Who owns Marshall&Ilsley Corporation?
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.
How did Marshall and Ilsley Bank get its name?
In 1849, he took on Maine native Charles Ilsley as a partner, and the company took the Marshall & Ilsley name a year later. When Wisconsin finally allowed state-chartered banking in 1852, M&I took out the first such charter, for a bank in Madison.
What happened to Marshall&Ilsley Bank?
M&I Marshall & Ilsley Bank and M&I Bank N.A. (successor to M&I Bank FSB) merged into The Harris Bank N.A., forming BMO Harris Bank National Association as the merged company's legal banking entity. ^ MediaCaption, Shaw. "Inductees listed; Tickets available for Ottawa Hall of Fame event". www.newstrib.com. Retrieved 2020-07-23.
How many branches does Marshall&Ilsley have?
The bank was founded in 1847 and by 2008 the bank had assets of $63.5 billion and over 250 branches. After the acquisition, Bank of Montreal combined the Marshall & Ilsley Corporation operations into its existing U.S. subsidiary Harris Bank .
What was the Marshall and Ilsley Bank?
Marshall & Ilsley was the largest private bank in Wisconsin by the mid-1880s. Though periodic banking panics had rocked other area banks, Marshall & Ilsley had never closed its doors, as some did to avert runs on deposits, and it had enjoyed 40 years of relatively steady growth. In 1888 Marshall & Ilsley changed its status from private bank to state-chartered. This gave the bank a more formal management structure, allowing for succession when the founders retired. A few years later, Samuel Marshall and Charles Ilsley sold the State Bank of Madison. Now their business was all based in Milwaukee. Many Milwaukee banks failed or were rumored to be in bad shape during what became known as the Great Crash of 1893. The Marshall & Ilsley Bank, however, had long had a reputation for conservative management, and indeed, it had huge reserves of gold and stable U.S. bonds and treasury notes. As a result, Marshall & Ilsley actually benefited from the crash, drawing depositors from other banks.
What did Marshall and Ilsley do during the Civil War?
Consequently, Marshall & Ilsley rode out the Civil War as one of the most stable banks in the state. (By this time, Marshall & Ilsley's Milwaukee institution was classified as a private bank.) After the war, Marshall & Ilsley took on two new partners. One was Ilsley's younger brother Frederick, the other was a German immigrant named Gustav Reuss. Reuss was able to bring in much business from Milwaukee's thriving German community. The bank also invested in many area industries, from real estate to mining.
What is M&I Bank?
Marshall & Ilsley Corporation is the holding corporation for a major Midwest bank, M&I Bank. M&I is the largest bank in Wisconsin, with over 200 offices. It holds about 20 percent of all deposits in the state. The company has had a presence in Milwaukee and in Madison, Wisconsin, for over 150 years. The company began to grow markedly through acquisitions in the 1980s and 1990s, when it took over many smaller regional banks. M&I also has 25 bank locations in Arizona, and other offices in Florida and in Las Vegas. Its Southwest Bank affiliate operates seven banks in the St. Louis area and in Belleville, Illinois. M&I Bank also has a strong presence in the Minneapolis/St. Paul area. M&I operates a subsidiary company called Metavante that provides data processing services to banks throughout the United States and abroad. Metavante, headquartered in Brown Deer, Wisconsin, is one of the leading companies in the bank data services industry, with particular strengths in Internet banking and electronic billing and payment.
What did M&I Bank do during the Depression?
During World War II, the bank invested heavily in the area's defense industry, making substantial loans to a Milwaukee shipbuilder and to companies in the metal and ordnance industries. After the war, returning veterans were eager to buy houses and start families. Housing was in great demand, and Milwaukee began to overflow into neighboring suburbs. M&I Bank grasped the trend, and soon became one of the area's leading home mortgage lenders. The bank also did much new business in consumer loans. This department had languished since its inception in the 1930s, but it soon became flourishing and profitable.
Who was the president of Marshall and Ilsley?
