Southeastern Wisconsin financial service industry news
Tuesday, October 14, 2014
Wintrust to acquire Delavan Bancshares
Rosemont, Ill.-based Wintrust Financial Corp. plans to acquire Delavan-based Delavan Bancshares Inc. for $38 million.
Delavan Bancshares is the parent company of Community Bank CBD, which has branches in Delavan, Sharon, Lake Geneva and Clinton. It was founded in 1996 and has about $208 million in assets and about $167 in deposits.
Wintrust, the parent company of Hartland-based Town Bank, in April acquired 11 Talmer Bank and Trust branches and the Pewaukee branch of THE National Bank and folded them into Town Bank. Wintrust includes 15 community banks with more than 135 branches.
"This transaction provides a wonderful opportunity to expand and complement our growing market presence in southeastern Wisconsin,” said Edward Wehmer, president and chief executive officer of Wintrust. “We look forward to continuing with the community banking approach that CBD has established and to providing the local communities with an expanded array of products and services."
"We are excited about the opportunity to combine resources with Wintrust,” said Michael Murphy, president and CEO of Community Bank CBD. “This is a great opportunity to partner with a successful organization that is like-minded in its philosophy of offering highly personalized, customer-oriented retail and commercial banking services with financial capabilities to support further expansion. The transaction allows us to continue focusing on serving our customers, while at the same time providing our customers with access to a wider range of products and services. We clearly see benefits for our customers and shareholders and we look forward to joining the Wintrust family."
U-Line to be acquired by Illinois foodservice equipment manufacturer
Elgin, Ill-based The Middleby Corp. plans to acquire Milwaukee-based U-Line Corp., the companies announced today.
U-Line designs and assembles built-in refrigerators and ice makers that fit under countertops. The corporate headquarters has been in Milwaukee since it was founded by Henry Uihlein in 1962, and the headquarters will remain in Milwaukee. The brand, operations and leadership will also be retained as they are.
U-Line, which has 169 employees, also has an office in Laguna Beach, Calif. and a European office. Its products are shipped all over the world, and its annual revenues are about $60 million.
Middleby, which has about 4,500 employees globally, manufactures, markets and services equipment used in commercial foodservice and food processing, and residential kitchen equipment under brands including Blodgett, Toastmaster and Viking.
“U-Line is a well-established brand and a category leader in innovation, quality and performance in the high-end residential markets (it serves),” said Selim Bassoul, chairman and chief executive officer of The Middleby Corp. “U-Line has an outstanding reputation and provides a strong strategic addition to our growing residential platform. We are excited about the fourth quarter launch of a fully redesigned and expanded lineup of new products at U-Line and believe the company is well positioned for growth.”
The transaction price was not disclosed.
Midland States Bank adds Wauwatosa office
Effingham, Ill.-based Midland States Bank is adding to its presence in the Milwaukee market with a Wauwatosa commercial loan production office.
The office, which opened in mid-September, is in the same building as its Wauwatosa Settlement Trust Group, at 1223 Mayfair Crossing. The trust services practice was acquired from Milwaukee-based Securant Bank & Trust in early 2013 and is led by Stephen Corbisier.
Midland States Bank has $1.7 billion in assets and about 400 employees. Its 35-branch network is spread across Illinois and Missouri.
Alan Forristall will serve as the Milwaukee market president for Midland States. He has more than 30 years of banking experience and most recently served as market president in the Illinois River Valley. Forristall and his wife are relocating to Milwaukee to be closer to family.
“We did not have a plan to open even a loan production office there,” said Leon Holschbach, president and chief executive officer of Midland States. “We said how can we retain a really fine career banker…in the family and still satisfy a really important family need like being closer to his grandchildren.”
Holschbach is unsure whether the Wauwatosa offices will expand beyond their four current employees, but plans to reevaluate in a year.
“It will have a lot to do with how successful Al and Steve and their team are in getting us a foothold up there,” he said.
Johnson Bank opens Mequon branch
Racine-based Johnson Bank has opened its planned Mequon branch.
The 6,000-square-foot office, at 1444 W. Mequon Road near East Towne Square Mall, is the bank’s first in Ozaukee County.
Brian Holtz, branch manager, and an advisor team will work out of the office. There are a total of 13 employees at the Mequon branch.
