Banking & Finance

Minneapolis-based U.S. Bancorp, which operates U.S. Bank branches in Wisconsin, reported record third quarter net income of $1.4 billion, or 74 cents per share, up from $1.3 billion, or 64 cents per share, in the same period a year ago.

Chicago-based Northern Trust Corp., which operates a Northern Trust Bank branch in downtown Milwaukee, reported third quarter net income of $178.8 million, or 73 cents per share, up from $170.4 million, or 70 cents per share, in the same period a year ago.

Associated Bank, a division of Associated Banc-Corp, announced it will close 12 retail branches in Wisconsin and Illinois to enhance efficiency in its branch network.

Milwaukee-based Rockwell Automation Inc. announced it has completed the acquisition of the medium voltage drives business of Harbin Jiuzhou Electric Co. Ltd.

Continental Surveying Services LLC has acquired Elder Engineering in a transaction that merges the two Richfield-based companies.

Sussex-based Quad/Graphics Inc. has signed an agreement to acquire substantially all of the assets of Vertis Holdings Inc., a Baltimore, Md.-based company that has filed for bankruptcy, for $258.5 million.

The PNC Financial Services Group Inc., the Pittsburgh-based parent company of PNC Bank, which has branches in the Milwaukee market, today reported third quarter net income of $925 million, or $1.64 per share, up from $834 million, or $1.55 per share, for the same period a year ago.

Billionaire investor Carl Icahn announced he plans to make an unsolicited takeover bid to acquire Oshkosh Corp. for almost $3 billion.

BizStarts Milwaukee has received a grant extension for $718,000 from the U.S. Economic Development Administration to help grow start-up companies in the M-7 region.

Wisconsin banks that have received capital from the federal Small Business Lending Fund have increased small business lending by $109.2 million over their baselines, according to the U.S. Department of the Treasury.