The number of distressed banks in the United States rose to 552 at the end of September, its highest level since the savings and loan crisis 16 years ago, according to a new report released today by the Federal Deposit Insurance Corp.
The FDIC said the number of troubled banks rose from 416 at the end of June and 305 at the end of March.
This is the largest number of banks on the FDIC’s "problem list" since 1993.
The FDIC has closed 124 banks across the United States so far. The only Wisconsin bank to be closed was Racine-based Bank of Elmwood. The Wisconsin Department of Financial Institutions ordered the Bank of Elmwood to close in October and asked the FDIC to act as receiver. Oak Creek-based Tri City National Bank purchased all of Bank of Elmwood’s deposits and most of its assets.

A.O. Smith Corp. today announced that its A. O. Smith (Shanghai) Water Treatment Products Co. Ltd. Subsidiary has concluded its purchase of the water treatment business of Tianlong Holding Co. Ltd. of Hong Kong.
Founded in 1999, Tianlong, employs more than 900 people in two facilities totaling approximately 40,000 square meters (431,000 square feet) in Shanghai. The company, China's leading manufacturer of residential and commercial water purification equipment, supplies reverse osmosis appliances, reverse osmosis elements, water softeners, industrial and commercial water treatment equipment, filters, and components.
A. O. Smith holds 80 percent of the newly formed company, which is considered a wholly owned foreign enterprise under Chinese law. A. O. Smith (Shanghai) Water Treatment Products Co. Ltd., will supply reverse osmosis water purification products to the China residential and commercial markets as well as export markets throughout the world.
“This is an important strategic action that we believe will benefit A. O. Smith and its shareholders," said Paul Jones, chairman and chief executive officer of A.O. Smith. "This puts A. O. Smith squarely in the rapidly growing global water treatment industry."
A.O. Smith expects the rapidly growing Hong Kong business to generate sales of more than $75 million in 2010. In 2010, A. O. Smith will introduce a line of water purification products in China to be sold under the A. O. Smith brand name through the company's current water heater distribution channels.
Tianlong markets its products under multiple brand names in China, including Chanitex, Pucakon, Datangweiyi, Lingtangniao, Zhichenghe, and Yongxianglai in the residential market and the FS and SunMoonLake brands in the commercial channel. The company exports to more than 30 countries around the world.

JohnsonDiversey has launched www.outbreakcontrol.com, a one-stop resource for managing infection risk in schools, health settings and other commercial spaces.
Developed for JohnsonDiversey's customers, distributors and the general public, the web site provides comprehensive information regarding infectious diseases as well as best practices to manage outbreaks, reduce risk and minimize the spread of infection.
"The global H1N1 pandemic has raised social and individual consciousness on the importance of visibly maintaining healthy, hygienic public environments," said Ed Lonergan, president and chief executive officer of the Racine-based company. "Our understanding of disease, infection and cleaning and hygiene practices needed to minimize their spread makes us uniquely qualified to provide a platform for public awareness and education.”
In addition to prevention tips and disinfection and cleaning procedures, the web site features an interactive, "Ask the Expert" question and answer forum, where visitors can have their questions answered by Drs. Dale Grinstead and Jose Ramirez, JohnsonDiversey's infection control experts.
Additionally, JohnsonDiversey's infection control team will regularly post the most up-to-date public health information from the Centers for Disease Control and Infection (CDC), Department of Health and Human Services (HHS) and the World Health Organization (WHO).
“This Web site provides the proper education and product usage information that are vitally important to maintaining a safe, clean and hygienic facility." Ramirez said.

The 2009 Zagat Airline Survey has rated Oak Creek-based Midwest Airlines as No. 1 in overall quality for mid-sized U.S. economy service for the eighth consecutive year.
The survey covers 16 domestic and 73 international airlines. It reflects the input of 5,895 frequent flyers and travel professionals who collectively took 97,600 flights in the past year.
Midwest scored 21 on the Zagat 30-point scale, tying with Virgin America and followed by Hawaiian Airlines with 16 points.
“We’re honored to once again be recognized by Zagat,” said Jim Reichart, director of advertising and brand for Midwest Airlines. “Our continued high marks are a testament to our employees’ efforts to provide personal, attentive service to every passenger.”
The announcement comes on the heels of other positive news for Midwest and its parent, Republic Airways, including the addition of up to 800 new full-time positions in Milwaukee and numerous upcoming service enhancements. In early 2010, Midwest will launch nonstop service from its Milwaukee hometown to Raleigh/Durham, N.C.; San Francisco; and St. Louis, as well as seasonal service between Milwaukee and Ft. Lauderdale; Kansas City and Ft. Myers; and Omaha and both Orlando and Tampa.

The stock market took a breather today after another strong day on Monday, as the U.S. Commerce Department revised its estimate of the nation’s gross domestic product for the third quarter to 2.8 percent from the initial estimate of 3.5 percent.
The downward revision came with slightly lower totals of consumer spending and business investment in nonresidential structures.
Despite the downward revision, the growth in the third quarter was the strongest in two years, the government said. Before growing in the June-to-September quarter, the U.S. economy had shrunk for four consecutive quarters for the first time since the Great Depression.
Meanwhile, the Conference Board said its Consumer Confidence Index increased to 49.5 in November from a revised reading of 48.7 in October.
The largest local advancers in the BizTimes Stock Index this morning were A.O. Smith Corp. (up 59 cents to $42.65) and Kohl’s Corp. (up 37 cents to $53.97). The largest local decliners this morning were Bucyrus International Inc. (down 81 cents to $51.40) and Manpower Inc. (down 77 cents to $49.80).

The federal government is providing a $1.25 million grant for the cranberry industry. That will benefit Wisconsin, which produces more cranberries than any other state. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

For the fifth consecutive year, Associated Bank is the top lender of U.S. Small Business Administration loans in Wisconsin. View the list of the top lenders in the new edition of the BizTimes Money weekly bulletin.

Wisconsin Technology Council president Tom Still is grateful for a variety of things as Thanksgiving approaches. Read more in today’s Milwaukee Biz Blog.