To deepen its relationships with commercial clients, Associated Bank is now working to expand several ancillary services, including international services, treasury management, capital markets and correspondent banking, according to Peter Thursby, executive vice president of the bank's corporate banking capital markets group. Thursby was hired in late 2007 to help the bank increase its ancillary services.

"We've spent a good portion of the first and second quarter now targeting, establishing and setting strategies in a meaningful way," he said. The Green Bay-based bank's international services division, which is now being led by Donald Lloyd, is starting to offer exchange services for commercial clients that do business overseas, Thursby said. Associated Bank has offered international services for many years, but those services traditionally focused on trade services such as letters of credit and international wire transfers. "We're very focused on maintaining our solid core of trade service capabilities and growing our foreign exchange (services) with Don," Thursby said.

Associated Bank eventually will expand its international services into trade finance, Thursby said, but its plans are still being developed. Earlier this year, the bank created a loan syndication group, a new operating unit of its capital markets department. Associated now has three employees in that department, one of whom specializes in commercial real estate loans. "My background was in loan syndication - I ran that division for LaSalle Bank," Thursby said. "That's when Associated makes a loan, and it will sell pieces of the loan to other banks."

Late last year, Associated Bank consolidated much of its treasury management department into two central locations, Milwaukee and Green Bay. Previously, the bank had regional treasury management workers, Thursby said. The bank's correspondent banking, which provides back-room operations such as processing and depository services for smaller community banks and credit unions, is also experiencing significant increases.

The expanded services, new employees and increased attention will help cement Associated Bank's market penetration in geographic regions it has expanded into in recent years, Thursby said. "The bank is really focused on growing all of its ancillary services," he said. "We're ensuring that they all have the capabilities to meet all needs of the relationship and be more advisory to (clients). We want you to let us come up with the right solutions for you. We're providing advisory services and deepening our relationships."

Eau Claire bank buys branches in Wal-Marts
Citizens Community Bancorp Inc., the Eau Claire-based holding company for Citizens Community Federal, announced it has entered into an agreement to acquire three American National Bank of Beaver Dam branches located inside Wal-Mart Supercenters in Wisconsin. Citizens will acquire the ANB branches in the Wal-Marts in Appleton, Fond du Lac and Oshkosh. Citizens plans to open six more branches in Wal-Marts by the end of the year. Jim Cooley, chief executive officer of Citizens, said, "We are very excited about the addition of these three locations to Citizens' branch network. Strategically, they offer strong potential for core deposit growth and they're consistent with our targeted expansion strategy." John Oathout, executive vice president of American National Bank of Beaver Dam, said, "Citizens has a proven track record of opening and growing branches. This proposed transaction gives these Wal-Mart locations a trusted partner for the future and the opportunity for continued growth. Retail branching in Wal-Mart Supercenters was not consistent with our strategic plan. This move allows us to sharpen our growth focus and devote additional resources to the remaining branches - a priority for ANB. By further streamlining our business and focusing our attention, we will be able to expand services and provide ANB customers with more individualized service." Financial terms of the deal were not disclosed.

WMBA Endorses Statewide Mortgage Foreclosure Prevention
In response to the subprime mortgage crisis and the rapid increase in home foreclosures, the Wisconsin Mortgage Bankers Association (WMBA) recently endorsed the national HOPE hotline and the Wisconsin Foreclosure Resource, a web site run by the Wisconsin Housing and Economic Development Authority (WHEDA) in support of the hotline. "As an association that believes strongly in educating the public on housing issues, preventative measures surrounding mortgage foreclosures has become one of our top priorities," said WMBA president Ron Steinhofer. "We believe that supporting the efforts of WHEDA and the national HOPE hotline will go a long way towards reversing the foreclosure trends facing the people of Wisconsin." The hotline, run by the Homeownership Preservation Foundation, in partnership with many national lenders and credit counseling agencies, helps callers facing foreclosure by working on a budget and trying to arrange a workout directly with their lender. Homeowners can call 888-995-HOPE to reach a counselor 24 hours a day.

If additional help is needed, callers are referred to local nonprofit housing counseling agencies, all of whom have been trained by NeighborWorks America. Resources can be found at www.WisconsinForeclosureResource.com. These resources also include a network of local WHEDA-approved lenders and real estate professionals and legal aid organizations. "We recognize the importance of these resources as means for consumers to receive trustworthy, professional advice on how to avoid foreclosure," Steinhofer said. "Our members who receive calls will actively encourage consumers to refer the HOPE hotline. WMBA has enjoyed a great partnership with WHEDA and are pleased to support their efforts."

Milwaukee lawyer co-authors bankruptcy and restructuring book
Timothy Nixon, an attorney and shareholder with the Milwaukee law firm Godfrey & Kahn, S.C., recently co-authored the book "Bankruptcy and Financial Restructuring Law 2008," published by Aspatore Books of Boston. The book discusses recent changes in laws, decisions, and policies that have affected the practice of bankruptcy and financial restructuring laws. For more information, visit http://www.aspatore.com/store/bookdetails.asp?id=679.

Nixon is team leader of Godfrey & Kahn's Business Finance and Restructuring Practice Group. He is a frequent lecturer and speaker on matters involving bankruptcy law and has been published extensively. He also has represented clients in cases before the United States Supreme Court, the Court of Appeals, as well as in bankruptcy courts throughout the United States. His cases have included some of the largest bankruptcies filed in the United States.

