M&I and Associated predict return to profitability, will repay TARP funds
Marshally & Ilsley Bank and Associated Bank are the two largest banks that are based in Wisconsin. Both institutions were battered throughout the recession – together they lost more than $980 million in 2009.
However, the chief executives of both banks believe that each institution has seen its largest losses behind it. Mark Furlong and Phil Flynn, of M&I and Associated, respectively, predict their banks will return to profitability later this year or in early 2011. Both banks received large cash infusions from the government’s TARP program – and both banks say they want to repay that money as soon as possible.
Read more in the cover story of the latest issue of BizTimes Milwaukee, including Q&A interviews with both Furlong and Flynn.