Economic Development

Chicago-based Cole Taylor Bank has hired two new employees at its Franklin commercial banking office as part of a southeast Wisconsin expansion.

The Riverwest Investment Cooperative has started a microlending program in cooperation with the Wisconsin Women's Business Initiative Corporation.

Milwaukee-based Vector Technologies Inc. has been acquired by Holden Industries Inc. of Deerfield, Ill.

Generation Growth Capital Fund I, LP, a Milwaukee-based private equity fund, has acquired Mica Tool & Manufacturing Inc. of Mukwonago.

Brookfield-based Fiserv Inc. has acquired Open Solutions Inc., a provider of collaborative, enterprise core account processing technology for financial institutions.

U.S. Bancorp reported record full-year net income of $5.6 billion in 2012, up 15.9 percent from 2011.

Chicago-based Northern Trust Corp., the parent company of Northern Trust Bank, reported fourth quarter net income of $167.7 million, or 69 cents per share, up from $130.2 million, or 53 cents per share, in the same period a year ago.

Steve Booth has been promoted to chief operating officer and will eventually serve as chief executive officer and president of Milwaukee-based Robert W. Baird & Co Inc.

The River Revitalization Foundation (RRF), Milwaukee's urban rivers land trust, has closed on the purchase of an additional riverfront property on Riverboat Road with assistance from The Conservation Fund's Land Trust Loan Program.

Brown Deer-based Bank Mutual Corp. reported fourth quarter net income of $2.3 million, or 5 cents per share, up from $1.4 million, or 3 cents per share, in the same period a year ago.