Marshall & Ilsley Corporation
Encyclopedia
Marshall & Ilsley Corporation (also known as M&I Bank) is a diversified financial services corporation headquartered in Milwaukee, Wisconsin
, USA, with $63.5 billion in assets. M&I provides trust and investment management, equipment leasing, mortgage banking
, asset-based lending
, financial planning, investments, and insurance
services from offices throughout the country and on the Internet (www.mibank.com or www.micorp.com). M&I’s customer-based approach, internal growth, and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry. Fortune magazine lists the company as the 18th-largest commercial bank in 2006, based on revenues. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 194 offices throughout the state. In addition, M&I has 45 locations throughout Arizona
; 17 offices in Kansas City
and nearby communities; 17 offices on Florida
’s west coast; 26 offices in metropolitan Minneapolis/St. Paul (Twin Cities
), and one in Duluth, Minnesota
; one office in Las Vegas, Nevada
; 16 offices in the greater St. Louis
area; and 32 offices in the greater Indianapolis
area.
In December 2006, M&I signed a definitive agreement to acquire United Heritage Bankshares of Florida with 13 locations in the Orlando area. The transaction, expected to be completed in the second quarter of 2007, will give M&I 30 branches along Florida’s west coast and central Florida.
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 , which had 32 locations in central Indiana, for about $529 million.
In late summer of 2010, M&I Bank additionally completed the acquisition of Southwest Bank.
In mid-August 2009 the bank was named as one of the biggest of more than 150 U.S. lenders which own 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.
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. It is expected that Marshall & Ilsley will be combined with BMO's Harris Bank
subsidiary based in Chicago, IL.
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" will take place over a span of 18 months.
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.
Milwaukee, Wisconsin
Milwaukee is the largest city in the U.S. state of Wisconsin, the 28th most populous city in the United States and 39th most populous region in the United States. It is the county seat of Milwaukee County and is located on the southwestern shore of Lake Michigan. According to 2010 census data, the...
, USA, with $63.5 billion in assets. M&I provides trust and investment management, equipment leasing, mortgage banking
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
, asset-based lending
Asset-based lending
In the simplest meaning, asset-based lending is any kind of lending secured by an asset. This means, if the loan is not repaid, the asset is taken. In this sense, a mortgage is an example of an asset-backed loan. More commonly however, the phrase is used to describe lending to business and large...
, financial planning, investments, and insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
services from offices throughout the country and on the Internet (www.mibank.com or www.micorp.com). M&I’s customer-based approach, internal growth, and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry. Fortune magazine lists the company as the 18th-largest commercial bank in 2006, based on revenues. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 194 offices throughout the state. In addition, M&I has 45 locations throughout Arizona
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
; 17 offices in Kansas City
Kansas City Metropolitan Area
The Kansas City Metropolitan Area is a fifteen-county metropolitan area that is anchored by Kansas City, Missouri and is bisected by the border between the states of Missouri and Kansas. As of the 2010 Census, the metropolitan area has a population of 2,035,334. The metropolitan area is the...
and nearby communities; 17 offices on Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
’s west coast; 26 offices in metropolitan Minneapolis/St. Paul (Twin Cities
Twin cities
Twin cities are a special case of two cities or urban centres which are founded in close geographic proximity and then grow into each other over time...
), and one in Duluth, Minnesota
Duluth, Minnesota
Duluth is a port city in the U.S. state of Minnesota and is the county seat of Saint Louis County. The fourth largest city in Minnesota, Duluth had a total population of 86,265 in the 2010 census. Duluth is also the second largest city that is located on Lake Superior after Thunder Bay, Ontario,...
; one office in Las Vegas, Nevada
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
; 16 offices in the greater St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
area; and 32 offices in the greater Indianapolis
Indianapolis
Indianapolis is the capital of the U.S. state of Indiana, and the county seat of Marion County, Indiana. As of the 2010 United States Census, the city's population is 839,489. It is by far Indiana's largest city and, as of the 2010 U.S...
area.
In December 2006, M&I signed a definitive agreement to acquire United Heritage Bankshares of Florida with 13 locations in the Orlando area. The transaction, expected to be completed in the second quarter of 2007, will give M&I 30 branches along Florida’s west coast and central Florida.
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
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
On January 2, 2008, M&I announced it had completed the acquisition of First Indiana , which had 32 locations in central Indiana, for about $529 million.
In late summer of 2010, M&I Bank additionally completed the acquisition of Southwest Bank.
In mid-August 2009 the bank was named as one of the biggest of more than 150 U.S. lenders which own 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.
On December 17, 2010, Bank of Montreal
Bank of Montreal
The Bank of Montreal , , or BMO Financial Group, is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded on June 23, 1817 by John Richardson and eight merchants in a rented house in Montreal, Quebec. On May 19, 1817 the Articles of Association were adopted, making it...
(BMO) agreed to purchase Marshall & Ilsley in an all-stock transaction valued at about $4.1 billion USD. It is expected that Marshall & Ilsley will be combined with BMO's Harris Bank
Harris Bank
BMO Harris Bank is a subsidiary of Montreal-based Canadian bank Bank of Montreal. Today the bank holding company is formally named BMO Bankcorp, Inc....
subsidiary based in Chicago, IL.
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" will take place over a span of 18 months.
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.