Koltons resign from Foundations Bank
Foundations Bank, along with Greg and Heidi Kolton, today announced that Greg and Heidi Kolton have resigned as chief executive officer/president and chief operating officer/executive vice president, respectively, of financially troubled Foundations Bank in Pewaukee and its holding company, Generations Bancorp Inc., effective immediately.
The Koltons remain shareholders of the bank they formed in 2005.
Jill Grob, who has been a senior vice president of the bank since February 2006, will lead the bank’s operations as interim president subject to final regulatory approval. She will be assisted by chief financial officer John Hazod and senior vice president Glenn Stadler.
“The board is appreciative of the years of fine service Greg and Heidi gave to making Foundations Bank an important financial partner in the community,” said Foundations Bank board chairman Robert Schmidt. “The Koltons have collectively been involved in banking in the greater Milwaukee area for more than 40 years. We wish them continued success as they move forward with their future business endeavors.”
The bank had agreed to a voluntary consent order from the Federal Deposit Insurance Corporation (FDIC) and the Wisconsin Department of Financial Institutions, in which it was required to make changes to improve its financial standing and eliminate under-performing loans.
Schmidt said the bank is confident it will continue to uphold its philosophy of ‘Banking on Solid Ground.”
“The board has the utmost confidence in the abilities Jill and the other continuing senior executive officers, including John and Glenn, who collectively have many decades of experience in community banking, to make sure that the bank remains a safe and secure institution and one that makes a real difference to its customers and the community,” Schmidt said.
Last year, the bank had $224.5 million in assets, according to the FDIC.
According to Schmidt, the search for a new president has begun.
Paulsen is first executive director of BizStarts Milwaukee
BizStarts Milwaukee has appointed of Eric Paulsen as its first executive director.
Paulsen brings a background in startup business and communications to the leadership of the nonprofit organization, which was launched in 2008 to nurture an entrepreneurial culture in the seven-county region of southeastern Wisconsin.
Paulsen has spent the last four years working as communications director for the Greater Milwaukee Committee, as well as handling membership and communications for the Milwaukee Water Council, a GMC-led economic development initiative.
The GMC also played a key role in the development of BizStarts three years ago.
GMC president Julia Taylor said, “Eric is certainly an entrepreneur but also a great team member, manager, writer and visionary. We are certainly pleased for Eric and BizStarts and look forward realizing significant entrepreneurial growth in the region under his leadership. We see this as another extension of the GMC family.”
John Torinus, president of BizStarts Milwaukee, said “We’ve come a long way towards accelerated job creation through a growing number of high-tech startups. We’re ready to take this to the next level.”
Paulsen was a startup partner and operations director with Columbus, Ohio-based Troy Research, a company that pioneered online music and media research. Launched in 1999 on a $3,300 investment, the company made the Inc. 500 list in 2005 with revenues of $2.4 million. More recently, Paulsen founded Wellstream Media, LLC, which owns the travel website StateTrunkTour.com and an online radio station, hot102radio.com.
“Milwaukee’s economic prowess came as a result of great entrepreneurs generations ago starting the big companies of today. We’re ready to help the next generation of great entrepreneurs get the companies of the future going.” said Paulsen.
“Since we started keeping score in September, 2008, the players in the region have combined to launch 27 high-growth ventures … about one a month,” said Dan Steininger, vice-president of BizStarts.
The maturation of the organization, including the hiring of an executive director, will allow for acceleration of that pace, Steininger said.
The Business Council names Cross executive director
The Business Council Inc. (TBC) has named Carla Cross of Cross Management Services Inc. as its new executive director.
Cross will oversee all programming and events for the membership-based organization of ethnically diverse businesses. The Business Council’s mission is to create and maximize access to economic opportunities and resources for its members, which will support the financial stability of ethnically diverse-owned businesses and stimulate their expansion. TBC is an affiliate organization of the Metropolitan Milwaukee Association of Commerce (MMAC).
Cross has coordinated or monitored supplier and workforce diversity on several prominent projects, including the GE Healthcare World Headquarters, Harley-Davidson Museum, Overture Performing Arts Center in Madison, the Milwaukee Theatre and Lambeau Field in Green Bay.
“We are excited to have Carla on board and look forward to her leadership taking the TBC to new heights,” said MMAC president Tim Sheehy.
TBC’s Supplier Diversity Module brings together ethnically diverse businesses with corporate and public-sector firms to explore business opportunities and create business relationships. As of January, 2011, the module had generated $135 million in revenue for 20 participating ethnically diverse businesses.
The TBC’s annual Strategic Partnership Luncheon will be held on Thursday, Feb. 24, at the Italian Community Center. For more information or to register, visit www.mmac.org/calendar.
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