Plan to rescue Anchor BanCorp falls apart; InvestorsBank ramps up Treasury Management division; M&I extends mortgage foreclosure moratorium; Marine Bank branch planned in Waukesha
Plan to rescue Anchor BanCorp falls apart
A plan for troubled Anchor BanCorp Wisconsin Inc. to be acquired by Badger Anchor Holdings LLC collapsed Friday night, leaving Madison-based Anchor to explore other options.
Both companies agreed to terminate their agreements, which granted Badger Holdings exclusivity through March 31, with respect to negotiating an investment in Anchor.
The parties announced the agreements in December 2009 and agreed to terminate them on March 31, 2010.
"We have had excellent discussions with Badger Holdings over the last four months. However, the complexity of the transaction led to challenges in completing the agreement prior to the March 31, 2010 date," said Chris Bauer, chief executive officer of Anchor BanCorp Wisconsin Inc. "We hope that discussions will continue with Badger Holdings, but the Board and management feel that we must also explore other potential opportunities to address our capital needs."
As part of a voluntarily cease and desist agreement with the Office of Thrift Supervision entered into in June 2009, Anchor agreed to develop plans to raise additional capital, among other actions related to improving asset quality and strengthening our balance sheet.
In November 2009, Anchor announced plans to sell 11 branches located in northwestern Wisconsin to Royal Credit Union. Anchor anticipates that sale to close in summer of 2010.
Anchor’s stock is traded on the Nasdaq exchange under the symbol ABCW.
InvestorsBank ramps up Treasury Management division
Waukesha-based InvestorsBank, a privately owned financial institution committed to providing best-in-class service to entrepreneurial-based businesses in southeastern Wisconsin, has revamped its online banking services and created four e-banking products that provide customers more choices and better accessibility to their accounts.
The new e-banking products – InvestorsView, InvestorsBasic, InvestorsDeluxe, and InvestorsPremium – are part of the bank’s plan to enhance its Treasury Management division and work with its customers on a more personal level to ensure they feel secure with the online banking process.
“Treasury Management as a core competency has now become more of a commodity,” said Dick Hensley, chief executive officer at InvestorsBank. “And while almost every bank in the market today has some version of Treasury Management available, we believe that we offer our customers much more value in terms of our personalized approach in understanding their needs and which products will be the most efficient for their business.”
To help lead InvestorsBank’s Treasury Management efforts, InvestorsBank hired Patti Kowall as Treasury Management operations vice president.
“I have found that my operational background and product development experience give me an advantage when I personally meet with our customers and offer them the right mix of products they will find the most valuable,” Kowall said. “What makes InvestorsBank truly unique is our ability to not just sell products to our customers, but to go the extra step and take time to really understand their business and how our products can help them better manage their capital.”
InvestorsBank is an independent, privately owned financial institution dedicated to providing service to entrepreneurial-based businesses in southeastern Wisconsin.
M&I extends mortgage foreclosure moratorium
Marshall & Ilsley Corp. has extended its mortgage foreclosure moratorium an additional 90 days through June 30.
The initial moratorium was announced on Dec. 18, 2008, as part of M&I’s Homeowner Assistance Program. The moratorium applies to all owner-occupied residential loans for M&I customers who agree to work in good faith to reach a successful repayment agreement.
M&I’s 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.
In addition, M&I continues to extend new credit to new and existing customers. Since the infusion of capital from the U.S. Treasury in mid-November 2008 through Feb. 28, 2010, M&I has extended more than $6.9 billion of new credit.
Marine Bank branch planned in Waukesha
Pewaukee-based CIB Marine Bancshares Inc. plans to open a Marine Bank branch in a vacant building at 1930 Bluemound Road in Waukesha. CIB Marine Bancshares has 17 bank branches in Illinois, Indiana, Wisconsin and Arizona. The company operated under the name Central Illinois Bank in central Illinois and under the name Marine Bank in Indiana, Arizona and Wisconsin. Marine Bank currently has locations in Franklin, Pewaukee and Wauwatosa.