With news from M&I Bank and MWBank
M&I lends $20 million to insurance finance company
M&I Bank’s Indianapolis division has agreed to lend $20 million to Oak Street Funding, an Indianapolis-based commercial finance company that offers commission-based capital through lending or purchasing commissions to insurance agents. Oak Street Funding said the credit facility is "strong evidence" that banks continue to support the company, despite a "severe credit crunch" that has forced other lenders to default on loans and drop out of the business.
Rick Dennen, Oak Street’s chief executive officer, said the new credit facility gives the company about $275 million in capital to fund insurance professionals. "The latest $20 million will allow us to continue our product expansion and offerings to the insurance industry and is a testament to our firm’s strength amid the serious lending crisis," Dennen said.
"M&I Bank is pleased to support the Indiana business community by providing credit to strong organizations like Oak Street," said Bill Bower, senior vice president of commercial lending at M&I Bank. "Prior to First Indiana Bank’s merger with M&I Bank, First Indiana had a lending relationship on a smaller scale with Oak Street. As M&I, we now have the capital backing to increase our funding, supporting their growth." M&I Bank is operated by Milwaukee-based Marshall & Ilsley Corp.
MWBank opens Slinger branch
MWBank recently expanded into Washington County with a new branch in Slinger. Located at 306 E. Washington St., (Highway 175), near Highways 41 and 60, the Slinger branch represents MWBank’s fourth branch. MWBank specializes in commercial banking and focuses on owner-managed businesses.
The new branch features Dale Tietz, vice president, commercial division, who has more than 30 years of banking experience. Rose Metke, private banking officer, also has more than 30 years of experience and spent the last 16 years of her career in the Slinger community as a loan officer. Menomonee Falls-based MW Bank will soon be renamed Securant Bank & Trust.