Magazine article American Banker

M&I Tackling Dual Bank Integrations and CFO Search

Magazine article American Banker

M&I Tackling Dual Bank Integrations and CFO Search

Article excerpt

Marshall & Ilsley Corp. is preparing to integrate two banking companies as it continues its search for a chief financial officer.

On April 1 the $46.2 billion-asset Milwaukee company closed deals for Gold Banc Corp Inc. of Leawood, Kan., and Trustcorp Financial Inc. of St. Louis.

The $4.2 billion-asset Gold Banc's 32 branches -- in Florida, Kansas, Missouri, and Oklahoma -- are expected to open as M&I branches Monday after conversion this weekend, Mark Furlong, M&I's president and acting CFO, said in an interview Wednesday.

The $747.7 million-asset Trustcorp, which has seven branches, all in the St. Louis area, will become part of Southwest Bank, an M&I unit based in St. Louis. It is unclear when that conversion will take place.

M&I's board appointed Mr. Furlong on March 31 to be the acting CFO while the company searches for a successor to John Presley, who left March 24 to join Fifth Third Bancorp of Cincinnati as a senior vice president in charge of strategic initiatives.

"I would call it unlucky timing of the departure of their CFO," said Terry McEvoy, an analyst with Oppenheimer & Co. Inc. "They have a void in a time period when they are acquiring two commercial banks, but having Mark Furlong there helps."

M&I promoted Mr. Furlong to president of its M&I Bank in October 2004. He had been the CFO until Mr. Presley joined M&I from National Commerce Financial Corp. in Memphis. (SunTrust Banks Inc. later bought that company.)

Mr. Furlong said he does not anticipate any problems arising from doing two integrations at once.

"It's something we've done before in Minneapolis," he said. "We had three banks that we integrated; two basically at the same time."

In 2002, M&I simultaneously integrated the $325 million-asset Century Bancshares Inc. and the $695 million-asset Richfield State Agency Inc. …

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