Pewaukee-based CIB Marine Bancshares Inc. joins the growing list of American financial institutions under severe distress from the collapse of the housing market.
The company reported today it lost $14.0 million, or 76 cents per share, from its continuing operations in the second quarter. For the first half of the year, the firm lost $16.7 million.
CIB Marine said key contributors to the large continuing operating loss included continued depression of its net interest margin, continued deterioration in its purchased home equity loan portfolios and general declining economic conditions in some of its markets.
At the direction of its board of directors, the company engaged an investment banker to assist management in identifying and contacting other bank holding companies regarding a possible merger or business combination.
CIB Marine is the parent company of Wauwatosa-based Marine Bank, Central Illinois Bank in Champaign, Ill., and Citrus Bank N.A. in Vero Beach, Fla.
CIB Marine continues to take steps to implement a capital plan discussed in the company's Form 10-K for the year ended Dec. 31, 2007.
On April 4, 2008, CIB Marine announced that it had entered into a definitive agreement to sell the branches, deposits and most of the loans of Citrus Bank N.A. to a third party. CIB Marine and the third party have received regulatory approval and expect the transaction to close on Friday, Aug. 15.
John Hickey Jr., president and chief executive officer of CIB Marine, said, "The management and board of CIB Marine continue to execute on the capital plan in an effort to provide the greatest value possible to the shareholders during these difficult times for CIB Marine and the financial service industry in general. I would like to emphasize to our customers and employees that CIB, Marine Bank and Citrus Bank exceed the regulatory requirements for well-capitalized financial institutions."

Menomonee Falls-based MasterLink Corp. has installed a new management team.
Wayne Piontek has been promoted to chief executive officer, replacing Dave Becker.
Piontek joined the MasterLink sales organization in 2004 and has 23 years of experience in the technology field.
A company spokeswoman said she could not comment about the reasons for the change.
Al Thompson has joined MasterLink as president and chief operating officer. Bruce Kolb, chief financial officer, has relinquished the title of COO to Thompson, according to a company spokeswoman.
MasterLink Corp. is an IT business infrastructure solutions provider. The company also announced the following changes:
Virginia Kramer has been promoted to chief technology officer/chief information officer.  She previously held the position of director of unified communications and operations services.
Matt Massa has been promoted to chief architect of the company. Massa previously was chief technology officer.
Maggie Knight has been promoted to vice president of professional services. Knight previously served as director of infrastructure solutions.
Paul Bowser has been promoted to professional services manager. Bowser previously held the position of project manager.
Tom Slobodianuk has been promoted to technical services manager. Slobodianuk previously served in multiple engineering and technical roles.
Don Kramer has been promoted to unified communications solution manager. Kramer previously served as unified communications engineer.

Froedtert & The Medical College of Wisconsin will open a new health care center in the Gateway Business Park in Brookfield on Monday, Aug. 18.
The park is located at 21700 Intertech Drive. The new Springdale Health Center will make the services of Medical College of Wisconsin physicians available at a western suburban location.
Ten physicians representing specialties in internal medicine, pediatrics, and obstetrics and gynecology will see patients at the new center. The Springdale Health Center also will have on-site digital mammography, X-ray and laboratory services.
"The whole family's health care needs can be met right here, providing a continuum of care that includes Froedtert Hospital and Community Memorial Hospital if hospital services are needed," said Dr. Kathleen Sawasky, medical director of the new center and a Medical College of Wisconsin internal medicine physician. "The Springdale Health Center further extends the healthcare expertise of Froedtert & The Medical College into the community with a spectrum of services tailored to families."
Froedtert & Community Health is a regional hospital system made up of Froedtert Hospital, Milwaukee; Community Memorial Hospital, Menomonee Falls; St. Joseph's Hospital, West Bend; and the West Bend Clinic.

Activists believe they have collected enough signatures to require that an advisory referendum calling for affordable health care be placed on the ballots in the Nov. 4 election in South Milwaukee and Oak Creek.
Signatures from more than 3,500 South Milwaukee and Oak Creek residents calling for the referendum were delivered to the two city halls Tuesday.
The advisory referendum will ask, "Shall the state legislature enact health care reform legislation by December 31st, 2009, that guarantees to every Wisconsin resident affordable coverage as good as what is provided to state legislators?"
Representatives from Citizen Action, the Wisconsin Education Association Council, the Wisconsin Federation of Nurses and Health Professionals, the Firefighters and local citizens including a small-business owner spoke at an event to commemorate the referendum Tuesday.
Local educators took the lead in gathering signatures in both communities.
"That over 3,500 South Milwaukee and Oak Creek voters signed referendum petitions shows the overwhelming support for health care reform in the area," said Robert Kraig, director of program for Citizen Action of Wisconsin.
The signatures must be certified by the city governments, and the referenda will then be placed on the ballot, Kraig said.
According to a state law passed in 1911 during Wisconsin's Progressive Era, a referendum can be placed on the ballot if the signatures from 15 percent or more of the voters from the previous governor's race are collected, Kraig said.
The same state law is being used to place a binding referendum calling for employers in the City of Milwaukee to provide paid sick days for their employees.
The south suburban area was targeted for the affordable health care referendum because the 21st District Assembly seat is being contested there, Kraig said. Incumbent Republican Rep. Mark Honadel is being challenged by Democrat Glen Brower.

