More Financial News

Prime Financial regains independent operations from state officials; Fiserv to launch mobile banking app; Douglas Dynamics Inc.’s stock makes debut; Universal Mortgage to close Mequon office; Johnson Insurance Services named MetLife Agency of the Year

Prime Financial regains independent operations from state officials

Cudahy-based Prime Financial Credit Union regained independent operations last week, with a new board of directors, more stable market position and plans to build additional strength in the future.

State regulators seized control of the credit union in March and dismissed its previous board. Richard Koenig, Prime Financial’s former president, was dismissed in December, 2009. Christine Dawe, who was appointed by the state as interim chief executive officer of Prime Financial last year, will continue to lead the credit union as it returns to normal operations.

“We have worked hard – in partnership with the National Credit Union Administration, the state, our employees and our members – to strengthen Prime Financial’s overall position and performance. Resuming independent operations with a new member board is a significant milestone,” Dawe said. “We are confident that Prime Financial can build on this success and the foundation we’ve laid over the past 14 months as we move forward.”

The new board members include: Harry Staffileno, chairman; Christine Timm, vice chairman; Eric Moore, secretary; Ralph DeVito, treasurer; and Steven Bejma.

Fiserv to launch mobile banking app

Brookfield-based Fiserv Inc. has unveiled ZashPay, a new person-to-person (P2P) payments service that will allow consumers to tap into a community where they can quickly send or receive money using their existing online banking accounts.

With ZashPay, consumers will be able to send money to anyone they know using only an e-mail address or mobile phone number. The payment will be deducted directly from the sender’s banking account and deposited directly into the recipient’s account in as little as one business day, utilizing the same secure processes as a typical online banking transaction.

Users of ZashPay will be able to send money to anyone, regardless of the recipient’s financial institution relationship. Payments will be deposited directly into the recipient’s account, if they have an account at a participating financial institution. If their institution is not part of the network they will be able to claim their money at

Payments made using ZashPay will be delivered in as little as one business day and confirmation of payment will be sent to the recipient’s e-mail address or mobile number. Because consumers will be able to use ZashPay through their financial institution, it will eliminate the need to fund a separate account or share account information with a third party, resulting in both improved security and greater convenience.

ZashPay will be available to a network of more than 3,100 financial institutions and 16 million consumers that already use the CheckFree RXP online bill payment service from Fiserv. ZashPay will be integrated into the online banking sites of financial institutions that choose to offer the service.

"Consumers are looking for faster and easier ways to send and receive money among their friends, family, neighbors and colleagues, yet current electronic payment options are often a hassle and too slow," said Erich Litch, senior vice president and general manager of consumer services for Fiserv. "ZashPay will be accessible through the online banking sites of participating banks and credit unions and will use consumers’ existing financial accounts rather than require them to sign up for and fund a third party account. Consumers have told us that they would prefer to send and receive money directly through their existing online accounts, and ZashPay makes that possible."

The service will be available through participating financial institutions and at early in the summer of 2010.

Consumers can visit for a preview, to sign up for e-mail updates and to request that their financial institution offer the service.

Douglas Dynamics Inc.’s stock makes debut

Milwaukee-based Douglas Dynamics Inc. announced the pricing of its initial public offering of 10 million shares of its common stock at $11.25 per share.

The offering will consist of 6.5 million shares of common stock offered by Douglas Dynamics and 3.5 million shares sold by certain Douglas stockholders.

The company’s common stock will trade on the New York Stock Exchange under the symbol "PLOW."

Credit Suisse Securities (USA) LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering.

Douglas Dynamics designs, manufactures and sells snow and ice control equipment for light trucks, which is comprised of snowplows and sand and salt spreaders, and related parts and accessories.

Universal Mortgage to close Mequon office

Universal Mortgage Corp. of Mequon plans to close its headquarters in Mequon at 12080 N. Corporate Parkway, resulting in 100 employees losing their jobs.

In its layoff notice filed with the Wisconsin Department of Workforce Development, Universal Mortgage said it was unable to secure funding or find a buyer to keep the business open.

Universal Mortgage said it will begin closing the facility on May 15, and some employees will receive less than the 60 days notice of their layoffs.

The DWD and its regional partner, the Waukesha-Ozaukee-Washington Workforce Development Board, are providing rapid response services for the displaced employees.

Johnson Insurance Services named MetLife Agency of the Year

Racine-based Johnson Insurance Services, an independent insurance agency and part of the Johnson Financial Group, has been named the Agency of the Year by MetLife Auto & Home.

Johnson Insurance Services has offices in Appleton, Green Bay, Kenosha, Racine, Milwaukee, Brookfield, Franklin Waukesha, Janesville, Madison, Lake Geneva, Eau Claire, Ripon, Rice Lake and Hayward, Wisconsin, and also in the greater Phoenix area in Arizona.

“Being named Agency of the Year is one of the highest honors that MetLife Auto & Home can bestow upon an agency,” said Paul Gavin, vice president of MetLife Auto & Home’s agency distribution. “MetLife Auto & Home is proud to have Johnson Insurance Services as a member of our sales force, because the agency is clearly providing outstanding service to its clients.”


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