Credit crunch takes toll on Wauwatosa Savings Bank
Wauwatosa Holdings Inc., the parent company of Wauwatosa Savings Bank, reported that its net income declined substantially in the fourth quarter and for the full year of 2007.
The company’s fourth-quarter net income shrunk to $307,000, or 1 cent per share, from $2.3 million, or 7 cents per share, in the same period a year ago, as the company incurred an eight-fold increase in its provisions to cover bad loans, according to a filing with the the U.S. Securities & Exchange Commission.
For the full year, the company’s net income plummeted to $1.6 million from $8.1 million in 2006.
After more than 85 years in operation, Wauwatosa Savings Bank plans to change its name and is asking its customers to vote on its options for a new name.
Between today and Feb. 29, Wauwatosa Savings invites its customers and communities to visit any of the banks eight locations to complete an opinion ballot for Wauwatosa Savings’ new name. Participants also will be eligible for prizes.
The bank is asking its customers to vote on three new name options: Granite Bank, Security First Bank and WaterStone Bank. The bank also is accepting write-in ideas.
M&I announces Q1 dividend
Marshall & Ilsley Corp. (M&I) announced that its board of directors declared a regular quarterly cash dividend of 31 cents per share on its common stock. The dividend is payable on March 14 to shareholders of record at the close of business on March 3.
