Marshall & Ilsley
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|
| Type | subsidiary |
|---|---|
| Industry | Banking |
| Founded | 1847 Samuel Marshall & Co. |
| Headquarters | Milwaukee, Wisconsin, USA |
| Key people |
Dennis J. Kuester (Chairman) Mark Furlong (President/CEO) |
| Products | retail and commercial banking, trusts and investment management |
| Revenue | $4.025 Billion USD (2008) |
| Net income |  $2.043 Billion USD (2008) |
| Parent | BMO Harris Bank |
| Website | bmoharris.com |
Marshall & Ilsley Corporation (also known as M&I Bank) was a diversified financial services corporation headquartered in Milwaukee, Wisconsin, USA, with $63.5 billion in assets.[1]
As of July 5, 2011 M&I is now BMO Harris Bank.
Contents |
History [edit]
In 2007, Metavante Corporation, formerly a wholly owned subsidiary known as - Marshall and Ilsley Data Services, was spun off into a separate publicly traded company and began trading on the New York Stock Exchange.
On January 2, 2008, M&I announced it had completed the acquisition of First Indiana (NASDAQ: FINB), which had 32 locations in central Indiana, for about $529 million.[2][3]
In late summer of 2010, M&I Bank additionally completed the acquisition of Southwest Bank, St Louis.
In mid-August 2009 the bank was named as one of the largest of more than 150 U.S. lenders which owned nonperforming loans that equal 5 percent or more of their holdings. 5 percent is a threshold that former regulators have stated can wipe out a bank’s equity and threaten its survival.[4]
BMO Harris Bank [edit]
On December 17, 2010, Bank of Montreal (BMO) agreed to purchase Marshall & Ilsley in an all-stock transaction valued at about $4.1 billion USD. Marshall & Ilsley was combined with BMO's Harris Bank subsidiary based in Chicago, IL, on October 9, 2012, to form BMO Harris Bank.[5][6]
On April 5, 2011 bank officers from M&I Bank, Harris Bank, and the Bank of Montreal announced the name of the bank after the merger will be "BMO Harris Bank." Both M&I Bank and Harris bank will be affected by the name change. The new logo will be similar to BMO's logo. The difference is the words "Bank of Montreal" will be replaced with "Harris Bank." The name change to "BMO Harris Bank" took place over a span of 18 months, completing on October 9, 2012.[7]
On July 5, 2011, BMO Financial Group acquired Marshall & Ilsley Corporation through its subsidiary BMO Financial Corp. (formerly Harris Financial Corp.). At the time of the acquisition, certain bank mergers also occurred. M&I Marshall & Ilsley Bank, M&I Bank N.A. (successor to M&I Bank FSB), and The Harris Bank N.A. merged into Harris N.A. At the time of these mergers, Harris National Association changed its name to BMO Harris Bank National Association.
References [edit]
- ^ "M&I participates in FDIC program". December 5, 2008.
- ^ "First Indiana to be Acquired by Wisconsin Bank". Inside INdiana Business. Retrieved 2008-02-16.
- ^ "M&I completes First Indiana deal". The Business Journal of Milwaukee. January 2, 2008. Retrieved 2008-02-16.
- ^ Levy, Ari (August 24, 2009). "Toxic Loans Topping 5% May Push 150 Banks to Point of No Return". Bloomberg News (New York City, NY).
- ^ Perkins, Tara; Tim Kiladze (December 17, 2010). "BMO to buy U.S. bank for $4.1-billion". The Globe and Mail (CTVglobemedia). Retrieved 2010-12-17.
- ^ Marshall & Ilsley’s Shotgun Marriage
- ^ ""It's official: M&I is absorbed by Canada's BMO", "Milwaukee Journal Sentinel", July 6, 2011". Jsonline.com. 2011-07-06. Retrieved 2011-07-06.
External links [edit]
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