![]() “The idea that the law has been changed so as to prohibit banks from establishing branches is pronounced incorrect,” the paper wrote. The following day’s paper reported from Madison that the Bank Examiners’ Department said that the law does not prevent M&I from opening a branch bank anywhere in Milwaukee. Reuss, who has been with the Marshall & Ilsley Bank for 20 years, and who is son of Gustav Reuss, its president.” The paper added that M&I would not likely walk away from Walker’s Point, Instead, it predicted, “that if the deputy bank examiner is right in his contention, it will probably result in the formation of an entirely new bank, make up of stockholders of the present Marshall & Ilsley Bank in charge of G.A. It was decided then that branches already in existence at the time of the framing of the law should not be affected by the provisions prohibiting branches.” Ilsley is in error, as he recalls that when the law was framed the fact was taken into consideration that the West Side Bank and the German-American Bank both had branches. Ilsley, vice president of the bank, says he is quite certain there is nothing in the law to prevent the establishment of a branch bank in the same city in which the parent bank is located, and that for this reason the plans remain as announced.”īut, meanwhile, the state’s Deputy Bank Examiner – someone you’d think ought to be familiar with such regulations, disagreed. 27 that, “A question has been raised whether the Marshall & Ilsley Bank may establish branch upon the South Side, as is proposed. ![]() Plus it spun off the successful Metavante financial technologies business.īut that initial expansion almost never happened – or, at least it seemed tenuous for a day or so.Īfter M&I – with headquarters Downtown on Water Street – announced its intention to open the branch in 1905, the Journal reported on Nov. By the time it was acquired by BMO in 2011, M&I had 194 locations in Wisconsin, plus more than 150 more in Arizona, Minnesota, Florida, Indiana, Nevada and Missouri. House of Representatives – decided to open a branch in the heavily German shopping district in Walker’s Point.įrom that humble launchpad, M&I would grow into a massive institution via expansion, acquisitions and mergers. Business was so good here that then-president Gustav Reuss – a German immigrant whose grandson Henry would later serve nearly 30 years in the U.S. Later, it sold its Madison bank and focused on the Milwaukee market. In 1852 when the state lifted its ban on banks M&I nabbed the first charter, albeit for a bank in Madison. Two years later, Marshall brought in Charles Ilsley, who had arrived from Maine, and the business was renamed Marshall & Ilsley in 1850. The branch, opened in 1906, was the first for M&I Bank, which had been founded in 1847 by Pennsylvania transplant Samuel Marshall as an exchange brokerage located in a cobbler’s shop.īecause banks were banned in the state, these “Exchange Brokerages” opened to allow to the customers to deposit money for safety, using standard rates that were set by banks in New York City. ![]() The property, which includes a large adjacent parking lot, is listed for sale through Founders 3 with an asking price of $1.75 million. A bit of Milwaukee banking history is current up for sale and while it’s likely out of reach of most everyday Milwaukeeans, developers, investors and others could surely be interested in the Beaux Arts former Marshall & Ilsley South Side Branch at 414 W. ![]()
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