“We’re open and ready to partner with our clients and this community,” said Milwaukee president Gus Hernandez. “With a strong focus on building relationships, we’re offering this market a unique opportunity to connect with banking, wealth and insurance partners in one location.”
“Our neighbors and local residents have welcomed us from the beginning,” said Peter Engel, executive vice president of consumer banking. “With a long-term view that only a privately held company can deliver, we’re looking forward to working with individuals and businesses.”
Johnson Bank has 40 branches, most of which are in Wisconsin.
Park Bank appoints first chief information officer
Milwaukee-based Park Bank has named Tahir Hassan chief information officer, a newly created position in which Hassan will guide the bank's information technology vision and strategy as well as enhance service experience for bank customers through technology.
Hassan’s career in information technology has included senior-level IT leadership positions at Actuant Corporation and Webster Financial Corporation, which is the parent company of HSA Bank. Hassan has also worked for Fiserv.
The new position reflects the bank’s “commitment to technological innovation and efficiencies both internally and externally,” said bank president Dave Werner.
“We’re approaching 100 years as a local commercial bank and are excited about the expertise and resources Tahir brings to the bank,” Werner said.
“Tahir is clearly aligned with our relationship philosophy and desire to deliver exceptional service and products when, where and how our business and individual customers want them,” he said.
Generation Growth Capital acquires aerospace manufacturer
Milwaukee-based private equity firm Generation Growth Capital Inc. has acquired St. Lucie, Fla.-based Atlantic Precision Inc.
Senior financing was provided by FNB Fox Valley. The transaction price was not disclosed.
Atlantic Precision uses 3D printing and additive manufacturing technologies to prototype and provide low production volume aerospace parts. The company has a new, 35,000-square-foot facility.
API will become part of the Model 2 Machine Group, Generation Growth’s platform of companies that assist OEM customers with development and production. M2M Group includes M2M Machining Inc., Mica Tool & Manufacturing LLC, Tri Aerospace LLC and Clinkenbeard & Associates Inc.
“The acquisition of API really solidifies our capabilities in the aerospace industry,” said Chuck Madore, CEO of M2M. “The addition of direct metal laser sintering, multi-axis wire EDM, and additional 5-axis machining capacity rounds out the current offerings at Clinkenbeard and Tri Aerospace. All three companies have already begun to work in concert and we are quite excited to drive the Model 2 Machine Group strategy forward.”
Tim Ritter, president and co-owner of API, approached GGC because of the complementary aerospace operations with its M2M group.
“Having worked with Tri Aerospace on past projects, we understood how our respective companies could come together to bring a broader array of services and production capabilities under a common touch point for our customers,” Ritter said.
The existing API management team will continue to lead the company, and GGC plans to continue investing in technology for the firm.
“We have been looking for a company like API for over two years and we are thrilled to partner with Tim Ritter and his talented team at API,” said John Reinke, managing director at GGC. “In addition to cutting-edge technology, API has a solid reputation as key problem solvers for their OEM customers. This partnership mentality fits well within the M2M culture.”
Anchor Bancorp makes IPO
Anchor Bancorp Wisconsin Inc., the parent company of AnchorBank fsb, has launched an initial public offering of 371,959 shares of common stock.
The Madison-based company is offering 250,000 shares, while selling stockholders are offering the remaining 121,959 shares.
The IPO price is expected to be $25 to $27 per share, and underwriters will have another 55,794 optional shares available for purchase.
Anchor plans to list its stock as ABCW on the NASDAQ Global Market.
Milwaukee-based Robert W. Baird & Co. Inc. is serving as co-manager and Sandler O’Neill + Partners L.P. is acting as book running manager for the offering.
AnchorBank has 54 branches statewide, including seven in the Milwaukee area.
On the Money: Taking the mystery out of the bank loan approval process
Does it feel like method or mystique? Is it transparent or does it feel like the person behind the curtain is pulling all the levers?
As a business owner applying for a loan, ask yourself if the bank has taken the time to get to know you and your business.
Read more in an On the Money column by Dave Vetta of First Business Bank-Milwaukee in the new issue of BizTimes Milwaukee.
This exclusive news bulletin is compiled by BizTimes Milwaukee reporter Molly Dill. This bulletin is published every Tuesday morning. Send financial services industry news and tips to email@example.com or call her at (414) 336-7144.
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