A new advertising, marketing and design firm is offering a business model strictly for adults.
Bob Welke, former chief creative officer at Chicago-based Leo Burnett, has left his post as chief executive officer of Blue Horse Inc. in Milwaukee and is launching his own firm, The Welke Group.
"What we've seen in the industry has been the unrelenting adoration of youth," Welke said. "While we have nothing against young and talented performers - and have a few ourselves - the fact is we're now getting hit with an economic gut punch the likes of which this generation has never seen. Too many agencies have turned their clients over to junior people who don't have the credentials or the experience to provide effective answers."
Welke started his career in Milwaukee with Bill Eisner, then traveled to Chicago where he spent 20 years at Leo Burnett.
Joining Welke in the new agency will be director of media services Narkis Erlichman, who was a managing director at Universal McCann in New York and group media director at Optimedia in Seattle.
Also joining the new group will be Laura Rodriguez as director of client services. Rodriquez has more than 20 years of experience, having worked at DDB Needham and McCann-Erickson in Los Angeles. She also held positions at Knupp & Watson and Stephan & Brady in Madison, in addition to being director of advertising for the Verlo Factory Mattress Stores.
"Our difference is hands-on, day-to-day involvement from our top executives. Our experience enables us to reach out to other top talent to partner up and create a team uniquely suited to our clients' particular needs on a very cost-effective basis," Welke said. "The demographics of this country have changed. Now the economy is changing as well - and not always for the better. But that also means opportunities. We believe our group is in a unique position to take advantage of those opportunities on behalf of our clients."

A new company, Mortgage Loan Inspection (MLI) LLC in Mequon, has created a mortgage document inspection program designed to protect homeowners and homebuyers who are financing or refinancing their home.
"This will restore the very much needed consumer confidence in the mortgage industry," said Ross Lewin, president of the company. "Today's mortgage crisis has changed many lives in the nation, and not for the better. Foreclosures are at an all-time high and one economic research company even predicts one million foreclosed homes by year-end. Families are being displaced, and the economy is suffering. As many people are now learning, it's too late to fix a mortgage problem after it's already happened. No matter how many laws the government passes, it's still up to individuals to protect themselves during the mortgage transaction. Unfortunately, even the new lending guidelines and policies provide little, if any protection."
MLI has designed its mortgage loan inspection program to provide a thorough review of all the loan documents associated with a mortgage, from the initial application and lender disclosures to the final loan closing document review, Lewin said.
"We constantly look for lender errors or abuses and prevent lending problems before they happen. We will identify any federal or state disclosure violations, unethical broker/lender mortgage loan practices, excessive fees, kickbacks known as 'yield spread premiums,' inflated interest rates, prepayment penalties, and changes in mortgage terms or conditions and any other areas of concern," Lewin said.
For additional information, visit www.mortgageloaninspection.com.

Menomonee Falls-based Magnetek Inc. today reported fiscal fourth quarter net income of $6.4 million, or 21 cents per share, up from $1.8 million, or 6 cents per share, in the same period a year ago.
Magnetek's quarterly net sales grew to $27.2 million from $22.9 million a year earlier. The firm's balance sheet remains debt-free with more than $15 million in cash as of June 29.
"The sales growth we've experienced over the past year is not only a result of market conditions but is also due to our efforts aimed at increasing sales in the growing automation and wireless markets, as well as the successful introduction of new products such as the E-Force inverter and Quattro(TM) elevator drive," said David Reiland, Magnetek's chief executive officer.
For the full fiscal year, Magnetek recorded revenue of $100.0 million, up from $87.7 million in the prior year. The company's gross profit for the year amounted to $29.4 million, up from $28.1 million in fiscal 2007.

AT&T Inc. today announced the availability of AT&T U-verse Voice to customers in parts of Wisconsin, bringing consumers a next-generation digital voice service that is delivered over the AT&T U-verse Internet Protocol (IP) network.
U-verse Voice brings together AT&T home phone, wireless, broadband and TV services -  all on one bill - with features that provide a new level of integration, convenience and control, the company said.
AT&T U-verse Voice is a managed IP-based service that is delivered over AT&T's fiber-rich network.
The service is available in parts of more than 100 communities, including the Milwaukee, Racine, Kenosha, Green Bay, Appleton, Oshkosh, Fond du Lac and Sheboygan areas.
"AT&T U-verse Voice is one more way we're making all of our AT&T services work together for our customers and connecting them to their world," said John DeVaul, AT&T general manager for Wisconsin. "U-verse Voice uses the power of IP to enhance the calling experience. Just like U-verse TV has changed the way people watch television, U-verse Voice will change the way people use their home phone."
"The expansion of our IP-based services to our customers further demonstrates AT&T's strong commitment to roll out new technology to our state's residents and businesses," said Scott VanderSanden, president of AT&T Wisconsin.

Green Bay officials say they are still working with and supporting Vetter Denk Architects' riverfront development plans. Some of Milwaukee-based Vetter Denk's Green Bay projects have been delayed because of difficulty in obtaining financing, as a result of the national credit crunch. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

Emteq recently held its fourth annual charity golf outing at Silver Spring Golf Club in Menomonee Falls to raise money for the Child Abuse Prevention Fund. To view a photographic slideshow of the event, visit the latest edition of SBT Around Town. Is your company conducting a charity event, a groundbreaking or a celebration? Learn how to share photographs from your event with the readers of the BizTimes Daily by sending an e-mail to steve.jagler@biztimes.com.

The bad news is that southeastern Wisconsin residential real estate market is still slumping. The good news is that the market's rate of decline is slowing. Read more in the new edition of the BizTimes Real Estate Weekly bulletin.