Barton Products Corp., a West Bend precision machining shop, has been acquired by Valerie Hron and her husband Ray Batista. Hron is the granddaughter of the founder of Barton, and has been involved in the company for 19 years. Batista has worked there for 10 years.

The company's name has been changed to Barton Precision Components. The acquisition was facilitated by Optimus Financial Services LLC, a Milwaukee-area firm that specializes in interim management, performance improvement and project management.

Hron purchased Barton from her father, uncles and their families. Terms of the deal, which closed at the end of December, were not disclosed.

During early 2007, Barton Products faced financial hardships, largely because of problems associated with a large, state-of-the-art 66 axis CNC machine the company purchased several years ago. The machine was partially shut down and orders slowed because it couldn’t produce parts at the speed it normally did, Hron said.

"We were at a crossroads," she said. "It was really time for the third generation to continue the business."

Because of the company's financial troubles, it was difficult to put the sale together, both Hron and Kevin Seiberlich, managing director at Optimus Financial Services, said. But when the machine was repaired in mid spring, 2007, the company started to turn the corner.

Associated Bank helped finance the acquisition.

Barton Precision Components, which has 74 employees, is positioned for significant growth this year, Hron said.

"We've only been a company for three weeks, but during that short time our sales, which tend to be strong in the first quarter, are stronger than they were last year at a comparable time," she said. "We are, despite what we're hearing in the marketplace, not seeing that 2008 will be a terrible year. We're predicting that we will have an increase in sales, which will translate to our bottom line."

Hron also predicts hiring additional workers this year, because sales should increase. Because the company's 66 axis CNC machine has been fixed, it can effectively compete with offshore manufacturers like China, while delivering quick turnaround times.

Buying the company has been a lifelong dream, Hron said.

"I don’t have blood. I have cutting oil going through my veins," she said. "I've had a passion for this business – everything I've ever done from an education standpoint, has been with this in mind. It's what I've always wanted."

Citizens Community Bancorp to expand in Wal-Mart stores

Eau Claire-based Citizens Community Bancorp, Inc., the holding company for Citizens Community Federal, plans to open seven branches this year at Wal-Mart Supercenters in Wisconsin and Minnesota.

The bank will open branches in Wal-Mart Supercenters in Rice Lake, Black River Falls, Wisconsin Dells and in four Minnesota communities.

The bank will move its existing branches in Rice Lake, Black River Falls and Wisconsin Dells to the new Wal-Mart Supercenter locations in those respective communities, resulting in an anticipated net increase of four branches in 2008.

Citizens Community Bancorp also reported its first quarter earnings this week. For the quarter, the bank reported $455,000 net income. Its previous-year first quarter had a net loss of $115,000. The bank's first quarter earnings were 7 cents per share, up from a loss of 2 cents per share in the first quarter of 2007.

Metavante posts fourth quarter loss

Brown Deer-based Metavante Technologies Inc., which was spun off last year by Milwaukee-based Marshall & Ilsley Corp., reported a net loss of $92.8 million, or 78 cents a share in the fourth quarter.

The company’s losses for the quarter included impairment charges of $129.5 million, transaction-related costs of $24.7 million and interest expense of $21.2 million. Excluding those charges, which are mostly related to goodwill adjustments and costs associated with separating from Marshall & Ilsley, Metavante earned $44.1 million for the quarter.

Metavante reported revenue of $408.2 million for the quarter, a 6 percent increase from the year-ago period.

For the full year, Metavante earned $49.5 million, or 41 cents per share, on $1.6 billion in revenue. Metavante earned $160.1 million during 2006 on $1.5 billion in revenue.

In its announcement today, Metavante said it was "cautiously optimistic" about 2008, given the risks of tighter spending at bank clients and fewer consumer payment transactions, and forecast cash earnings of $1.33 to $1.37 a share. The company expects organic revenue growth of 4 percent to 6 percent, and earnings of $1.12 to $1.16 a share for the year.

Charlotte REIT acquires Marshall Erdman

Marshall Erdman and Associates (Erdman), a Madison-based firm that plans, designs and builds health care facilities, has been acquired by Cogdell Spencer Inc., a Charlotte, N.C., real estate investment trust (REIT).

