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Home > BizTimes Daily > Archives > May 28, 2008
M&I lends $20 million to insurance finance company
Published May 28, 2008 - BizTimes Daily
M&I Bank's Indianapolis division has agreed to lend $20 million to Oak Street Funding, an Indianapolis-based commercial finance company that offers commission-based capital through lending or purchasing commissions to insurance agents.
Oak Street Funding said the credit facility is "strong evidence” that banks continue to support the company, despite a "severe credit crunch" that has forced other lenders to default on loans and drop out of the business.
Rick Dennen, Oak Street's chief executive officer, said the new credit facility gives the company about $275 million in capital to fund insurance professionals.
"The latest $20 million will allow us to continue our product expansion and offerings to the insurance industry and is a testament to our firm's strength amid the serious lending crisis," Dennen said.
"M&I Bank is pleased to support the Indiana business community by providing credit to strong organizations like Oak Street," said Bill Bower, senior vice president of commercial lending at M&I Bank. "Prior to First Indiana Bank's merger with M&I Bank, First Indiana had a lending relationship on a smaller scale with Oak Street. As M&I, we now have the capital backing to increase our funding, supporting their growth."
M&I Bank is operated by Milwaukee-based Marshall & Ilsley Corp.
