees had donated to Walker’s campaign at a time when the bank still had not repaid $1.7 billion in TARP funds. Read the story in the Racine Journal Times. -
Anchor Agrees to TARP Oversight
Posted on February 17th, 2011 No commentsAnchor BanCorp Wisconsin is one of more than two dozen banks that have agreed to let U.S. Treasury Department observers attend board meetings after the banks failed to make dividend and interest payments on their Troubled Asset Relief Program debt, Bloomberg reported. Read The Business Journal 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. -
Legacy Bank Still Struggling
Posted on December 28th, 2010 No commentsMilwaukee’s Legacy Bank received $5.5 million in government investment in early 2009. The bank lost more than $6 million this year and more than $15 million in 2009. “It looks like the bank bailout for the small guys failed and the American public doesn’t have the stomach for another bailout. I know I don’t,” writes Milwaukee Journal Sentinel blogger James Causey. -
Banks Behind on TARP Dividends
Posted on December 18th, 2010 No commentsThe parent companies of five Wisconsin banks are among the 123 bank holding companies nationwide that didn’t pay the 5 percent dividend TARP payments due Nov. 15, up from 115 that deferred their payments in August and from 91 in May. In some cases, it was because regulators told them not to, the Milwaukee Journal Sentinel 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. -
Editorial: TARP, and the Stimulus, Worked
Posted on October 8th, 2010 No commentsOshkosh businessman and Senate candidate Ron Johnson “said TARP was a mistake and [Sen. Russ] Feingold voted against it. We disagree with both. It appears that TARP also worked. Financial collapse — perhaps another depression — was averted, automakers are still making cars and employing Americans and all but $50 billion to $70 billion of the $700 billion to save the economy has been repaid,” the Milwaukee Journal Sentinel wrote in an editorial. -
No TARP Payments Coming from Anchor, Ridgestone
Posted on June 27th, 2010 No commentsThe parent companies of Madison’s AnchorBank and Brookfield’s Ridgestone Bank are among more than 90 banking firms nationwide that haven’t been paying quarterly dividends on TARP funds they received from the U.S. Treasury, the Milwaukee Journal Sentinel reported. -
Wisconsin Banks Still Owe TARP
Posted on June 19th, 2010 No commentsWhile most of America’s biggest banks have made headlines by repaying their TARP money more quickly than many thought they would, it seems unlikely that Wisconsin banks will be following suit any time soon, according to the Milwaukee Journal Sentinel.