Marshall and Ilsley Bank

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Marshall & Ilsley Bank (M&I) is an independent publicly-traded financial institution established in 1847 and based in Milwaukee, Wisconsin. In 2006, Fortune Magazine ranked M&I as the 18th-largest commercial bank. In 2009, forecasting future problems for the company, Bloomberg News ranked M&I Bank as one of the top 150 U.S. lenders who owned nonperforming loans, which can leave banks below the minimum capital levels required by regulators. Bank of Montreal/BMO Financial Group came into an agreement to buy M&I Bank in 2010 for $4.1 billion, after the housing bubble burst left M&I with two years of massive amounts of defaulted loans.[1] Mark F. Furlong, M&I's Chairman and CEO, is slated to get a combined $24 million as a part of the acquisition, fueling protests against the bank for irresponsible lending and spending after receiving $1.7 billion from the U.S. Treasury's Troubled Asset Relief Program (TARP). [2] It has not paid any of the TARP debt back as of March 2011.

Executive Summary

M&I Bank has over 350 locations in seven states. Its 2008 financial records show that it had a revenue of $4.025 billion before it received $1.7 billion from TARP due to over-lending to individuals and business who defaulted on their loans.[3] In 2011, BMO Financial Group/Bank of Montreal began its acquisition of M&I Bank, all stocks and its TARP debt for $4.1 billion.[4] M&I had $51.9 billion in assets at the time of acquisition.[5] The Bank of Montreal operates out of Harris Bank in Chicago, IL and is looking to expand its Midwest business with M&I Bank's assets. Marshall and Ilsley Corp. and its executives have also been very active in making partisan political donations, predominantly in favor of Republicans. This company, has invested significant funds in elections in Wisconsin, and its PAC was a major spender in the election of Wisconsin Governor Scott Walker.

Marshall & Ilsley Corp. has the following subsidiaries: Marshall & Ilsley Corporation, M&I Marshall & Ilsley Bank, M&I Bank FSB, Marshall & Ilsley Trust Company N.A., Cedar Street Advisors®, North Star Deferred Exchange Corp., M&I Brokerage Services, Inc., M&I Equipment Finance Company and M&I Investment Management Corp. Teachers, firefighters and policemen called for union members to discontinue use of the financial institution for their support of Walker's bill that strips unions of all bargaining rights and make severe cuts to public programs like public schools and state-provided health care.

Marshall & Ilsley Bank (M&I Bank)
Type Financial Services
Founded 1847
Headquarters Milwaukee, WI
Number of locations Wisconsin, Arizona, Missouri, Florida, Minnesota, Nevada and Indiana
Revenue $653.7 million

Protests in Wisconsin

After Wisconsin Governor Scott Walker's controversial budget repair bill passed on March 10, 2011, attention turned to the Governor's campaign donors. M&I Bank and its Executives were Walker's second-biggest collective supporters, giving $46,308.[6] In early March, several hundred protesters showed up in front of the main downtown M&I location in Wisconsin's capital, Madison. Teachers, firefighters and policemen called for union members to discontinue use of the financial institution for their support of Walker's bill that strips unions of all bargaining rights and make severe cuts to public programs like public schools and state-provided health care.[7] The Nation reported that "several hundred protesters surrounded an M&I Bank across the street from the Wisconsin State Capitol shouting “You Got Bailed Out, We Got Sold Out.” International Association of Fire Fighters Local 311 President Joe Conway Jr. told [me] two union members marched in and pulled a combined $192,000 dollars out of the bank. “Hopefully this sends a message to the bank,” says Conway. “We wanted to illustrate how serious our threat is by having just two of our members pull their money out.“ The union said it plans to escalate actions and will soon begin handing out fliers at protests asking people to move their money. A senior union researcher estimates that unions have at least $1 billion invested in M&I Bank, mostly through pension funds. Discussions are going on at the highest levels of the labor movement about how exactly to leverage this financial clout in the political debate in Wisconsin. Since the Bank of Montreal is in process of purchasing M&I Bank, U.S. unions have reached out to the Canadian Labour Congress to urge their involvement in a disinvestment campaign."

