Wisconsin Banking News

Bank Mutual’s new Greenfield branch opens next week, report speculates that National City is for sale

Bank Mutual’s Greenfield branch will open next Monday
Bank Mutual’s new 4,000-square-foot branch at the intersection of South 84th Street and West Forest Home Avenue will open for business on Oct. 20. The full service branch will include full commercial and retail banking services, a drive through and 24-hour ATM. It will be Bank Mutual’s 79th branch. The bank will hold a ribbon cutting ceremony at noon on Oct. 29 with the Greenfield Chamber of Commerce, and will hold a week of special activities and appearances from Nov. 1 to Nov. 8. For more information, visit www.bankmutual.com.

Report: National City is for sale
National City Corp., which has been battered by the collapse of the subprime lending market, may be acquired by several potential suitors, including Pittsburgh-based PNC Financial Services Group Inc. and Toronto-based Bank of Nova Scotia, according to The Wall Street Journal. The speculation last week prompted National City’s stock shares to defy the Wall Street trend of plummeting bank stocks, rising to $2.37 late last week. The stock traded at $2.25 on Monday, far off its 52-week high of $26.01. Cleveland-based National City has reported four-straight quarters of losses totaling more than $2 billion. National City entered the Milwaukee market last year, when it acquired MAF Bancorp Inc., the parent company of MidAmerica Bank that had acquired St. Francis Capital Corp., the former parent company of St. Francis Bank, in 2003. MidAmerica Bank operated 24 branches with $1.3 billion in deposits in the Milwaukee area.

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