Economic Development

Brookfield-based Fiserv Inc., a global provider of financial services technology solutions, announced that more than 1,100 financial institutions have selected mobile banking solutions from the company.

The Society for Financial Service Professionals (SFSP), Milwaukee Chapter, is seeking nominations for the Wisconsin Business Ethics Award (WBEA) until Friday, Oct. 19. In its second year, the award praises companies for their ethical business practices, quality in their product and service offerings, and their community support and outreach initiatives.

The Marcus Corp. has reported that record revenues and improved operating income of its hotel business were not enough to compensate for lagging revenues from its theater business in the fiscal first quarter.

To spark franchise growth and introduce a tempting opportunity to potential business owners, Menomonee Falls-based Cousins Subs has announced a new Founders Program that will put nearly $100,000 back into the hands of franchisees who invest in three to five Cousins Subs properties.

Pewaukee-based Stay-Lite Lighting recently acquired J&J Commercial Lighting, located near Cleveland, Ohio, to strengthen its lighting service and lighting upgrade offerings.

Actuant Corp. has announced that it expects to report a non-cash pre-tax asset impairment charge of approximately $60 million in its fourth quarter operating results.

Mary Miller, Under Secretary for Domestic Finance at the U.S. Department of the Treasury, recently provided an update about the status of federal banking reforms at the American Banker Regulatory Symposium in Arlington, Va.

Marcus Hotels & Resorts, a division of The Marcus Corp. and its affiliate, MCS Capital LLC, announced an agreement, subject to purchase the Cornhusker Hotel and Office Plaza in Lincoln, Neb.

Marcus Hotels will be the majority owner of a joint venture with a fund affiliate of LEM Capital of Philadelphia.

The Cornhusker Hotel acquisition is the first transaction sourced by MCS Capital, The Marcus Corp.'s new hotel investment business. Marcus Hotels & Resorts assumed management of the property as of Sept. 6. Terms of the transaction were not disclosed.

The Cornhusker Hotel, a Nebraska landmark, is a 297-room, full-service hotel with 45,600 square feet of meeting space located in downtown Lincoln. Upon completion of the transaction, Marcus Hotels plans to begin a multi-million dollar renovation and affiliate the property with Marriott International Inc. as the Cornhusker Marriott Hotel.

The Cornhusker Office Plaza is a seven-story building with a total of 85,592 square feet of net leasable office space that is nearly 90-percent occupied. The office building is connected to the hotel by a four-story atrium that will be used for local events and exhibits, and will feature the work of local artists.

"We are excited about this opportunity because the project will leverage Marcus Hotels' 50 years of experience in restoring landmark hotels and will be an excellent fit for our portfolio. We believe we can make this distinctive hotel an even greater asset to the community and return the property to its former position as the social center of Lincoln," said Gregory Marcus, president and chief executive officer of Milwaukee-based Marcus Corp. "The Cornhusker Hotel renovation is similar to several other premier downtown hotel restorations we have successfully completed, including The Pfister Hotel in Milwaukee, Wis., the Skirvin Hilton in Oklahoma City, Okla., and the Hotel Phillips in Kansas City, Mo."

Marcus said the company plans to renovate the hotel lobby, all guest rooms and suites, meeting space, restaurant and bars.

The company also today announced Charles Harper will be the Cornhusker Hotel's general manager responsible for overseeing hotel operations and management.
The transaction is expected to close in the next several weeks, assuming all closing conditions are satisfied.

Citizens Republic Bancorp Inc., which has a strong market presence in Wisconsin, has signed a definitive agreement to be acquired by FirstMerit Corp. of Akron, Ohio.

BMO Harris Bank last week announced layoffs of 37 employees at its Mortgage Investment Management location at W57 N14280 Doerr Way in Cedarburg.