Will the economy begin to rebound in 2009, or will the recession deepen? What will be the opportunities for growth? What will be the most significant obstacles in our path?

The answers to those questions and more will be explored in the 2009 Northern Trust Economic Trends Breakfast to be presented by Small Business Times on Wednesday, Jan. 21, at the Italian Community Center in downtown Milwaukee.

The speaker lineup for the 2009 conference will include:

• Michael Knetter, dean of the University of Wisconsin School of Business in Madison, will return to provide his macroeconomic outlook. Knetter, a former economic advisor to Presidents George H.W. Bush and Bill Clinton, will have some especially timely and critical insight at the 2009 event.
• With the conference occurring one day after the presidential inauguration, Jeff Mayers, president of WisPolitics.com, will provide insights about the priorities of the Obama administration, the Congressional agenda and the impact on Wisconsin.
• Jerry Shereshewsky, chief executive officer of Grandparents.com, will travel from New York City to Milwaukee to join the panel and speak about how Wisconsin businesses will have incredible opportunities to market their products and services to the growing population of baby boomer grandparents. This generation has wealth and is more vibrant, healthy and dynamic than any preceding generation of grandparents, according to Shereshewsky, who is a legend on New York's Madison Avenue. Shereshewsky invented the Mellow Yellow brand of soda. After stints among the "Mad Men" with Wunderman, Burson Marsteller, the Bertelsmann Music Group (BMG) and Yoyodyne, Shereshewsky became one of the driving forces in the growth of Yahoo!, where he spent almost nine years overseeing marketing for the Yahoo! Media Sales Group. Shereshewsky, a graduate of the University of Wisconsin in Madison, served on the board of directors of the Direct Marketing Association (DMA), as well as the Dean's Advisory Board at the UW School of Business.
• Richard Meeusen, chairman, president and chief executive officer of Milwaukee-based Badger Meter Inc., will discuss the challenges and opportunities facing Wisconsin's manufacturers in 2009. Meeusen says Milwaukee's proximity to Lake Michigan will provide economic opportunities for the region. Badger Meter has grown to become a global company. The firm's stock is now traded on the New York Stock Exchange.
• Jane Cooper, founder, president and chief executive officer of Milwaukee-based Patient Care, the nation's leading advocacy company that helps employees navigate the health care system and become better consumers, will discuss the future of health care. Patient Care's clients include Assurant Health, Harley-Davidson Motor Co., MillerCoors LLC, Briggs & Stratton Corp., Regency Hospital Company and Midwest Airlines. Cooper founded her company in New Orleans in 2001. Cooper and her company fled to Milwaukee after Hurricane Katrina struck in 2005. Previously, Cooper was the CEO of the Community Physicians Network in Madison, Wisconsin, where she led a financial turnaround of the regional Independent Physician's Association (IPA). She also founded Advantage Health Plan, a regional preferred provider organization (PPO) and health maintenance organization, which grew to $280 million in annual revenues and 300 employees. Cooper also served as the chairman of the American Association of PPOs. She will discuss the future of health care in America.

To register to attend the event, visit www.biztimes.com/trends.

Wisconsinites appointed to Federal Home Loan Bank board

Wisconsin will have a strong presence on the Federal Home Loan Bank (FHLB) of Chicago board of directors in 2009.

The FHLB of Chicago is a $91 billion wholesale bank and government-sponsored enterprise that provides housing finance to more than 800 member commercial banks, savings institutions, credit unions, and insurance companies located in the 7th Federal Home Loan Bank District of Illinois and Wisconsin.

Seven new independent directors were added by the Housing and Economic Recovery Act of 2008 to replace the "appointive directors" previously designated by the bank's regulator.

Effective Jan. 1, 2009, the independent directors will join the 10 current board members representing member financial institutions in Illinois and Wisconsin.

The new directors will include James Ericson, retired chairman and chief executive officer of Northwestern Mutual Life Insurance Co. Inc. in Milwaukee, and Leo Ries, executive director of the Local Initiatives Support Corporation (LISC) in Milwaukee.

"The inclusion of independent directors on the board is intended to supplement member directors with skills and perspectives that enhance the entire board's ability to engage in effective governance and oversight of this large and complex financial institution," said Matt Feldman, president and CEO of the FHLB of Chicago. "To that end, we are particularly fortunate that these talented individuals have committed to supporting our members during these challenging times."

The independent directors will join the current board, which also includes E. David Locke, chairman and CEO of McFarland State Bank, and William Sennholz, president and CEO of Marshfield Savings Bank.

Shareholders approve sale of National City Bank.

In separate meetings last week, the shareholders of PNC Financial Services Group Inc. and National City Corp. both approved the sale of Cleveland, Ohio-based National City to Pittsburgh-based PNC.

The acquisition is expected to close Wednesday.

National City entered the Milwaukee-area market in 2007 when it acquired MAF Bancorp Inc., which had previously acquired St. Francis Capital Corp. in 2003.

James Imaging Systems acquires rival firm

James Imaging Systems, a Brookfield-based provider of integrated document technologies, has acquired Grafton-based Marnett Business Center.

The transaction, which closed Nov. 26, has grown James Imaging Systems by 17 percent, said Tom Tegeder, president of the James organization.

Leon Marnett, former president of Marnett Business Center, has agreed to be a consultant with James Imaging Systems for one year.

"My father, James Tegeder, who started this company 32 years ago, and Mr. Marnett had been friendly rivals for many years," Tegeder said. "We are extremely pleased to bring the Marnette company into our organization and now look forward to serving businesses in Washington and Ozaukee counties."