Ilsley retired on the eve of World War I, plagued by health problems. John Cambell became the next Marshall & Ilsley president, but he too stepped aside after only a few years. John H. Puehlicher then took over the top job. Puehlicher became a nationally renowned banker. He and his family steered M&I Bank through the rest of the century. John Puehlicher had worked his way up from cashier, and at Cambell's retirement he was still only a minor shareholder. He had only gone to school through the sixth grade, but he had found many ways to continue his education. He initiated many educational outreach programs while he headed M&I Bank, arranging after-hours classes for bank employees and sponsoring programs to teach schoolchildren and the general public about what banks did. He served as president of the Wisconsin Banking Association, and was a key figure in getting legislation passed that let state-chartered banks like M&I join the Federal Reserve system. Puehlicher also expanded the services M&I Bank offered. He created a trust department, and in 1924 debuted a special women's department. The bank opened a Ladies Lounge where women customers could do their banking as well as use writing desks and telephones.
Was Albert Puehlicher a conservative?
Puehlicher was also a markedly conservative banker, like Marshall and Ilsley before him. As the stock market took off in the 1920s, Puehlicher spoke before national banking forums urging caution and restraint. The stock market crash of 1929 was followed by the Great Depression, but M&I yet again remained a singularly strong institution while other banks collapsed. Milwaukee was very hard hit, and in 1933 over 100 banks in Wisconsin failed. M&I had over $27 million in deposits in 1929, and total assets of more than $35 million. During the early 1930s the bank's assets shrank, dipping to just over $30 million by the end of 1932. But by 1935 the bank had recovered, and assets stood at more than $42 million. Puehlicher died in 1935. Like many of his predecessors, he suffered from heart trouble. His son Albert S. Puehlicher became M&I Bank's next president. Albert Puehlicher was only 38 when he succeeded his father, but he had been working at the bank since he was 15 years old.
Who was Samuel Marshall?
Marshall & Ilsley Corporation was founded as Samuel Marshall & Co. in Milwaukee in 1847. Samuel Marshall was a Pennsylvania Quaker , born in 1820 in the small settlement of Concordville. When he was a teenager, Marshall was apprenticed to a relative who ran a hardware store. Marshall worked in the hardware store for five years, and then began to take exploratory trips out West to look for better business opportunities. After much cautious research, Marshall moved to Milwaukee at the age of 26. He set himself up as an exchange broker, renting space in a downtown cobbler shop. Banking was not legalized in Wisconsin until the following year. In addition, at this time there was no unified national currency, and each state issued its own paper money. Marshall acted as a clearing house for bills and notes of all kinds. His office also kept deposits and made loans. Marshall quickly met Milwaukee's movers and shakers, and his deposits grew quickly as wealthy businessmen patronized his office. Marshall was reputed to be an exceedingly cautious and sober man, and he was very skilled at weeding out counterfeit money and avoiding notes from shaky banks and institutions. He took on a series of partners before hooking up with Charles Ilsley in 1849. Ilsley grew up in Maine and, like Marshall, had come to Milwaukee looking for wider opportunities. The company became known as Marshall & Ilsley in 1850. Two years later, Wisconsin finally passed legislation allowing state-chartered banks. Marshall & Ilsley took out the first Wisconsin bank charter within weeks of passage of the law, and opened the State Bank of Madison with $50,000 in capital.
When did BMO Harris Bank change its name?
The name change to "BMO Harris Bank" took place over a span of 18 months, completing on October 9, 2012. 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.
What is the name of the bank that owns M&I Bank?
Marshall & Ilsley Corporation. Marshall & Ilsley Corporation (also known as M&I Bank) was a U.S. bank and diversified financial services corporation headquartered in Milwaukee, Wisconsin, that was purchased by Bank of Montreal in 2010. The bank was founded in 1847 and by 2008 the bank had assets of $63.5 billion and over 250 branches.
How many locations did Valley Bank merge with M&I?
The merger converted 155 Valley Bank locations to M&I. 154 of these were in Wisconsin, and one in Illinois. At the time of the merger, Valley Bancorporation had more bank locations than M&I did. Marshall & Ilsley footprint.
When did Marshall and Ilsley acquire Thunderbird Bank?
In 1986, Marshall & Ilsley expanded outside of Wisconsin by acquiring Arizona-based Thunderbird Bank.
When did Marshall and Ilsley change their name?
Accordingly, Bank Stock changed its name to Marshall & Ilsley Corporation in 1971.
Is Metavante publicly traded?
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.
When was Harris Bank founded?
The bank was founded in 1847 and by 2008 the bank had assets of $63.5 billion and over 250 branches. After the acquisition, Bank of Montreal combined the Marshall & Ilsley Corporation operations into its existing U.S. subsidiary Harris Bank .