MILWAUKEE, Dec. 30, 2010 /PRNewswire/ -- Marshall &
Ilsley Corporation (NYSE: MI) (M&I) today announced it has
extended its foreclosure moratorium for distressed homeowners
through March 31, 2011. The
initial moratorium was announced on December
18, 2008, as part of M&I's Homeowner Assistance Program.
The moratorium is on all owner-occupied residential loans for
customers who agree to work in good faith to reach a successful
repayment agreement. The moratorium applies to applicable
loans in all M&I markets.
M&I's Homeowner Assistance Program also features streamlined
assistance programs for potentially distressed homeowners who are
identified in advance and proactively offered assistance. It also
offers a foreclosure abatement program that features several
refinancing options, including term extensions and reduced rates
that can be used, as necessary and applicable, to reduce monthly
payments.
In addition, M&I continues to extend new credit to new and
existing customers. Since the infusion of capital from the U.S.
Treasury in mid-November 2008 through
November 30, 2010, M&I has
extended over $10.3 billion of new
credit. (The "new credit" amount includes new and expanded
extensions of credit, or commitments to extend credit, as well as
renewals of existing credit where a new promissory note was
executed.)
Marshall & Ilsley Corporation (NYSE: MI) is a diversified
financial services corporation headquartered in Milwaukee, Wis., with $51.9 billion in assets. Founded in 1847, M&I
Marshall & Ilsley Bank is the largest Wisconsin-based bank, with 192 offices
throughout the state. In addition, M&I has 53 locations
throughout Arizona; 36 offices
along Florida's west coast and in
central Florida; 33 offices in
Indianapolis and nearby
communities; 26 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; 17 offices in the greater
St. Louis area; 15 offices in
Kansas City and nearby
communities; and one office in Las Vegas,
Nev. 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 (www.mibank.com or
www.micorp.com).
On December 17, 2010, M&I
entered into a definitive agreement under which BMO
Financial Group will acquire all outstanding shares of
common stock of M&I in a stock-for-stock transaction. Under the
terms of the agreement, each outstanding share of M&I will be
exchanged for 0.1257 shares of Bank of Montreal upon closing. The transaction is
expected to close prior to July 31,
2011. The transaction is subject to customary closing
conditions, including regulatory approvals and approval from
shareholders of M&I.
SOURCE Marshall & Ilsley Corporation