Van Hollen urges FCC to block satellite radio station merger
Citing concerns about "anti-competitive" and "anti-consumer effects," Wisconsin Attorney General J.B. Van Hollen has asked the Federal Communications Commission (FCC) to utilize its role to carefully review a proposed merger of the nation's only two satellite radio companies. The U.S. Department of Justice decided earlier this month to permit Sirius Satellite Radio Inc. to acquire rival XM Satellite Radio Holdings Inc. for $5 billion. The FCC still has to sign off on the deal. In a letter to FCC chairman Kevin Martin, Van Hollen asked the commission to take into account the broad public interest of the proposed license transfer between XM and Sirius.

"In terms of coverage, broadcast radio does not have the reach of satellite radio. Milwaukee, Wisconsin's largest city, receives only 41 local radio signals. Although this is a significant amount, it pales in comparison to XM or Sirius, each of which has over 100 channels a piece," Van Hollen wrote to Martin. "About 1.2 million Wisconsinites live in areas that receive fewer than 15 broadcast radio channels. Rural areas in Wisconsin are the most severely affected, some receiving less than five radio stations. For people living in and driving through these areas, this license transfer would represent a significant reduction in the number of channels available to meet their needs and will adversely impact the public interest."

Van Hollen, a Republican, said he issued the letter to the FCC after the Antitrust Division of the U.S. Department of Justice announced that it would not attempt to block the merger, "despite the fact that the merger would eliminate all competition in the satellite radio industry." "The FCC's standard for reviewing a license transfer is broader than the United States Department of Justice's merger review, and I think that this transfer should raise several red flags for the FCC," Van Hollen said. "The Sirius-XM deal is anti-competitive and anti-consumer."

Milwaukee companies for sale hold their value
Milwaukee area businesses for sale held their value in the first quarter, but increased pressures from the credit crunch could cut into those multiples in the second quarter, according to BizBuySell.com, a web service that lists businesses for sale. The median asking price for businesses for sale in the Milwaukee area through the web site now stands at $392,500, which is up from $335,000 in the fourth quarter of 2007. The data is based on 98 Milwaukee-area businesses that are currently listed at BizBuySell.com. Those listings include listings from local business brokers, as well as "for sale by owner" listings that have been listed by the business owner without the assistance of a business broker. The first-quarter Milwaukee area businesses listed had a median revenue of $517,540, up from $500,736 in the previous quarter. The median cash flow, meaning the money that comes out of the business over the course of a year, is $118,334, vs. $118,796 in the previous quarter. According to BizBuySell.com, business owners in the Milwaukee area will typically ask for, on average, a revenue multiple of 1.04 (up from 0.97 in the prior quarter) and a cash flow multiple of 3.74 (up from 3.56 in the prior quarter).

Nationally, business valuations are down. The median asking price for a small business in the United States declined to $250,000 at the end of the fourth quarter, a $5,000 decrease relative to the prior quarter. "The business valuations in Milwaukee are materially different from what we are seeing on a national basis. Milwaukee's valuations are much higher than the national average. In addition, the market for Milwaukee small businesses appears to be changing, with increasing valuations relative to the previous quarter. On a national basis, valuations are declining," said Mike Handelsman, general manager of BizBuySell.com. "We expect there to be downward pressure on Milwaukee business valuations going forward as retiring baby boomers put their businesses up for sale to fund their retirements. Our internal research suggests that one out of three active small businesses is owned by a baby boomer. The ongoing credit crunch is also empowering buyers who do have cash, allowing them to buy businesses at a lower price than they might have had to pay in the past. For all of these reasons, it's a buyer's market right now," Handelsman said. To view the complete Milwaukee market data, visit http://www.bizbuysell.com/news/insight_reports/Milwaukee-Waukesha-West%20Allis,%20WI.xls.

James McKenna, president and CEO of North Shore Bank, was recently elected to a two-year term on the board of directors of the American Bankers Association (ABA). ABA is the country's largest bank trade association, represents community, regional and money center banks and bank holding companies, savings associations, trust companies and savings banks. McKenna had served on the America's Community Bankers Business Partners Board of Directors and was previously a Board member for America's Community Bankers. “The merger of ABA and America's Community Bankers offers an excellent opportunity to help guide the direction of the U.S. banking industry, and I am honored to serve on the board,” McKenna said. “ABA members represent more than 95 percent of the banking industry's $12.7 trillion in assets and employ more than 2 million people. This is an extremely influential organization, and I am pleased to help bring a Wisconsin voice to this national group.” The ABA, headquartered in Washington, D.C., brings together banks of all sizes and charters into one association. The association provides educational benefits and programs for its members and the public, leads the industry's federal lobbying efforts and speaks for the industry in the media.

R.W. Baird & Co. recently hired Jeffrey M. Seaman as a managing director on the firm's financial sponsor investment banking team. Seaman, a senior investment banking professional with nearly 20 years of experience, is responsible for continuing to develop Baird's financial sponsor network and generating additional private equity deal flow.  Seaman is based in Baird's Chicago office.

Doug Hall, was recently hired by Commerce State Bank as assistant vice president of mortgage lending.  With more than 20 years of home lending experience, Doug instantly adds to the experienced Commerce State Bank staff serving Washington County and the surrounding area.