The transaction is valued at $247 million and is expected to close in late February. Erdman will operate as a subsidiary of Cogdell Spencer. The combined company will operate nationwide with offices in Atlanta, Charlotte, Charleston, S.C., Columbia, S.C., Dallas, Denver, Madison, Seattle and Washington, D.C. Madison will remain the headquarters for Erdman. Charlotte will remain the corporate headquarters for Cogdell Spencer Inc.

Baird Capital Partners, Lubar & Co. and Erdman senior management acquired the firm in 2004. Under the sale to Cogdell Spencer, Baird Lubar & Co. and management received an $85 million equity rollover.

Plymouth tool and die shop acquired

Diverse Tooling, a Plymouth, tool and die company, was recently acquiured by NSP Inc., also based in Plymouth. The transaction was brokered by Cornerstone Business Services Inc.'s Milwaukee office.

Diverse Tooling is well known in the metal stamping, plastic extrusion, and tool and die industries for its problem solving capabilities and prompt service. NSP Inc said it plans to continue the level of quality and services that Diverse Tooling customers have become accustomed.

Deal reached on national economic stimulus plan

Democratic and Republican congressional leaders reached a tentative deal last week on a national economic stimulus plan. The plan includes tax rebates of $300 to $1,200 per household and business tax cuts to jolt the slumping U.S. economy.

The Bush administration has also been pushing for an economic stimulus package as many economists fear the U.S. economy may be heading into a recession. Bush has supported larger rebates of $800-$1,600, but his plan would have left out 30 million working households who earn paychecks but don't make enough to pay income tax, according to calculations by the Urban Institute-Brookings Institution Tax Policy Center. An additional 19 million households would receive only partial rebates under Bush's initial proposal.

Under the tentative congressional plan, families with children would receive an additional $300 per child, subject to an overall cap of perhaps $1,200. Rebates would go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

Workers would have to have earned at least $3,000 in 2007 to receive the rebates, according to the reports.

Another element of the plan is a package of tax breaks for businesses that could cost $70 billion. The tax breaks would give businesses incentives to invest in plants and equipment, give small businesses more generous expensing rules and allow businesses suffering losses now to reclaim taxes previously paid.

To address the mortgage crisis, the congressional stimulus plan also allows Fannie Mae and Freddie Mac - government-sponsored companies that are the two biggest U.S. financers and guarantors of home loans - to buy home mortgages much larger than the current $417,000 limit.

Madison tech firm raises equity capital

TrafficCast International, Inc., a Madison-based provider of digital traffic data and software for next-generation traffic information services, recently raised about $3.5 million in equity. TrafficCast also has operations in Shanghai, China.

The company previously raised $2 million in capital but the Board of Directors extended the round to accommodate additional investor interest and to facilitate growth in a rapidly expanding market for mobile and interactive travel information.

Chicago-based Ceres Venture Fund, LP, led the extension. They were joined by NEW Capital Fund LP of Appleton, Phenomenelle Angels Fund I, LP of Madison, and Women Angels, of Milwaukee and Florida.

The funds are primarily earmarked for marketing expansion and ongoing technology development.

MGIC announces quarterly dividend

Milwaukee-based MGIC Investment Corporation's Board of Directors recently announced a quarterly cash dividend of $0.025 per share. The dividend is payable March 3, 2008, to shareholders of record on February 8, 2008.

Northwestern Mutual reports record dividend

Milwaukee-based Northwestern Mutual Life Insurance Co. recently announced financial results for 2007, including a record $5 billion in dividends approved for payment to participating policyowners in 2008.

The company reported $1 billion in net income in 2007, up from $829 million in 2006 and total revenue of $21.35 billion in 2007, up from $19.73 billion in 2006.The company also reported premium revenue of $13.2 billion in 2007, an increase of 9 percent from 2006.

Kolb+Co. Corporate Finance, LLC, an affiliate of Kolb+Co. S.C., Brookfield, recently welcomed John Kielich to the firm as managing director of corporate finance services. Kielich has more than 30 years of experience in the manufacturing, financial services and public accounting industries. He specializes in mergers and acquisitions, due diligence, strategic planning and post-merger integration.

Steve Spector has been admitted as a member of Kolb+Co. Financial Advisors, LLC, an affiliate of Kolb+Co., and was named managing director of risk management services. Spector has been part of Kolb+Co. Financial Advisers, LLC since June of 2005. He has more than 24 years of insurance industry experience, and his areas of expertise include executive compensation, wealth transfer strategies, personal and business life insurance planning, as well as disability income and long term care plan design.

