Brookfield IT consulting firm forms ESOP; Heartland Select Value Fund receives awards; M&I extends foreclosure moratorium
Brookfield IT consulting firm forms ESOP
Omni Resources Inc., a Brookfield-based information technology consulting firm, announced recently that it has formed an employee stock ownership plan (ESOP) for its employees.
Roger Mueller will remain the company’s president, and Veronica Mueller will remain the company’s chief executive officer. They were the original owners of the company, which they started in 1984.
"We are trying to pay back the people that have been with us a long time," Veronica Mueller said. "We’ve enjoyed phenomenal success. It’s time to spread it around, share it with the people that made the difference."
In an ESOP, employees receive shares of stock ownership in the company, which works as a retirement plan for them.
"We feel very fortunate that the last 25 years have been a period of excellent performance company-wide," Roger Mueller said. "The ESOP is the ultimate way to reward our employees for their contributions to the company’s success. From now on Omni will be sending an owner to provide IT consulting services to our clients while the competition will simply be sending an employee."
"The overriding benefit of an ESOP is that it allows employees to participate in the company’s growth and success," Veronica Mueller said. "I am confident that the ESOP will be instrumental in attracting and retaining the best consulting, recruiting and sales staff available."
Heartland Select Value Fund receives awards
The Heartland Select Value Fund, which is advised by Milwaukee-based Heartland Advisors Inc., recently received the Best Multi-Cap Value Fund in the three, five and 10 year categories from Lipper Inc.
This was the third consecutive year the Select Value Fund has been awarded for the 10 year category.
M&I extends foreclosure moratorium
Marshall & Ilsley Corp. has extended its foreclosure moratorium an additional 90 days through June 30.
The Milwaukee-based parent company of M&I Bank activated its initial 90-day moratorium on Dec. 18 as part of M&I’s Homeowner Assistance Program. The moratorium is on all owner-occupied residential loans for customers who agree to work in good faith to reach a successful repayment agreement.
The moratorium applies to applicable loans in all M&I markets.
The Homeowner Assistance Program features streamlined assistance programs for potentially distressed homeowners who are identified in advance and proactively offered assistance. It also offers a foreclosure abatement program that features several refinancing options, including term extensions and reduced rates that can be used, as necessary and applicable, to reduce monthly payments.
"Through our Homeowner Assistance Program, M&I bankers are available to assist homeowners who may be experiencing financial stress, with the ultimate goal of helping them stay in their homes as they recover from their economic challenges," said Mark Furlong, president and chief executive officer of the company. "Our objective is to proactively work with our customers, including offering guidance to families before they are faced with the possibility of foreclosure."
"M&I, through this important program, is making noteworthy progress in keeping many families in their homes," said Milwaukee Mayor Tom Barrett. "We applaud them for extending the moratorium so even more families can benefit during this challenging economic time."