Chase eliminating 43 jobs in downtown Milwaukee; Marine Bank could soon be for sale
Chase eliminating 43 jobs in downtown Milwaukee
JPMorgan Chase & Co. informed the state Department of Workforce Development last week that it will relocate part a call center for its treasury and securities services business from the Chase Bank Tower at 111 E. Wisconsin Ave. in downtown Milwaukee. The move will result in the permanent elimination of 43 jobs.
The employees will be given a 60-day notice period, and the expected first termination date will be Nov. 15.
In December JPMorgan Chase announced it would eliminate 266 jobs in its home equity application production center in the Chase Tower. The bank has about 920 employees in the building.
Marine Bank could soon be for sale
Now that shareholders have cleared the way for CIB Marine Bancshares Inc. to file a pre-packaged Chapter 11 bankruptcy plan, the company is preparing for discussions to be sold to another bank.
"We possibly could be an attractive candidate (to be acquired)," said John Hickey Jr., chairman and chief executive officer of the holding company, which operates Marine Bank in the Milwaukee area. "The bank holding company, with our bank, could possibly be an attractive candidate to be acquired by another bank holding company, yes … Now that we can see the goal line in sight, we’re going to begin (preparations) for discussions with potential strategic partners."
CIB Marine today announced it has received the requisite approval from holders of its trust preferred securities to exchange their debt securities for preferred stock, paving the way for the pre-packaged plan of reorganization.
CIB Marine filed the plan of reorganization Monday night in federal court in Milwaukee.
"We are pleased that our trust preferred security holders saw the benefits of this reorganization effort," Hickey said. "We are now asking the court to approve what is an orderly and efficient reorganization effort, somewhat similar to the recent effort by GM and Chrysler. The filing and confirmation of the plan of reorganization by the court are important steps in the reorganization and strengthening of the holding company."
The reorganization is targeted to be complete in approximately 45 to 60 days, pending confirmation by the court.
The plan of reorganization filed with the court outlines how the holding company will reduce interest expense, cut debt and enhance the strength of the holding company.
"Upon completion of the reorganization, we will immediately renew our search for a strategic partner to combine with CIB Marine Bancshares," Hickey said. "The improved capital position of the reorganized company should make it an attractive candidate for a combination partner."
In addition to Marine Bank in Milwaukee, Indianapolis and Scottsdale, CIB Marine Bancshares operates as Central Illinois Bank in mid-state Illinois.
"The bank remains adequately capitalized, and the restructuring of the holding company will have no direct impact on the operations of the bank," Hickey said.