Associated Bank has been named the top Small Business Administration (SBA) lender in Wisconsin for 2009 - lending more than $25 million in 317 different SBA loans between Oct. 1, 2008, and Sept. 30, 2009.

This is the fifth year in a row that Associated Bank has received the top lender honor in Wisconsin, and the 10th time in 12 years.

“We commend Associated Bank’s continued support to small business lending,” said Eric Ness, SBA Wisconsin district director. “This type of commitment helps to ensure that Wisconsin firms are receiving the much needed assistance and capital to start and expand their businesses.  This activity is fundamental to Wisconsin and our nation’s economic growth.”

Other top Wisconsin SBA lenders include:

• Wells Fargo Bank, 58 loans, $19.1 million
• First Bank Financial Centre, 78 loans, $19.4 million
• M&I Bank, 81 loans, $13 million
• Community Bank & Trust, 43 loans, $13 million
• River Valley Bank, 29 loans, $11.5 million
• Ridgestone Bank, 23 loans, $8.5 million
• Cornerstone Community Bank, 76 loans, $8.1 million
• US Bank, 97 loans, $7.5 million

"While we are incredibly pleased with our new rankings, it's clear that the impact of these lending efforts is about much more than winning a title," said Kerry Barlow, Associated Bank’s senior vice president of business banking. "It is about how many businesses we touched throughout Wisconsin and in our communities."

Baker Tilly Virchow Krause LLP has reached terms to acquire the Washington, D.C.-based accounting firm Beers + Cutler, effective Dec. 1. Terms of the acquisition were not disclosed.

Baker Tilly is headquartered in Chicago. However, its administrative team is based in Madison.

The firm now has more than 1,150 employees. After the acquisition is completed, it will have more than 1,400.

Beers + Cutler’s offices in the Washington area will serve as Baker Tilly’s east coast hub while the firm continues to expand on the east coast.

“We see Washington, D.C. as a critical market as we continue to develop the Baker Tilly brand in the U.S.,” said Tim Christen, CEO of Baker Tilly.  “As independent members of Baker Tilly International, we have been colleagues for many years, and together, we believe in the power of the network and the value it brings to our clients around the world.

“Merging with Beers + Cutler, also an independent member of Baker Tilly International, will enhance our ability to serve clients and strengthen the brand in the U.S.”

Ed Offterdinger, Beers + Cutler managing partner, will serve as Baker Tilly’s regional managing partner of its East Coast practice, as well as vice chairman of its management committee. In addition to its offices in Chicago, Madison and Washington, D.C., Baker Tilly has offices in Detroit, Minneapolis, New York and throughout Wisconsin.

“The merger is about creating opportunities,” Offterdinger added.  “In looking out at the next five and ten years, it will become increasingly important to have a national and global platform to maintain a competitive advantage in the marketplace.” 

HSA Bank, a Milwaukee-based financial administrator of health savings accounts (HSAs), recently named Susan Nelson as its senior vice president and national sales director. Nelson will be responsible for developing the firm’s strategic sales initiatives and managing its sales team.

She will work from the company’s Port Washington facility, where its operations and customer service center is located.

“HSA Bank has been involved in healthcare savings accounts for a long time and is clearly the leader in the industry, not only by numbers, but through its dedication to service and the HSA product,” Nelson said. “My role is to provide focus and leadership to develop strategic initiatives that will grow accounts for HSA Bank.”

Nelson worked previously as regional vice president of sales at Coventry Health Care, as the executive director of commercial products and sales for Presbyterian Healthcare Services and corporate director of sales for BlueCross BlueShield of Wisconsin.

HSA Bank has about 150 employees in its Port Washington and Milwaukee locations. The company is a subsidiary of Webster Financial Corp., a Connecticut-based holding company that also owns Webster Bank, N.A., Webster Business Credit Corp., and Center Capital Corp.

AnchorBank to sell 11 branches to Royal Credit Union

Madison-based Anchor BanCorp Wisconsin Inc., which has suffered significant losses during the recession and financial industry crisis, will sell 11 AnchorBank branches in northwestern Wisconsin to Eau Claire-based Royal Credit Union.

The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in the first quarter of 2010. Financial terms of the transaction were not disclosed.

Royal Credit Union will assume approximately $177 million in deposits and receive a corresponding amount in loans, real estate, and other assets.

AnchorBank CEO Chris Bauer said that the sale will shrink Anchor's assets while enhancing its capital and ability to address asset quality and other obligations. The sale will move AnchorBank closer to compliance with an Office of Thrift Supervision supervisory agreement that calls for higher capital ratios.

"This transaction with RCU allows AnchorBank to make significant progress toward our goal of increasing our capital ratios in order to continue to address the challenges we're facing in this economic climate," said Bauer. "Royal Credit Union has an outstanding legacy of service in the communities of central and western Wisconsin, and we are confident that these branch customers will be in excellent hands with this distinguished hometown institution."

The branches involved in the transaction are located in Amery, Balsam Lake, Centuria, Menomonie, Milltown, New Richmond, Osceola, River Falls, St. Croix Falls, Somerset and Star Prairie. All of the offices being sold were acquired by AnchorBank in its 2008 acquisition of S&C Banco.

