Chicago Mayor Richard M. Daley will be the keynote speaker at the sixth annual BizTimes Commercial Real Estate & Development Conference, to be held on Friday, Nov. 14, at the Italian Community Center in Milwaukee. The theme for this year's conference will be "The Fresh Coast Advantage." The conference will focus on the strategic competitive advantage the Great Lakes region will have in the 21st century, when "water becomes the new oil." The Milwaukee conference will explore how being positioned amid the largest supply of freshwater in the world will be a key driver of economic growth and commercial real estate development. Read more in the latest edition of the BizTimes Real Estate Weekly bulletin.

Journal Sentinel Inc. announced today it will reduce its workforce by about 10 percent of its approximately 1,300 full-time equivalent employees to address the impact of "a challenging advertising environment."
The company publishes the Milwaukee Journal Sentinel and is a subsidiary of Journal Communications Inc.
The restructuring will be accomplished through a combination of voluntary and involuntary separations, as well as managed attrition. The separations are expected to be complete by the end of the year. Employees in both the voluntary and involuntary separation programs will receive both cash severance and a healthcare benefit.
"Our advertising customers - especially car dealers, real estate agents, hiring officials, retailers and financial institutions - have been battered by a 'perfect storm' of deteriorating credit conditions, slowing home sales, contracting company size and higher gas prices. All of these forces have driven ad spending down. As a result, Journal Sentinel ad revenues are running more than 12 percent below last year through May. At the same time, the costs of running our business are rising, with newsprint and fuel price increases becoming a concern," said Elizabeth (Betsy) Brenner, president and chief operating officer of Journal Communications publishing group.
"As a local news organization, we reach 83 percent of our market every week through our print and online products. Our challenge continues to be operating as efficiently as possible. We need to perform financially in a manner that enables us to invest in the future, and continue to serve our readers and advertisers with the quality products they expect. We have successfully begun to change from a traditional newspaper company to an integrated multimedia company. We need to continue to support our exceptional print publications as well as our developing online options and other commercial businesses."
"This is a difficult and painful message, and it's being delivered at a time when our work has never been better. We remain committed to growing our audience by providing the leading local coverage that has distinguished our organization." Brenner said.
Responding to an e-mail question from BizTimes about how many employees in the Journal Sentinel newsroom would be affected by the job eliminations, Brenner replied, "We don't know yet. It depends on the number of employees who come forward to apply for the voluntary offer. Once we have that number totaled, we'll evaluate and determine how many jobs will come out of each department - including the newsroom."

Fiserv Inc., Brookfield-based provider of information technology services to the financial and insurance industries, today announced it has signed a definitive agreement to sell 51 percent of its interests in its insurance businesses to Trident IV, a private equity fund managed by Stone Point Capital LLC.
Trident will invest approximately $205 million in equity and $335 million in debt in the transaction.
Fiserv expects to receive approximately $510 million in net after-tax proceeds and to retain a 49 percent equity interest in Fiserv Insurance Solutions. The transaction is anticipated to close in July, subject to regulatory approval and other customary closing conditions.
The transaction will include nearly all aspects of Fiserv's insurance segment. The current management team and employee base will continue with the company, which will be known as Fiserv Insurance Solutions Inc.
“Stone Point Capital brings a proven track record of insurance industry success that we believe will accelerate the growth opportunities for Fiserv Insurance Solutions and its clients," said Jeffery Yabuki, president and chief executive officer of Fiserv. "Within Fiserv, we are able to free up capital, maintain an interest in Fiserv Insurance Solutions that should increase in value, and intensify our focus on delivering products and services within the broad financial services and payments landscape."
"We are delighted to partner with Fiserv and the management team of Fiserv Insurance Solutions," said Chuck Davis, CEO of Greenwich, Conn.-based Stone Point Capital. "Fiserv Insurance Solutions is a leading player in the insurance technology and outsourcing space. We believe there are a number of exciting growth opportunities for the business, and we look forward to working with the Fiserv Insurance Solutions management team to pursue these growth initiatives as an independent company focused on serving the insurance marketplace. We are also pleased that Fiserv will be continuing its involvement, through a significant minority ownership position, which we believe will further enhance the company's prospects for success."
"Stone Point Capital's business philosophy and culture match our own," said Mark Damico, president and CEO of Fiserv Insurance Solutions. "The entire Fiserv Insurance Solutions management team is excited to go to market with a partner with deep insurance sector expertise. Stone Point Capital recognizes our commitment to employees as well as clients and, through our partnership, we will continue to provide innovative solutions for years to come."
Fiserv expects slight 2008 earnings dilution of less than 1 percent, or 2 to 3 cents per share..
In a related action, the Fiserv board of directors authorized the repurchase of up to an additional 10 million shares of Fiserv common stock, or approximately 6 percent of its outstanding shares.
The company has completed its previous repurchase authorization.
"We continue to view share repurchase as an important element in building shareholder value through capital allocation," Yabuki said. "Our strong free cash flow combined with significant proceeds from dispositions in 2008 allows us to meet our debt commitments and to repurchase shares under this new authorization."