Walker's Changes to the 2009 Consolidated Reporting Act

Many are speculating on what benefits M&I may be gaining in Governor Walker's budget bill, some contend that the bank will benefit from proposed changes in the Combined or Consolidated Reporting Act. In 2009, Wisconsin joined 22 other states in closing its "Las Vegas Loophole" with a consolidated reporting law. Prior to 2009, corporations with subsidiaries in other states only had to pay income taxes on what was physically present in Wisconsin. This led to many "paper subsidiaries" in states with no corporate taxes, like Nevada. In theory, this allowed large corporations to form subsidiaries in other states to avoid taxation. The changes in the law allow Walker to keep his promise of not repealing the consolidated reporting law, but the changes are essentially making the law null and void.

As part of the budget bill in 2009, then Wisconsin Governor Jim Doyle signed a bill that "requires corporations engaged in a unitary business to file a combined report in determining their Wisconsin income tax, effective for tax years beginning on or after January 1, 2009. Previously, Wisconsin had required the use of separate company reporting."[8]

Doyle enacted the law because many corporations were taking advantage of loose taxation laws to avoid paying Wisconsin income taxes. For example, Microsoft, PepsiCo, McDonald's, General Electric, Merck and Apple all didn't pay income tax to Wisconsin, even though some of their profits were made in the state.

The Milwaukee Journal Sentinel reported that, "Combined reporting ensures tax fairness. When some large corporations eliminate their Wisconsin tax liability, all others pay more to make up the difference. It's a slanted playing field, rewarding big companies willing to use aggressive tax-avoidance tactics. Over the past decade, from January 2000 through February 2010, goods-producing industries in states with combined reporting saw a median employment decline of 27%. Among states without combined reporting, the median change was worse, a decline of 29%. Since the recession began in December 2007, the median loss in combined reporting states was 21%; in states without combined reporting, 23%."

Of course many corporations were unhappy about this change, some, like Harley Davidson, even threatened leaving the state.

After 2009, when the reporting law started, a company had to file one tax return instead of several. If they had substantial loses on an investment that surpassed the yearly limit, they could "carry over" the rest for the next year and the next and so on. They were also allowed to spread around the "carry over" to other companies under the main corporation after 2009. Robert Kraig of the Wisconsin Citizen Action said on a local radio show that after the 2009 law passed, the Department of Revenue had the authority to investigate any corporations and subsidiaries who it felt suspicious of avoiding taxes and disallow them if they were found to be created for that purpose.

According to Kraig, the changes included in Governor Scott Walker's 2011 budget would now prohibit the Department of Revenue from investigating companies and disallowing them. Corporations can still spread the carry overs around, but they can start adding to the total of the loss from years before 2009. This benefits companies like M&I, who had losses starting in 1997 based on tax info obtained by the Institute for Wisconsin's Future. Institute for Wisconsin's Future.

The proposed changes are a part of the Governor's 2011 Executive Budget Bill, Senate Bill 27 and Assembly Bill 40, and can be found starting in section 1893.

71.255 (6) (d) of the statutes is created to read:

71.255 (6) (d) 1. Starting with the first taxable year beginning after December 31, 2011, and for each of the 20 subsequent taxable years, and subject to the limitations provided under s. 71.26 (3) (n), for each taxable year that a corporation that is a member of a combined group has net business loss carry−forward as computed under s. 71.26 (4) or 71.45 (4) from a taxable year beginning prior to January 1, 2009, the corporation may, after using such net business loss carry−forward to offset its own income for the taxable year, use up to 5 percent of the remaining net business loss carry−forward to offset the income of all other members of the combined group on a proportionate basis, to the extent such income is attributable to the unitary business. If the full 5 percent of such net business loss carry−forward cannot be fully used to offset the income of all other members of the combined group, the remainder may be added to the portion that may offset the income of all other members of the combined group in the subsequent year.

2. Unless otherwise provided by the department by rule, if the corporation may no longer be included in the combined group, as determined under this section, the corporation’s net business loss carry−forward shall be available only to that corporation.

