Marshall & Ilsley Corporation Details Relationship With Franklin Credit Management
20 November 2007 - 12:29AM
PR Newswire (US)
MILWAUKEE, Nov. 19 /PRNewswire-FirstCall/ -- As a result of recent
announcements by Franklin Credit Management Corporation
(NASDAQ:FCMC) (Franklin) and Huntington Bancshares Incorporated
(NASDAQ:HBAN) regarding the deterioration in Franklin's mortgage
portfolio, Marshall & Ilsley Corporation (NYSE:MI) (M&I)
has undertaken and is continuing a review of M&I's credit
relationship with Franklin. At October 31, 2007, M&I's total
credit exposure to Franklin and its wholly-owned subsidiary,
Tribeca Lending Corp (Tribeca), was $282 million. All of M&I's
loans to Franklin and Tribeca were current and performing as of
October 31, 2007. M&I's loans to Franklin and Tribeca are
secured by pools of first and second priority residential
mortgages. With regard to the underlying mortgage pools securing
M&I's loans to Franklin, $97 million were originated prior to
2005 and are performing substantially within originally projected
loss expectations. With regard to the underlying mortgage pools
securing M&I's loans to Tribeca, all $62 million of such pools
are performing within originally projected loss expectations. With
respect to the remaining approximately $123 million in the
underlying mortgage pools securing M&I's loans to Franklin,
more than half of such amount is current and performing, and any
losses imbedded in the remaining amount are not expected to be
material to M&I's financial results. "We have been in ongoing
discussions with Franklin management, and we continue to monitor
this credit closely," stated Mark Hogan, M&I's Chief Credit
Officer. "As is consistent with our traditional credit discipline,
we will evaluate known and probable loss exposures in this and our
other consumer portfolios and will take actions as prudent and
necessary." Marshall & Ilsley Corporation (NYSE:MI) is a
diversified financial services corporation headquartered in
Milwaukee, Wis. Founded in 1847, M&I Marshall & Ilsley Bank
is the largest Wisconsin-based bank, with 193 offices throughout
the state. In addition, M&I has 49 locations throughout
Arizona; 30 offices along Florida's west coast and in central
Florida; 14 offices in Kansas City and nearby communities; 22
offices in metropolitan Minneapolis/St. Paul, and one in Duluth,
Minn.; three offices in Tulsa, Okla.; and one office in Las Vegas,
Nev. M&I's Southwest Bank subsidiary has 17 offices in the
greater St. Louis area. 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
(http://www.mibank.com/ or http://www.micorp.com/). M&I's
customer-based approach, internal growth, and strategic
acquisitions have made M&I a nationally recognized leader in
the financial services industry. This press release contains
forward-looking statements concerning M&I's future operations
and financial results. Such statements are subject to important
factors that could cause M&I's actual results to differ
materially from those anticipated by the forward-looking
statements. These factors include (i) the factors identified in
M&I's Annual Report on Form 10-K for the year ended December
31, 2006 under the heading "Forward-Looking Statements" which
factors are incorporated herein by reference, and (ii) such other
factors as may be described from time to time in M&I's SEC
filings. DATASOURCE: Marshall & Ilsley Corporation CONTACT:
Greg Smith, Senior Vice President, Chief Financial Officer,
+1-414-765-7727, or Dave Urban, Vice President, Director of
Investor Relations, +1-414-765-7853, both of Marshall & Ilsley
Corporation Web site: http://www.micorp.com/
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