Marshall & Ilsley Corporation to Participate in the FDIC's Temporary Liquidity Guarantee Program
06 December 2008 - 8:44AM
PR Newswire (US)
MILWAUKEE, Dec. 5 /PRNewswire-FirstCall/ -- Marshall & Ilsley
Corporation (NYSE:MI) (M&I) today announced that it and its
eligible affiliates will be participating in the two components of
the FDIC's Temporary Liquidity Guarantee Program - the Debt
Guarantee Program (DGP) and the Transaction Account Guarantee
Program (TAGP). Under the DGP, certain senior unsecured debt issued
by M&I and its eligible affiliates will be guaranteed by the
FDIC, and the debt will be backed by the full faith and credit of
the United States. The expiration date of the FDIC's guarantee is
the earlier of the maturity date of the debt or June 30, 2012.
Under the TAGP, through December 31, 2009, all noninterest-bearing
transaction accounts (which the TAGP defines as including all
noninterest-bearing personal and business checking accounts, NOW
accounts earning no more than .5 percent interest, and Interest on
Lawyer Trust Accounts) held at M&I's affiliate banks, M&I
Marshall & Ilsley Bank (M&I Bank), M&I Bank FSB, and
Southwest Bank, an M&I Bank, are fully guaranteed by the FDIC
for the entire amount in the account. Coverage under the TAGP is in
addition to and separate from the coverage available under the
FDIC's general deposit rules. Marshall & Ilsley Corporation
(NYSE:MI) is a diversified financial services corporation
headquartered in Milwaukee, Wis., with $63.5 billion in assets.
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 52 locations throughout Arizona; 32 offices
in Indianapolis and nearby communities; 34 offices along Florida's
west coast and in central Florida; 15 offices in Kansas City and
nearby communities; 25 offices in metropolitan Minneapolis/St.
Paul, and one in Duluth, Minn.; 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. 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 M&I
Web Site: http://www.mibank.com/ http://www.micorp.com/
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