State Partisan Political Activity

Marshall & Ilsley Corp. and its employees have donated to both sides of the aisle to influence politicians' legislation to further the interests of the banking industry. Republicans have seen the bulk of political contributions from executives and M&I Corp.'s PAC. M&I Bank has also come under fire for its present and past executives heavily supporting Wisconsin Governor Scott Walker. In Wisconsin, employee and PAC contributions make M&I Walker's top supporter, giving $57,000 in total.

M&I's top recipients in Wisconsin are all pro-big business Republicans. Maplight compiled data for the past four years (Oct. 2006 - Oct. 2010) of the state's legislators. Below is a list of the top recipients of M&I contributions:

1. Alberta Darling - $11,600 - Senate Republican (Menomonee Falls)
2. Terry Moultan - $7,175 - Senate Republican (Chippewa Falls)
3. Dan Kapanke - $6,600 - Senate Republican (La Crosse)
4. Scott Fitzgerald - $4,400 - Senate Republican (Juneau)
5. Travis Tranel - $3,250 - Assembly Republican (Dickeyville)
6. John Murtha - $3,000 - Assembly Republican (Baldwin)
7. Mary Williams - $2,500 - Assembly Republican (Medford)

Protests and bans against the bank began after Governor Walker passed his 2011 budget that called for an end to bargaining rights of unions and major cuts to public programs, such as public education and state-provided health care.[9] $85,099 was given by people who filed contributions under M&I Bank[10] Dennis Kuester, the former CEO and Board Chairman became a backer for the Koch brother's Wisconsin Prosperity Network, which is an off-shoot of Americans for Prosperity after leaving the company.

Federal Political Action Committee Contributions

Marshall & Ilsley's PAC has dropped its activity level off sharply since 2008. Open shows M&I's PAC contributions from 1998.

  • In 2004, $19,154 was spent on lobbying efforts. Senate candidates who were given money: Russ Darrow (R-WI) received $5,000 and Richard C. Shelby (R-AL) received $1,000. George W. Bush (R) received $5,000. Financial Services Roundtable PAC received $7,500.
  • In 2006, $26,296 was spent on lobbying efforts. House candidates who were donated to: Vernon Buchanan (R-FL) received $2,000; Deborah Pryce (R-OH) received $1,000. PACs that were donated to: Financial Services Roundtable received $10,000; The Republican National Committee received $3,000; And The Republican Party of Wisconsin received $1,000.
  • In 2008, $57,082 was spent on lobbying efforts. The National Republican Congressional Committee received $15,000; Financial Services Roundtable PAC received $10,000; The Democratic Party of Wisconsin received $5,000; And McCain Victory 2008 received $4,500. House candidates who were donated to: Vernon Buchanan (R-FL) received $3,500; Kathy Castor (D-FL) received $1,000; Gwen Moore (D-WI) received $7,500; And James F. Sensenbrenner (R-WI) received $500. Senate candidates were: John Cornyn (R-TX) received $3,500; Chris Dodd (D-CT) received $1,000; And Mark Warner (D-VA) received $2,000.
  • In 2010, $35,647 was spent on lobbying efforts. Vernon Buchanan (R-FL) received $1,000; Andre Carson (D-IN) received $500; Gwen Moore (D-WI) $3,500; Financial Services Roundtable received $10,000; Democratic Party of Wisconsin received $2,000; And Minnesota Bankers received $1,000.

Executive Political Contributions

Executives have been very generous in their political contributions, the bulk of which has gone to Republican candidates and PACs.

Below is a list of the top M&I Bank contributors:

  • CEO and Chairman Mark F. Furlong - $24,655 in Wisconsin since 2001[11] Furlong gave $3,000 to Scott Walker's campaign.[12]
  • President and Director Thomas R. Ellis - $11,770 in Wisconsin since 2001.[13]
  • Chairman of the Board and CEO of M&I Investment Management Corp. Kenneth Charles Krei - $7,800 in Wisconsin since 2004.[14]
  • Former CEO Dennis Kuester - $62,200 in Wisconsin since 2001.[15] $20,000 was donated to Scott Walker's campaign.[16]
  • Executive Vice President and Chief Credit Officer, M&I Marshall & Ilsley Bank Mark R. Hogan - $19,600 in Wisconsin since 2002.[17] $7,000 to Scott Walker.[18]
  • Former CEO James Wigdale - $33,475 in Wisconsin since 2002.[19] $8,100 to Scott Walker.[20]

Eye On Wisconsin reported that non-executive employees "at the bank were giving in what appears to have been coordinated bundles. For example a total of 6 people from M&I Bank gave to Walker on March 25, 2009. A total of 15 gave to Walker on December 12, 2008. A total of 14 gave to Walker on August 22, 2007."

