Citizens Community Bancorp to expand in Wal-Mart stores
Eau Claire-based Citizens Community Bancorp, Inc., the holding company for Citizens Community Federal, plans to open seven branches this year at Wal-Mart Supercenters in Wisconsin and Minnesota.
The bank will open branches in Wal-Mart Supercenters in Rice Lake, Black River Falls, Wisconsin Dells and in four Minnesota communities.
The bank will move its existing branches in Rice Lake, Black River Falls and Wisconsin Dells to the new Wal-Mart Supercenter locations in those respective communities, resulting in an anticipated net increase of four branches in 2008.
Citizens Community Bancorp also reported its first quarter earnings this week. For the quarter, the bank reported $455,000 net income. Its previous-year first quarter had a net loss of $115,000. The bank’s first quarter earnings were 7 cents per share, up from a loss of 2 cents per share in the first quarter of 2007.
Metavante posts fourth quarter loss
Brown Deer-based Metavante Technologies Inc., which was spun off last year by Milwaukee-based Marshall & Ilsley Corp., reported a net loss of $92.8 million, or 78 cents a share in the fourth quarter.
The company’s losses for the quarter included impairment charges of $129.5 million, transaction-related costs of $24.7 million and interest expense of $21.2 million. Excluding those charges, which are mostly related to goodwill adjustments and costs associated with separating from Marshall & Ilsley, Metavante earned $44.1 million for the quarter.
Metavante reported revenue of $408.2 million for the quarter, a 6 percent increase from the year-ago period.
For the full year, Metavante earned $49.5 million, or 41 cents per share, on $1.6 billion in revenue. Metavante earned $160.1 million during 2006 on $1.5 billion in revenue.
In its announcement today, Metavante said it was "cautiously optimistic" about 2008, given the risks of tighter spending at bank clients and fewer consumer payment transactions, and forecast cash earnings of $1.33 to $1.37 a share. The company expects organic revenue growth of 4 percent to 6 percent, and earnings of $1.12 to $1.16 a share for the year.
