Marshall & Ilsley Corporation Selected to Participate in U.S. Treasury Capital Purchase Program
October 28 2008 - 9:10AM
PR Newswire (US)
Application conditioned on approval by M&I board of directors
MILWAUKEE, Oct. 28 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) today announced it has received
preliminary approval to participate in the U.S. Treasury
Department's Capital Purchase Program (CPP), a program designed to
infuse capital into the nation's healthiest and strongest banks.
Participation is specifically conditioned on the approval of the
investment by the Marshall & Ilsley Corporation board of
directors and is subject to standard terms and conditions. M&I
has been approved for approximately $1.7 billion in capital. This
capital would raise M&I's already well-capitalized Tier 1 and
Total Capital ratio levels at September 30, 2008 from 7.9 percent
to 10.9 percent, and from 11.8 percent to 14.8 percent,
respectively. The preferred stock will carry a 5 percent coupon for
5 years, and 9 percent thereafter. "Being chosen by the Treasury
Department underscores M&I's strength as a financial
institution," said Mark Furlong, president and CEO, Marshall &
Ilsley Corporation. "Although M&I is already one of the
best-capitalized and most stable banks in the nation, the
additional $1.7 billion in capital will enable us to further
increase our already substantial lending activity to invest in the
needs of our current and future customers across all of our
markets. It also enables us to more quickly return to our strategic
growth plan for the benefit of our customers, employees,
shareholders, and our communities." Secretary of the Treasury Henry
Paulson, in a speech on October 20, 2008, reiterated that the
Capital Purchase Program is a positive one, particularly for
financial institutions that have maintained a position of strength
during the current economic downturn. Paulson said, "This program
is designed to attract broad participation by healthy institutions
and to do so in a way that attracts private capital to them as
well." About Marshall & Ilsley Corporation Marshall &
Ilsley Corporation (NYSE:MI) is a diversified financial services
corporation headquartered in Milwaukee, Wis., with $63.5 billion in
assets. Founded in 1847, M&I Marshall & Ilsley Bank is the
largest Wisconsin-based bank, with 193 offices throughout the
state. In addition, M&I has 52 locations throughout Arizona; 32
offices in Indianapolis and nearby communities; 31 offices along
Florida's west coast and in central Florida; 15 offices in Kansas
City and nearby communities; 24 offices in metropolitan
Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in
Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices
in the greater St. Louis area. M&I also 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
(http://www.mibank.com/ or http://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. DATASOURCE: Marshall & Ilsley
Corporation CONTACT: Greg Smith, senior vice president, chief
financial officer, +1-414-765-7727, or Dave Urban, vice president,
director of investor relations, +1-414-765-7853, both of Marshall
& Ilsley Corporation Web Site: http://www.mibank.com/
http://www.micorp.com/
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