Role in the Financial Crisis

This example can be seen with the loss of share value and profit that M&I experienced, starting at the end of 2007. Bloomberg BusinessWeek reported that "the bundling of the riskiest type of mortgages into securities played a role in turning the U.S. housing slump into a global recession as foreclosures deflated bond values and toppled Wall Street firms including Lehman Brothers Holdings Inc."[21] M&I had eight straight quarterly losses as of the end of the fourth quarter in 2010. After M&I expanded out of the Midwest in the 1990's and early 2000's to places like Arizona and Florida, which were some of the hardest hit areas during the housing mortgage crisis, their increase of subprime housing and construction loans caused a crippling effect on profit as huge numbers of those loans were defaulted.[22]

TARP Bailout Funds

On October 28, 2008 the Treasury Department started the Capital Purchase Program. Marshall & Ilsley was among the eight large U.S. banks to receive the Treasury Department's initial round of capital investments and received $25 billion of Troubled Asset Relief Program (TARP) funds. Propublica reports that M&I is among those who have not paid back any amount of the $1.7 billion loaned to them from the government.

Golden Parachutes for M&I Executives

Federal law prohibits executive raises while TARP money is still owed to the government. The Bank of Montreal will pay the $1.7 billion owed and pay the executives contingent on the finalization of the acquisition.

The Milwaukee Journal Sentinel reported in February 2011 that CEO and Chairman Mark F. Furlong, who is being retained by BMO as president and chief executive of Harris Bank, will $18 million upfront and also "receive a $6 million "transition completion payment" on the first anniversary of the merger if he still is with the company. Under a three-year contract with BMO, Furlong will receive a base salary of $600,000, be eligible for an incentive payment of up to $800,000 and be in line for stock awards. According to the document, M&I executives to receive "deferred compensation" after the merger is complete are: Gregory A. Smith, chief financial officer, $5.5 million; Thomas R. Ellis, senior vice president, $4.1 million; Kenneth C. Krei, chairman and CEO of M&I Trust Co., $5.5 million; and Thomas J. O'Neill, senior vice president, $5.1 million. Another $26.7 million will be distributed among 12 other executive officers."

In a response these publicly-dubbed "golden parachute" payouts, CtW Investment Group released a report in conjunction with a Bank of Montreal shareholders meeting in March 2011. The report, entitled “Why is Bank of Montreal Making ‘Golden Parachute’ Payments to Failed Executives at M&I Corporation?” was given to BMO directors.

The report address the following:

• The over $18 million award Mr. Furlong will receive substantially exceeds the $5.3 million M&I estimated Mr. Furlong was entitled to in 2009. • BMO has promised these benefits regardless of whether the recipients’ positions are terminated as a result of the merger. BMO has set up a special deferred compensation account to hold “severance” funds that executives will receive when they leave the company, even if such a departure is on the basis of an ordinary retirement twenty years in the future. • BMO has further agreed to pay any tax liabilities generated by these payments to Furlong or other top executives. Hundreds of companies that once offered such provisions have eliminated them as a wasteful and inappropriate use of shareholder assets. Even companies that still provide them generally offer them only to a few executives. All told, BMO will pay these taxes for up to 17 executives. • The severance packages include other unusual and arcane provisions, including making payments of three times taxable employer-provided car-related expenses and club dues. Many companies have eliminated perquisites such as club dues even for current executives.

