Marshall & Ilsley’s final quarter is in the red
In its final full quarter as an independent company, Milwaukee-based Marshall & Ilsley Corp. reported a first quarter net loss of $142.0 million, or 27 cents per share, compared with a net loss of $140.5 million, or 27 cents per share, in the same period a year ago.
The parent company of M&I Bank entered into a definitive agreement on Dec. 17, 2010, in which all of its outstanding shares of common stock will be acquired by BMO Financial Group of Canada. BMO will end the M&I brand, and Wisconsin’s largest bank company will be folded into BMO Harris Bank.
Under the terms of the agreement, each outstanding share of M&I will be exchanged for 0.1257 shares of BMO stock upon closing. The transaction is expected to close prior to July 31, 2011. The transaction is subject to customary closing conditions, including regulatory approvals and approval from shareholders of M&I.
"Our first quarter results reflect the continued stabilization of M&I’s credit profile," said Mark Furlong, president and chief executive officer Marshall & Ilsley. "As we look to the future, we are excited about the pending merger with BMO Financial Group. It will provide additional resources to enhance our commitment to customers and local communities. Over time, our customers can look forward to increased convenience and expanded products and services. In addition, as we approach the closing of our merger, I would like to take this opportunity to thank our employees for their tireless efforts over the years and particularly leading up to the merger completion."
On Thursday, May 17, M&I will hold a special shareholder’s meeting to vote on the proposed merger at the Marriott Marquis in New York.
To read an article about the M&I brand "fading to black," read the new edition of BizTimes Milwaukee magazine.