West Bend Savings Bank and Continental Savings Bank, two mutual community banks, jointly announced the companies will merge to create a new Wisconsin bank with more than $650 million in combined assets and 27 locations serving southeastern Wisconsin.
A name for the new bank will be determined upon completion of the merger.
"It's a very proud day for both organizations," said Jim Podewils, president of Continental Savings Bank. "This is the first merger between two mutual savings banks in Wisconsin in over eight years. This partnership will allow us to offer a greater depth of products and services to our customers, while allowing us to retain our community philosophy of friendly customer service."
Ray Lipman, chief executive officer of West Bend Savings Bank, said, "This is a wonderful opportunity for both banks. When Jim and I began meeting in February 2007, we quickly saw the advantages that this combination provides to both organizations."
Upon completion of the merger in late 2008, the combined bank headquarters will be located in West Bend, while the bank will maintain a regional office in Greenfield.
Lipman will become chairman and CEO and Podewils will be president and chief operating officer. Current employees and officers of both institutions will retain their employment with the new bank.
West Bend Savings Bank was formed in 1926 and has 18 branches.
Continental Savings Bank was formed in 1914 and seven branches, including East North Avenue, Lincoln Avenue and West Villard Avenue in Milwaukee, as well as offices in Brookfield, Brown Deer, Hales Corners and Mukwonago.

Miller Brewing Co. is launching a new promotion in which any baseball fan of legal drinking age who catches a grand slam home run ball at any Major League Baseball game will receive a year's supply of free Miller Lite.
"Everyone knows how excited fans get just grabbing a foul ball, let alone a home run," said Antonio Maldonado, Miller Lite marketing vice president. "As the ultimate light beer, we want to reward those fans who are able to hold onto the ultimate home run, a grand slam, by providing them with a year's supply of Miller Lite. And they can still keep the ball."
To qualify, any fan who catches a grand slam ball must send an e-mail to UltimateHR@mbco.com. Fans will be required to provide a picture of their ticket stub, a picture of the ball they caught showcasing pro baseball's insignia and proof they are a legal-drinking-age consumer.

Milwaukee-based JNA Staffing has been named 2008 Employer of the Year by UMOS (United Migrant Opportunity Services) for its commitment to reducing poverty and facilitating the transition of recipients of public assistance into permanent jobs.
UMOS cited JNA Staffing for driving strategic alliances with partner corporations and educational institutions.
JNA currently places 580 workers per week in the manufacturing sector.
UMOS will present Manuel Perez of JNA Staffing with the award at a luncheon on Friday, July 25.

A Madison area developer plans to redevelop a five-story, 52,000-square-foot office building in downtown Janesville. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

The BizTimes Stock Index fell .41 points to close at 139.07 Tuesday, and local stocks continued to plummet in early morning trading today, with decliners far outnumbering advancers. The largest local decliners this morning were Joy Global Inc. (down $4.33 to $73.16) and Bucyrus International Inc. (down $4.22 to $70.41). The largest local advancers this morning were Strattec Security Corp. (up $3.45 to $37.45) and Fiserv Inc. (up $2.49 to $47.85). The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.

America is the verge of a populist "Uprising," according to author David Sirota. Read more in a Milwaukee Biz Blog by Small Business Times executive editor Steve Jagler.