“Canadian shareholders have good reason to be troubled by these payments,” says Rosanna Weaver, an analyst for the Office of Investment. “When Toronto-Dominion Bank purchased South Financial Group, employment agreements were amended to eliminate severance and other benefits. Why was the Bank of Montreal board unable or unwilling to make similar demands?”[23]

Lawsuits and Controversies

Ten lawsuits by shareholders seeking to stop the transaction have been filed against M&I after the acquisition was announced. The lawsuits allege M&I's board breached its fiduciary duty by agreeing to sell the company to BMO.[24]

Lawsuits and Fines

2011 - "Another investor from Bellerose Manor, N.Y. in Marshall & Ilsley (NYSE:MI) filed another lawsuit also against directors of Marshall & Ilsley Corporation alleging breaches of fiduciary duties arising out of their attempt to sell Marshall & Ilsley Corporation too cheaply through an unfair process to the BMO Financial Group (Bank of Montreal)." The Milwaukee Journal Sentinel reported that "The lawsuit, which seeks class-action status, contends the price of $7.75 a share "substantially undervalues M&I and is merely an attempt by BMO to acquire M&I for a bargain price following the dramatic recession and unprecedented decline in real estate values of the past few years." The deal does not represent the true value of M&I shares, the lawsuit asserts. The lawsuit notes that M&I stock traded for as much as $10.66 a share as recently as April 21, and that one analyst had set the price target for M&I stock at $9.50 a share."[25]

  • "Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Wisconsin on behalf of all shareholders of Marshall & Ilsley Corp. The complaint alleges that the acquisition is the product of a fundamentally flawed process that is designed to ensure the acquisition of Marshall & Ilsley by Bank of Montreal on terms preferential to BMO, but detrimental to plaintiff and the other shareholders of Marshall & Ilsley. According to the complaint, the acquisition was negotiated by and designed to benefit Marshall & Ilsley's leadership team, who have been promised continuing roles in the combined entity going forward. The complaint alleges that upon closing of the proposed transaction, the Company's Chairman and Chief Executive Officer, Mark F. Furlong, will become Chief Executive Officer of BMO's combined U.S. personal and commercial banking business. The complaint also alleges Bank of Montreal is merely attempting to acquire Marshall & Ilsley for a bargain price following the dramatic recession and unprecedented decline in real estate values of the past few years."[26]
  • "Pomerantz Haudek Grossman & Gross LLP announced that it has filed a shareholder class action lawsuit in the United States District Court, Eastern District of Wisconsin, against Marshall & Ilsley Corporation ("M&I" or the "Company"), certain officers and/or directors of the Company, and Bank of Montreal Financial Group (BMO). The Complaint alleges that Defendants breached their fiduciary duty and/or aided and abetted such breaches of fiduciary duty by undertaking an unfair process in connection with their agreement to enter into a merger transaction whereby the Company will be acquired by BMO for an unfair price in a proposed stock-for-stock transaction. Under the terms of the definitive agreement, each outstanding share of M&I will be exchanged for 0.1257 shares of BMO upon closing. Based on the closing share price of BMO on the Toronto Stock Exchange of CAD62.05 on December 16, 2010, the transaction values each share of M&I at USD7.75."[27]

2010: In conjunction with the "clawback" lawsuits as a result of the Tom Petters Ponzi scheme, Marshall & Ilsley Bank was sued for $3.7 million. M&I "handled billions of dollars for Tom Petters' businesses and is the first financial institution that didn't invest with Petters to find itself the target of a clawback lawsuit from Doug Kelley, the bankruptcy trustee who is trying to round up assets for creditors. Between 2004 and 2009, the lawsuit says, $70 billion worth of deposits and withdrawals flowed through an account Petters Co. Inc. had at MI. PCI was the engine that drove the entire $3.5 billion Ponzi scheme at the Minnetonka-based Petters Group Worldwide. The $3.7 million the bankruptcy trustee wants back from MI Bank is categorized as "fraudulent transfers" -- made up of four sizable overdrafts on the PCI account MI covered for the company in 2008. In each case, the overdraft created a loan relationship, and PCI made a payment to MI the next business day to cover the overdraft on the account."[28]

  • John Paulson of Paulson & Co. was one of the largest shareholders in Marshall & Ilsley before it was sold to Bank of Montreal. "Paulson’s 22 million shares in Marshall and Ilsley are valued at roughly $171 million. He acquired the stock in two big slugs of stock buying starting in the second quarter of 2009. By back of the envelope math, Paulson forked over roughly $130 million for his stake."[29]

