Bauer is new CEO of Anchor BanCorp; M&I raises $552 million with new stock offering
Bauer is new CEO of Anchor BanCorp
Chris Bauer has been named CEO of Anchor BanCorp Wisconsin Inc., the corporate parent of Madison-based AnchorBank. Bauer replaces Douglas Timmerman, former president and CEO of Anchor BanCorp, who earlier this year announced his intention to retire.
Bauer replaces Mark Timmerman in his role as CEO of AnchorBank. Mark Timmerman continues in the role of president of AnchorBank and adds the newly created position of chief operating officer (COO) for the bank. Mark Timmerman will relinquish his role on the ABCW board while retaining his position as executive vice president of ABCW.
"I cannot think of a better addition to our team than Chris Bauer," said Douglas Timmerman. "His experience and proven leadership capabilities will help ensure the future success of Anchor BanCorp Wisconsin and AnchorBank."
Bauer brings a 33-year background in the banking sector, having previously served as chairman and CEO of the former Firstar Bank Milwaukee and head of commercial banking for Firstar Corp. In 2000, Bauer founded First Business Bank Milwaukee and served as its chairman of the board until 2003. Under Bauer’s leadership, First Business Bank Milwaukee grew to more than $70 million in assets in only three years.
"It is a challenging and transformational period in the financial services sector, and I am thrilled to be joining Anchor BanCorp and AnchorBank at this time. Their history and the strength of their franchise in Wisconsin make them a core asset to our state," Bauer said. "I am looking forward to working with the Board, Mark and the rest of the Anchor management team to help navigate the organization through the current environment and emerge even stronger.
The company also announced that Anthony (Tony) Cattelino, executive vice president of marketing and retail administration for AnchorBank and executive vice president of ABCW, will retire effective June 30. Cattelino’s duties will be spread across several other members of the bank’s senior management team.
"Tony has been a key player in leading our growth as a full-service retail bank. I know I speak for the entire AnchorBank team when I wish him well as he transitions into this new phase of his life," Douglas Timmerman said.
Additional board changes include David Omachinski being named chairman of the board of both the ABCW board of directors and the AnchorBank, fsb board. In February, Omachinski was named lead director. Omachinski replaces Douglas Timmerman in the title of chairman for both boards. Douglas Timmerman will remain as a non-executive member director of the ABCW Board. Omachinski will serve as an independent, non-executive chairman for both organizations.
"These changes bring the structure of our board and executive management group in line with current best practices. This structure will enhance the independence of the board of directors by separating the chairmanship and the CEO roles. Additionally, David Omachinski’s contributions over the last several months as lead director have made it clear to me, as well as the entire Board, that he is the logical choice to take over the chairman role," Douglas Timmerman said.
M&I raises $552 million with new stock offering
Marshall & Ilsley Corp. announced the closing of its public offering of 100 million shares of its common stock at $5.75 per share last week.
The additional shares include 13 million shares issued pursuant to the option granted to the underwriters, which was exercised in full.
The Milwaukee-based parent company of M&I Bank said the stock offering generated corporate proceeds of approximately $552 million. Morgan Stanley & Co. Incorporated and Barclays Capital Inc. acted as joint book-runners for the offering.
Marshall & Islely said the proceeds will be used for general corporate purposes. Some of the proceeds could be used to defray the costs of the company participating in the federal Troubled Asset Relief Program (TARP).