Cheryl Aschenbrener, Neil Keller, Michael Peer have been appointed shareholders of Kolb+Co. Aschenbrener, has been a member of the firm and in public practice since 1996. She specializes in manufacturing, professional services and not-for-profit. Keller, has been in public practice since 1994, and specializes in business valuation, cost segregation and manufacturing. Peer has been in public practice as well as private industry since 1995.  He specializes in home health agencies, hospitals, long term care facilities, nonprofit entities, and physician practices.

Kolb+Co. also promoted Dan Roslawski to accounting and auditing senior.

Brookfield-based Fiserv, Inc. recently appointed Denis O’Leary, a private investor and consultant with expertise in enterprise technology, financial services and consumer payments, to its board of directors. He serves as a senior advisor to the Boston Consulting Group. O’Leary, 51, spent 25 years at JP Morgan Chase & Company, where he served in a variety of capacities including as the corporation’s director of finance, chief information officer and head of retail branch banking. He also worked as managing executive of Chase.com/Lab Morgan, which managed the firm’s strategic adoption of  technology and equity investment in financial service related technology vendors. He was an executive vice president at JP Morgan Chase from 1994 to 2003. O’Leary will serve on the Audit Committee of Fiserv’s Board of Directors.

The PrivateBank-Wisconsin recently hired four former LaSalle Bank N.A. Milwaukee-based central-region banking executives. Roger Pillsbury, who was senior vice president and region head of LaSalle Bank's central region headquartered in Milwaukee; James A. Meyer, who was senior vice president and head of LaSalle's commercial banking division for Wisconsin; and, Randy D. Olver, who was senior vice president and division head for LaSalle's regional corporate banking division in Milwaukee, were all named managing directors. Jeff Janza, who was a first vice president in LaSalle Bank's Milwaukee commercial banking division, was named associate managing director.

Milwaukee-based MCIC Investment Corp. recently promoted Jeffrey Lane to executive vice president, general counsel and secretary of MGIC Investment Corp. and MGIC. Michael Zimmerman has been promoted to Senior Vice President, Investor Relations of MGIC. Jeffrey Nielsen has been promoted to Vice President, Financial Planning/Analysis of MGIC.

Susan Doyle has been appointed president and chief operating officer of Wausau Insurance, succeeding Mark Fiebrink, who is retiring. Wausau Insurance includes the operations of Employers Insurance Company of Wausau, Wausau General Insurance Company, Wausau Business Insurance Company and Wausau Underwriters Insurance Company. Wausau Insurance is part of the Commercial Markets business unit of the Boston-based Liberty Mutual Group.

First Wisconsin Bank & Trust, Brookfield promoted Leila Pals to assistant vice president of consumer lending and Alan McAfee to assistant vice president of treasury management. Pals has been with the bank since its inception in March 2006 when she started in the role of business development officer. McAfee joined the bank in April 2007. He holds a bachelor's degree from St. Olaf College in Northfield, Minn. He received his graduate degree from UW- Milwaukee.

Ritz, Holman, Butala, Fine LLP, Milwaukee, added Megan Stroinski to the firm as a member of the tax team. Stroinski received her bachelor's degree, with high honors, in accounting from UW-La Crosse. 

Vrakas/Blum, S.C., Brookfield, promoted Michael Psuik to shareholder. Psuik is a member of the American Institute of Certified Public Accounts and the Wisconsin Institute of Certified Public Accountants. He graduated from UW-Milwaukee with a bachelor of business administration degree in accounting.

Komisar Brady & Co., LLP, Milwaukee, added two individuals to its staff. Angela Bonnell joined Komisar Brady & Co., LLP's bookkeeping department in November, 2007. Bonnell is currently attending evening classes at MATC and plans to receive her Associate's Degree in 2008. Jay Derr also joined Komisar Brady & Co., LLP in January, as a staff accountant. Derr graduated with a masters degree in public accountancy, and a bachelors degree in accounting from UW-Whitewater.

Chortek & Gottschalk LLP, Waukesha announced that Paul Rodrigues joined the firm as a principle. Rodrigues brings 20 years of experience in construction, real estate, litigation and forensic accounting to Chortek & Gottschalk LLP. Prior to joining the firm, Rodrigues was the National Tax Director for Jefferson Wells International, Milwaukee.

Laura Frymark has joined Suby, Von Haden & Associates, S.C., Milwaukee, as senior staff accountant for the business advisory services group.