2009: An investment unit of Marshall & Ilsley Corp. was fined $150,000 in a settlement over how some securities it sold to investors had been portrayed. "FINRA said Thursday that its investigation found M&I Financial Advisors and the other three firms it fined had sold auction-rate securities using advertising, marketing materials or other internal communications with its sales force that were not fair and balanced and didn't provide a sound basis for investors to evaluate the risks and rewards. In particular, the firms failed to adequately disclose to customers the potential for auctions of the securities to fail."[30]

Racial and sex discrimination cases were also found:

  • Alex F. BEAMON, Plaintiff-Appellant v. MARSHALL & ILSLEY TRUST COMPANY, Defendant-Appellee

"Alex Beamon began working as an accountant at Marshall & Ilsley Trust Company ("M & I") in Milwaukee in 1992. Nine years later, Beamon, who is African-American, filed this lawsuit\alleging that a dozen discrete job-related actions by M & I amounted to racial discrimination and retaliation for complaining about discrimination and created a hostile work environment, all in violation of Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 2000e et seq. The district court granted M & I's motion for summary judgment and Beamon appeals. Beamon also appeals the amount of costs awarded to M & I by the district court as the prevailing party below. We affirm in all respects."[31]


"Olsen filed charges with the EEOC claiming sex discrimination [*4] and retaliation in violation of Title VII. The EEOC issued a right to sue letter and he filed suit in federal court. The district court granted the defendants' motion for summary judgment on the sex discrimination and retaliation claims as well as Marshall & Ilsley's summary judgment motion requesting dismissal from the suit. Olsen appeals both of the district court's determinations. "[32]

Controversies and Lender Problems

2008: In January 2008, The New York City Comptroller William Thompson Jr., The LGBT Community Center and the New York City Pension Funds called on more than two dozen of America's largest companies to ban discrimination based on orientation and gender identity. "The resolution, filed on behalf of the New York City Employee's Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund, New York City Teacher's Retirement System and the New York City Board of Education Retirement System, demands that orientation and gender identity be protected in the workplace. "Equal treatment in the workplace is a right, not a privilege, and no one should face discrimination based on sexual orientation or gender identity," said New York City public advocate Betsy Gotbaum. The new resolution builds on the 10-year effort by the Pension Funds to encourage companies to adopt antidiscrimination policies. According to the Human Rights Campaign, 439 Fortune 500 companies now ban discrimination based on orientation and 152 ban discrimination based on gender identity."You can go to Diversity Inc. to see a complete list of companies listed.

2009: M&I extended a moratorium on home foreclosures after over-lending to individuals and subsequently being hit with a huge amount of delinquent loans.[33]

  • Marshall & Ilsley Corp. sold $775 million in common stock in an effort to raise its capital after millions of dollars of unpaid loans in Arizona lowered the companies stock 80 percent in two years.[34]
  • In December, Top executives of Marshall & Ilsley Corp. received a "stock salary" and restricted stock in addition to their cash salaries instead of cash bonuses. "M&I, like other banks that received Troubled Asset Relief Program capital from the U.S. Treasury, is limited in how it can compensate its highest-paid leaders. Under M&I's modified pay plan, Chief Executive Mark F. Furlong will be paid a cash salary of $875,000, which is unchanged from this year, and a stock salary of more than $2.1 million. Like the other key M&I executives, he also will receive restricted shares of stock amounting to half of his total base salary."[35]

2010: M&I's credit rating was lowered again by Standard & Poor's, saying continued losses could put pressure on capital levels. "The New York-based firm dropped M&I's rating to BB+ from BBB-. A lower credit rating generally makes it more expensive for companies to borrow money. Milwaukee's M&I reported a loss of $169.2 million, or 32 cents a share, for the third quarter. That compared with a loss of $248.4 million, or 68 cents, a year earlier."[36]

2011: In January 2011, M&I reported its 9th straight quarterly loss. "M&I has struggled with losses stemming from bad loans tied to real estate, many of them in its Arizona market."[37]

Revenue and Profits

Total Revenues: $653.7 million
Gross Profit: $653.7 million
Net Income: $-515.9 million

Total Revenues: $71.6 million
Gross Profit: $71.6 million
Net Income: $-758.6 million

Total Revenues: $468.7 million
Gross Profit: $468.7 million
Net Income: $-2.04 billion

