March 30, 2011
/PRNewswire/ -- Marshall & Ilsley Corporation (NYSE: MI) (M&I) today announced it has extended its foreclosure moratorium for distressed homeowners. 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
January 31, 2011
, M&I has extended over
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
in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest
-based bank, with 188 offices throughout the state. In addition, M&I has 53 locations throughout
; 36 offices along
's west coast and in central
; 33 offices in
and nearby communities; 26 offices in metropolitan
, and one in
; 17 offices in the greater
area; 15 offices in
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 (
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
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