Amcore Financial enters market here
Rockford, Ill-based Amcore Financial has entered the Milwaukee market with a bank at 2835 N. Grandview Blvd. in Waukesha.
The new location will offer primarily commercial services.
"Madison has been a very good market for us and we are hopeful Waukesha will be much the same. We are very excited about our entry into the Milwaukee market. The size, location, and projected growth of this community are a good fit for us. We have found that Amcore can offer the products and services mid-size business customers and consumers are looking for," said Kenneth E. Edge, chairman, president and CEO of Amcore.
Amcore’s strategy is to expand its presence to markets that have a high concentration of mid-size businesses and strong demographics for banking and investment products. Edge said Waukesha was considered an attractive market for Amcore because of a projected 7.5% household growth rate and the presence of more than 1,200 mid-size businesses within a 10-mile radius of the office.
Those mid-size businesses typically have annual sales of $5 million to $50 million.
Clark Rasmussen, market president for the Waukesha office, said mid-size businesses are looking for personal service and a variety of cash management and credit services.
"Businesses of this size want a strong relationship with their banker and are looking for financial solutions," he said. "Our strength is having a broad range of products to offer and our bankers know the market."
The 3,175-square-foot Waukesha office has a staff of six: Clark Rasmussen, market president, Gretchen Quinlevan and Mark Matthiesen, commercial relationship managers; Nancy DeCarios, cash management relationship officer, Linda Casey, commercial sales assistant and Patti Pappas, administrative assistant.
Amcore Financial has investment assets under administration of $5.4 billion and banking assets of $4.4 billion with 60 locations (including Waukesha) in Illinois, Wisconsin and Iowa.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol "AMFI" and is on the Web at www.amcore.com.
July 11, 2003 Small Business Times, Milwaukee