Total Revenues: $2.02 billion
Gross Profit: $2.02 billion
Net Income: $1.2 billion

Executives and Salaries

  • Mark F. Furlong: Chairman of the Board and CEO - $1.7 million in 2009 - Furlong has been Chairman of the Board since October 2010, CEO since April 2007 and President since April 2005. He is also the Director and Vice President of M&I Private Equity Group LLC; Director, Vice President and Treasurer of M&I Ventures L.L.C.; Director of Marshall & Ilsley Trust Company National Association and Milease, LLC. Furlong is also a director of Kforce Inc., a professional staffing firm, Wisconsin Manufacturers & Commerce, Greater Milwaukee Committee, Metropolitan Milwaukee Association of Commerce, United Performing Arts Fund and Junior Achievement of Wisconsin.[42]
  • Gregory A. Smith: Senior Vice President and CFO & CFO of M&I Bank - $1.7 million in 2009 - Smith has been the Senior Vice President and CFO of Marshall & Ilsley Corporation since June 2006 and CFO of M&I Bank since June 2006. He is also the Director and President of TCH MI Holding Company, Inc.; Director of M&I Insurance Services, Inc., Marshall & Ilsley Trust Company National Association, M&I Financial Advisors, Inc., and Milease, LLC; CFO of M&I Bank of Mayville and M&I Bank FSB; He was the Managing Director, Investment Banking, Credit Suisse from October 2004 to June 2006.[43]
  • Ann M. Benschoter: Senior Vice President, EVP, Senior Vice President and Vice President of M&I Bank - Benschoter has been the Senior Vice President since December 2008 of Marshall & Ilsley Corporation, the Executive Vice President since December 2008 the Senior Vice President since December 2001 and the Vice President since August 1998 of M&I Bank. She was also the Director and Vice President of SWB Holdings, Inc.; Director of Marshall & Ilsley Trust Company National Association, M&I Bank of Mayville, M&I Equipment Finance Company, M&I Business Credit, LLC, M&I Private Equity Group II, LLC and Water Street Land, LLC.[44]
  • Kenneth C. Krei: Senior Vice President - $666,322 in 2009 - Krei has been the Senior Vice President of Marshall & Ilsley Corporation since July 2003. He became the Chairman of the Board in 2005 and has been the President and CEO of Marshall & Ilsley Trust Company National Association since July 2003. He is also the Director and Vice President of M&I Realty Advisors, Inc. and a Management Committee Member of Taplin, Canida & Habacht, LLC.[45]
  • Thomas R. Ellis: Executive Vice President of the Company & Executive Vice President of M&I Bank - $718,797 in 2009 - Ellis has been the Executive Vice President since October 2010 and the President since October 2010. He was the Senior Vice President from February 2005 to October 2010 of Marshall & Ilsley Corporation; Executive Vice President from February 2005 to October 2010, Senior Vice President from 1998 to February 2005 of M&I Marshall & Ilsley Bank; Director of Marshall & Ilsley Trust Company National Association, M&I Equipment Finance Company, M&I Financial Advisors, Inc. and M&I Insurance Services, Inc.[46]
  • Dennis J. Kuester: Former Chairman of the Board - $5.2 million in 2007 - Kuester has was the CEO from January 2002 to April 2007 and President from 1987 to 2005. He is also the Chairman of the Board and Director of Metavante Technologies, Inc, a director of the Federal Reserve Bank of Chicago, Modine Manufacturing Company, Wausau Paper Corp., Krueger International, Inc., Super Steel Products Corp. and the Lynde and Harry Bradley Foundation. Kuester became a backer for the Koch brother's Wisconsin Prosperity Network, which is an off-shoot of Americans for Prosperity. Michael Grebe, also with WPN, is the Bradley Foundation President.[47]