"Beyond the key outcomes of shrinking assets and improving capital ratios, this sale will also allow AnchorBank to further reduce core operating expenses and to identify potential areas for additional cost savings in a streamlined branch network," said Bauer. Once the acquisition is complete, RCU will have 26 offices, 23 across central and western Wisconsin and three in the Twin Cities Metro area, serving more than 140,000 Members.

"We are excited by the opportunity to acquire these AnchorBank offices, which fit perfectly into our five year expansion plan," said RCU CEO Charlie Grossklaus. "We want to be strategic with where we expand. These are successful offices for AnchorBank and a great opportunity for RCU and our members."

Harley moving forward on sale of Italian subsidiary

Harley-Davidson Inc. has selected the investment banking firm BNP Paribas in Milan, Italy, to assist in its sale of MV Agusta.

Milwaukee-based Harley-Davidson is identifying potential buyers for the Italian-based motorcycle company.

"MV Agusta is a highly desirable company for the right buyer," said Harley-Davidson senior vice president and chief financial officer John Olin. "MV Agusta has a proud heritage and strong brand, high-quality exciting and beautiful products, and passionate enthusiasm on the part of its customers, employees and dealers, and we are confident in our expectation that we will identify an appropriate buyer."

Harley-Davidson announced its plans to divest MV Agusta in October, as part of its go-forward business strategy to focus its effort and investment on leveraging the unique strengths of the Harley-Davidson brand to reach new customers, strengthen relationships with existing customers and grow the Harley-Davidson brand worldwide.

Under Harley-Davidson's ownership, MV Agusta has restored production operations and continues to invest substantially in product development, including the recent unveiling of the new Brutale and F4 models.

For many investors, investing typically begins with one stock or mutual fund. Over time, other selections are added because many people understand it may not be prudent to invest everything in a single security, even if it has a “blue chip” reputation.

However, just “spreading money around” in a haphazard way may create only an illusion of diversification.

If you have assembled a hodgepodge portfolio, you may not know the extent to which your investments are (or are not) consistent with your objectives.

A sound portfolio management strategy begins with asset allocation, dividing investments among equities, bonds and cash. Since each category has unique characteristics, they rarely rise or fall at the same time. Still two nagging questions remain: What factors guide the asset allocation process? How much of a portfolio should go into each category?

For more, click here.

Economists say ‘The Great Recession is over’

National Association for Business Economics (NABE) proclaimed, "The Great Recession is over," on Monday.

NABE panelists have marked up their predictions for economic growth in 2010.

“While the recovery has been jobless so far, that should soon change. Within the next few months, companies should be adding instead of cutting jobs,” said NABE president Lynn Reaser, chief economist at Point Loma Nazarene University.

Panelists predict a relatively sluggish consumer upturn but look for a sizable housing rebound, low inflation and further rise in stock prices. Importantly, panelists are mostly (though not entirely) optimistic that the Federal Reserve Bank’s policies will not lead to higher inflation.

"The good news is that this deep and long recession appears to be over, and with improving credit markets, the U.S. economy can return to solid growth next year without worry about rising inflation," the report stated.

The November 2009 NABE Outlook presents the consensus of macroeconomic forecasts made by a panel of 48 professional forecasters.

Founded in 1959, NABE has 2,300 members and 31 chapters nationwide. The survey was conducted by Richard DeKaser, Woodley Park Research; Parul Jain, MacroFin Analytics and Baruch College; Charles Steindel, Federal Reserve Bank of New York; and William Strauss, Federal Reserve Bank of Chicago,

At the same time, NABE panelists are “extremely” concerned about high federal deficits over the next five years.

Koss Corp.'s board authorizes stock split

At a special meeting last week, shareholders of Milwaukee-based Koss Corp. authorized the company's board of directors to increase the total number of shares of common stock from 8.5 million shares to 20 million shares.

The approval of the increase in the number of authorized shares was a condition of the two-for-one forward stock split that was approved by the company's board of directors on Oct. 7, to bring the firm into compliance with Nasdaq's continued listing requirements.

On Sept. 10, Nasdaq notified Koss that it no longer met the 750,000 minimum publicly held shares requirement. The proposed stock split will cause the company's total number of publicly held shares to exceed the 750,000 minimum threshold while maintaining Koss's compliance with Nasdaq's other continued listing requirements. Koss must regain compliance with Nasdaq's listing requirements by Dec. 24.

The forward stock split will be affected in the form of a stock dividend of one share of common stock for each share of common stock outstanding. Koss expects that the stock dividend will be distributed on Dec. 1.

The Wisconsin Bankers Association (WBA) will host a “Business Credit Availability Forum” on Thursday, Jan. 14 at the Monona Terrace, Madison. The event will be held in conjunction with the 2010 Wisconsin Economic Forecast Luncheon, also held at Monona Terrace.

The forum will outline the factors impacting credit availability to businesses in Wisconsin. UW-Madison Professor Jim Johannes will provide a background briefing on current lending trends. A panel discussion, including representatives from the banking industry, government and other sectors will follow. This year’s speakers are UW-Madison Business School Dean Michael Knetter and Federal Reserve Bank of Chicago Senior Economist Sam Kahan.

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 

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