Wisconsin Banking News

Commerce State Bank continues growth with 10 year note sale; M&I crafts flood relief program for customers

Commerce State Bank continues growth with 10 year note sale
West Bend-based Commerce State Bank has raised about $3.1 million through the sale of 10-year notes. The bank initially set out to raise $3 million, but exceeded its goal because of demand, said Joe Fazio, co-founder and chief executive officer of the bank.
“The difficult economic and investment environment notwithstanding, we believed Commerce State Bank’s history of solid financial performance would generate interest among investors seeking interest income from a solid company,” he said. “Surpassing our $3 million goal confirms investors’ confidence in Commerce State Bank. We had more demand than we could accommodate.”
Commerce State Bank sold $3.1 million of 10-year notes, which earn 8% interest (paid quarterly) due March 31, 2020.  The bank intends to use the funds to restructure debt, support growth, and maintain its very strong capital base. 
The bank has continued solid financial performance through the first half of the year – its net income has risen 100 percent in the first six months of 2010 compared to 2009. Its net interest income has increased 30 percent and capital has grown 12.5 percent during the same time period, Fazio said.
Commerce State Bank has about $304 million in assets. The bank operates two branches, one in West Bend, and a second in Cedarburg.

M&I crafts flood relief program for customers
Marshall & Ilsley Corp. is offering some financial relief to those affected by severe flooding in southeastern Wisconsin by allowing them to defer as many as two payments on installment loans  such as auto and home improvement loans and outstanding credit card balances.
“M&I understands many individuals have been impacted by the severe flooding in southeastern Wisconsin,” said Michele Nygro, regional president, M&I Bank, southeast Wisconsin.  “By offering this financial assistance, we hope we can alleviate some financial stress during this difficult time.”
Special guidelines have been established to determine qualifications for assistance.  For payment arrangements on existing loans, call M&I Bank at 1-888-600-9327, and ask for the Flood Relief Program.  For new loan inquiries, call M&I Direct at 1-800-642-2657.


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