Contact Information

Toll Free Number 1-888-464-5463

Corporate Headquarters
770 N Water Street
Milwaukee, WI 53202-3509

Milwaukee Number
(414) 765-7700

Marshall & Ilsley Corporation Web site

External Resources


  1. Sale expected to boost troubled institution, but Milwaukee could lose jobs,"Milwaukee Journal Sentinel. Dec. 17, 2010."
  2. M&I sale drew competition,"Milwaukee Journal Sentinel. Feb. 2, 2011."
  3. M&I sale drew competition, Milwaukee Journal Sentinel, Feb. 2, 2011.
  4. M&I sale drew competition, Milwaukee Journal Sentinel. February 2, 2011."
  5. M&I being sold to Canadian bank group,"LaCrosse Tribune. December 18, 2010."
  6. Mike Elk Walker's Big Bank Donors Take a Hit, The Nation, March 11, 2011."
  7. Patrick Marley Teachers, firefighters, cops target M&I with boycott, Milwaukee Journal Sentinel, March 10, 2011.
  8. Wisconsin adopts mandatory combined reporting,"Highbeam Business." March 1, 2009.
  9. Controversial budget bill passes committee, moves to Senate,"Wisconsin State Journal. February 17, 2011"
  10. Wisconsin Democracy Campaign Finance Lookup
  11. Wisconsin Democracy Campaign Political Donor Lookup
  12. Wisconsin Democracy Campaign
  13. Wisconsin Democracy Campaign Political Donor Lookup
  14. Wisconsin Democracy Campaign Political Donor Lookup
  15. Wisconsin Democracy Campaign Political Donor Lookup
  16. Balance of Power: Walker's union proposal could be major setback for State's Democratic Party,"Wisconsin State Journal. Monday, March 7, 2011"
  17. Wisconsin Democracy Campaign
  18. Wisconsin Democracy Campaign
  19. Wisconsin Democracy Campaign
  20. Wisconsin Democracy Campaign
  21. Goldman Sachs, Citigroup Sued Over Subprime Loans,"Bloomberg Business Week. July 12, 2010."
  22. Montreal bank buying M&I,"Minneapolis Star Tribune/Bloomberg Business Week. December 18, 2010."
  23. CtW Investment Group Report Highlights Concerns RE: M&I Golden Parachutes at BMO Annual Meeting,"Tuesday, March 22, 2011."
  24. M&I sale drew competition, CEO Furlong to receive $18 million payout,"Milwaukee Journal Sentinel. Feb. 2, 2011"
  25. Marshall & Ilsley Corporation Investors File Second Lawsuit Against Buyout,"The Open Press News Wire. January 13, 2011."
  26. Brower Piven Announces Class Action Lawsuit In Connection With Acquisition Of Marshall & Ilsley Corp.," Wednesday, 5 Jan 2011."
  27. Pomerantz Haudek Grossman & Gross LLP Files Shareholder Class Action Against Marshall & Ilsley Corp. Alleging Breaches of Fiduciary Duty," Thursday, 23 Dec 2010."
  28. 'Clawback' lawsuit targets M&I Bank in Petters case,"Pioneer Press - McClatchy-Tribune Information Services via COMTEX. Oct 09, 2010"
  29. John Paulson Wins Again, in Marshall & Ilsley Deal,"The Wall Street Journal. December 17, 2010"
  30. M&I fined $150,000 over securities sales,"Milwaukee Journal Sentinel. May 7, 2009"
  31. Court Records
  32. LexisOne Court Records,"September 25, 2001."
  33. M&I extends moratorium on home foreclosures,"Milwaukee Journal Sentinel. June 26, 2009"
  34. M&I posts loss, to sell $775 million in stock,"Milwaukee Journal Sentinel. Oct. 20, 2009."
  35. M&I cuts bonuses, awards stock to executives,"Milwaukee Journal Sentinel. Dec. 29, 2009."
  36. Standard & Poor's lowers M&I credit rating,"Milwaukee Journal Sentinel. Oct. 21, 2010"
  37. M&I reports 9th straight quarterly loss,"Milwaukee Journal Sentinel. Jan. 20, 2011"
  38. BusinessWeek Marshall & Ilsley Annuals
  39. BusinessWeek Marshall & Ilsley Annuals
  40. BusinessWeek Marshall & Ilsley Annuals
  41. BusinessWeek Marshall & Ilsley Annuals
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  43. Forbes Smith Bio
  44. Forbes Benschoter Bio
  45. Forbes Krei Bio
  46. Forbes Ellis Bio
  47. Forbes Kuester Bio