Wisconsin Banking News

With news from Spring Bank and Associated Banc-Corp.

Investors open Spring Bank in Brookfield
Spring Bank, a new bank launched by a private group of investors, opened last week in Brookfield at 16655 W. Wisconsin Ave.

The group expects to move the bank to a permanent location in the Fountain Brook Crossing building at South Moorland Road and West Greenfield Avenue in 2009.

The new bank will provide full financial services to small and medium-sized privately owned commercial and retail businesses in southeastern Wisconsin as well as banking services to individual consumers.

David Schuelke has been named president and chief executive officer of Spring Bank. Other senior executives at the bank include Dean Zwick, executive vice president of business banking, and Greg Mieske, chief financial officer.

Schuelke has more than 28 years of banking experience. Since 1991, he served as a commercial banking executive with JP Morgan Chase, most recently as regional president and commercial banking group manager-northeast Wisconsin.

Zwick was formerly senior vice president at Tri City National Bank, where he was employed since 1992. Greg Mieske comes from InvestorsBank, where he was vice president of finance for eight years.

Also joining the Spring Bank team are Glenn Michaelsen, senior vice president, business banking, most recently with InvestorsBank for 10 years; and Alex Hoffmann, senior vice president, private banking, previously executive vice president at Kenney Bank and Trust.

"We are pleased to bring to the area a bank with big bank resources but hometown bank decision-making, responsiveness and service," Schuelke said. "Spring Bank will differ from traditional banks by offering customers advantages such as a no-committee loan process and direct access to decision-makers."

The name Spring Bank was chosen for its perception of freshness and as a way to symbolize a side-step from tradition, which is an important element of the company’s business plan. The name Spring Bank is a change from its original name, the State Bank of Wisconsin.

Spring Bank’s board of directors includes: chairman of the board Salvatore Palmisano (founder and vice president, The Palmisano Companies Ltd. in Brookfield); vice chairman Lee Rasmussen, CPA (Lee Rasmussen S.C., Brookfield); Steven Balistreri (vice president of finance for Marsden Holdings LLC, Milwaukee); Michael Green (owner, Green Realty Company LLC, Milwaukee); Craig Jorgensen (president and owner, VJS Construction Services, Pewaukee); Gary Jurkowski (owner and executive officer, KML Inc., Jefferson); Ernest (Fred) Lamkey (former president and chief executive officer, Flora Bank and Trust, Flora, Ill.); Melissa Oberst (owner and president, Jalensky’s Outdoors & Marine Inc., Kenosha); Andrea Palmisano (president, The Palmisano Companies Ltd.); and Schuelke.

As part of the capital campaign, 190 shareholders raised $12.5 million before filing for a charter, which was granted Aug. 28, 2008. Shares were sold for $12,500 each, with a minimum investment of two shares.

For additional information, visit www.springbankwi.com.

Associated Banc-Corp to raise capital with new notes
Associated Banc-Corp today recently filed a prospectus supplement with the U.S. Securities and Exchange Commission for the issue of up to $100 million aggregate principal amount of its Associated Banc-Corp InterNotes.

The additional capital that is raised by the notes will be used by Green Bay-based Associated Banc-Corp for general corporate purposes.

The notes will be offered through Incapital’s InterNotes Medium-Term Note program. Banc of America Securities LLC and Incapital LLC, will act as joint lead managers and lead agents of the InterNotes program.

As of late last week, Associated Banc-Corp InterNotes are offered by prospectus only directly to investors through Incapital’s extensive network of approximately 600 broker-dealer firms throughout the United States.

InterNotes are unsecured medium-term notes issued by corporations and offered for sale to retail investors. InterNotes are generally offered at par in $1,000 increments, and provide individual investors a variety of rates, maturity dates and interest payment options.

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