North Shore Bank CEO named to federal government committee; American Foundations MortgageBanc to merge Priority Mortgage Corp. into its operations;
M&I to sell $350M in shares in discretionary equity offering
North Shore Bank CEO named to federal government committee
Brookfield-based North Shore Bank has announced that president and CEO James F. McKenna has been selected to serve a two-year term on the Office of Thrift Supervision’s Mutual Savings Association Advisory Committee, a newly created panel that advises the OTS on how best to support the country’s mutual institutions. In the role, McKenna will help guide and provide input on the national reorganization of U.S. bank regulations.
OTS is an agency of the U.S. Department of the Treasury and the primary regulator of federal savings banks in the United States. McKenna is the only Wisconsin banker on the 12-member committee, which will have its first meeting June 9 in Washington, D.C. The group will meet three times a year to consider potential regulatory changes and other steps by OTS and their impact on the health and viability of U.S. mutual savings banks.
“The invitation to serve on this influential committee is a testament to the strength of North Shore Bank and its reputation and continued growth even in these challenging economic times,” McKenna said. “I talk and work with people involved in the banking industry every day – not just bankers, but regulators, educators, consumers and others, particularly in the Midwest, who have important stakes in this industry and its future. I am honored to take what I’ve learned from all of these people and help Wisconsin’s economic voice be heard in Washington, particularly at this important and dynamic time in the nation’s banking industry.”
American Foundations MortgageBanc to merge Priority Mortgage Corp. into its operations
American Foundations MortgageBanc, Inc. has signed a definitive agreement to merge the operations of Brookfield-based Priority Mortgage Corporation into its operations.
“American Foundations MortgageBanc is always looking to partner with high-quality organizations that want to expand their products and services,” said Nicholas J. DelTorto, American Foundations MortgageBanc president. “We’re pleased to help even more homebuyers find the mortgage that’s right for their needs, at the most competitive price.”
Priority Mortgage’s 17 employees will continue in their current positions, becoming employees of American Foundations MortgageBanc.
“These outstanding mortgage professionals are a good fit with our organization,” DelTorto said. “The experience of the combined staff, our focus on long-term relationships and our strong management team position us well for the future.”
Priority Mortgage has served as the residential mortgage arm of First Weber Group. Kevin M. Donnell, president of First Weber Group, said American Foundations MortgageBanc will support First Weber through a strategic alliance.
“We want First Weber clients to enjoy access to the best mortgage options and pricing, with all the services for a successful real estate transaction,” Donnell said. “The expanded capabilities will definitely benefit our homebuyers.”
American Foundations MortgageBanc, Inc., a wholly owned subsidiary of Generations Bancorp, Inc., generates loans through retail, wholesale and Internet channels, with headquarters in Wisconsin and offices in Massachusetts and Illinois. Generations Bancorp, also the parent of Pewaukee-based Foundations Bank, acquired the assets of Amerihome Mortgage Company, LLC in 2008 to create American Foundations MortgageBanc.
M&I to sell $350M in shares in discretionary equity offering
Marshall & Ilsley Corp. announced that it intends to sell $350 million in common stock, which will fund general corporate purposes. The proceeds of the sale may also help M&I repurchase some of its Series B senior preferred shares which were sold to the U.S. Treasury Department under its Capital Purchase Program.