James Imaging Systems, a Toshiba, KIP, Savin, and HP office equipment dealer, serves Milwaukee, Waukesha, Washington, Ozaukee, Racine, Kenosha, Jefferson and Walworth counties.  The company sells and services multifunctional copiers, fax machines and wide-format and laser printers. James Imaging also consults on print fleet management to optimize workflow and reduce costs.

With the addition of the Marnett staff members, approximately 45 employees will serve James Imaging Systems clients, working out of their offices in Brookfield.

Green Bay firm acquires Raymond James office in Milwaukee

Macco Financial Group, a Green Bay-based asset management and financial services firm, has acquired the downtown Milwaukee office of Raymond James Financial Services.

The Milwaukee office is located at 759 N. Milwaukee St.

Macco Financial Group also is a Raymond James Financial Services-affiliated firm.

The former principals of the Milwaukee office have retired but have been retained as consultants for a three-year period, said John Macco, president of Macco Financial Group.

"They are still available for client meetings and visits, but they are retired," he said.

The Milwaukee office has four employees, and Macco sees significant growth potential.

"We think there is a great opportunity there," he said. "They were primarily a transaction-based organization (previously). We're moving more towards our model of helping clients accumulate wealth, manage it and pass it on in the most tax efficient model. We do more wealth management, estate planning and risk management, as opposed to just transaction-oriented business."

The transaction closed in early October, but was not announced until this week because of client notification, licensing issues and technology upgrades to the Milwaukee office.

"There was a lot of infrastructure investment that needed to be done," Macco said. "We do business in 32 states and have certified financial planners on state, which will help to enhance our service levels in Milwaukee."

Macco Financial Group is in negotiations with its landlord in Milwaukee to double the size of its office, Macco said. The Milwaukee office is inside the Colby-Abbot Building, which has previously announced plans for exterior renovations.

"We like being in downtown Milwaukee and downtown Green Bay," he said. "In the spring, we hope to double our size and enhance our exposure on the corner."

Name: Kathryn ("Kathie") Buono

Title: Partner

Company: Quarles & Brady LLP

City of residence: Town of Delafield

Family: Husband:  John (CFO of Assisted Living Concepts, Inc.)

How does the market look to you? "Cautious. Deals are getting done, but the financing is more expensive and buyers are more diligent than in years past."

What are you working on now? "One acquisition for a strategic buyer (a non-distressed situation - we hope!), one acquisition by a manufacturer of a distressed dealer and one deal involving emergency debt financing pending an equity investment round."

What was the best deal you've been involved in? "It is difficult to characterize one as 'best.' The most unusual was an acquisition of a fishing lodge in Saskatchewan. The most challenging was a reverse Morris trust transaction in which Modine Manufacturing spun off its aftermarket division, which immediately merged with Transpro, while Transpro concurrently sold its OEM division to Modine. The most satisfying have been the dozens of deals I've worked on for Mason Wells and its portfolio companies, both buy-side and sell-side, during the past 18 years."

What was the funniest or most interesting moment of your career? "Early on in my career as a corporate lawyer, I was sent on spring break by Miller Brewing Company to audit their promotional activities in Florida, Texas and California."

Record low mortgage rates attract more refinancings

Mortgage rates are plummeting to record lows, attracting hoards of applications for new mortgages and mortgage refinancings.

Applications for the week ended Dec. 19 ran 124.6 percent ahead of the mortgage activity seen during the same week last year, according the Mortgage Bankers Association's weekly survey.

The survey's refinance Index increased 62.6 percent from the week before. The refinance share of mortgage activity increased to 83.2 percent of the total applications from 76.9 percent the previous week.

The 30-year, fixed-rate mortgage fell to an average of 5.14 percent for the week ending Dec. 24, down from last week's 5.19 percent average, according to the MBA survey, released today.

"Interest rates on 30-year fixed-rate mortgages eased for the eighth straight week and set another record low since Freddie Mac's survey began in 1971," said Frank Nothaft, Freddie Mac chief economist, in a news release.

Northeastern Wisconsin CEOs take action against recession

The recession is taking a toll on the outlook of chief executive officers in northeastern Wisconsin.

CEO confidence measured by the Nicolet National Bank Business Pulse poll taken Dec. 5-12 reflects the sentiments of about 600 CEOs in northeastern Wisconsin.

According to the newest survey: 50 percent view the current economic conditions as a threat; 47 percent have enacted additional internal expense controls; 42 percent have increased business development activities; and 42 percent have initiated a hiring freeze.

According to the poll, the CEOs said their top challenge (77 percent) in 2009 will be increasing sales. Other "very significant" challenges in 2009 will include operating in the context of financial uncertainty (53 percent); increasing health care insurance costs (33 percent); improving quality of marketing efforts (30 percent); operating with increasingly tight credit (28 percent), retaining quality employees (25 percent); and developing new products and services (22 percent).

The survey was conducted for Nicolet Bank by Intellectual Marketing.

A poll of economic optimism also is ongoing at www.biztimes.com.

Banking

• Wisconsin Department of Financial Institutions 
• Federal Deposit Insurance Corp.
• Wisconsin Bankers Association 
• Community Bankers of Wisconsin
• Wisconsin Mortgage Bankers Association
• American Bankers Association
• Bankers Association for Finance and Trade
• Commercial Finance Association 
• Risk Management Association

Mergers & Acquisitions

• Association for Corporate Growth 
• International Business Brokers Association 
• Mergers.com

Wealth Management/Financial/Retirement Planning

• Financial Planning Association
• Financial Planning Association of Southern Wisconsin
• Investment Management Consultants Association
• National Association of Personal Financial Advisors (NAPFA)

Other 

• Small Business Administration
• State public awareness campaign
• Wisconsin Credit Union League
• CFA Institute
• CFA Society of Milwaukee
• Wisconsin Angel Network