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The 20-story former Marshall & Ilsley Bank Building, 770 N. Water St., had been listed for sale over the past year by the Irgens development firm.
Marshall & Ilsley. Marshall & Ilsley Corporation (also known as M&I Bank) was a U.S. bank and diversified financial services corporation headquartered in Milwaukee, Wisconsin, that was purchased by Bank of Montreal in 2010. The bank was founded in 1847 and by 2008 the bank had assets of $63.5 billion and over 250 branches. [5]
BMO Bank, N.A. (colloquially BMO; US: / b iː m oʊ /) is an American national bank that is headquartered in Chicago, Illinois.It is the U.S. subsidiary of the Toronto-based multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation).
Career. He joined Marshall & Ilsley in 1976. From 1987 to 1993, he served as its president, and as its chairman and CEO from 1993 to 2010. [1] [2] [4] In 2006, he earned US$5.21 million, and from 2001 to 2006, US$24.79 million. [3] He retired in October 2010 [4]
With a loan of $3,000 (equivalent to $86,512 in 2023 [6]) from Samuel Marshall and Charles Ilsley of Marshall and Ilsley Bank, the two built a slaughter and packinghouse in the Menominee Valley of Milwaukee. [7] As business grew, Layton began traveling abroad and created a network of provision wholesalers in Liverpool and London. [8]
The plan was implemented through the spin-off of Marshall & Ilsley Corporation and was designed to be tax-free to Marshall & Ilsley Corporation and its shareholders. As part of the plan, approximately $1.75 billion of new Metavante Corporation debt would be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.
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In 2022, BMO booked US$834 million after being found liable for Marshall & Ilsley Bank Ponzi scheme with damages of US$550 million. In 2009, businessman Thomas Petters was found guilty of running the scheme using an account at Marshall & Ilsley between 2002 and 2008. When BMO bought Marshall & Ilsley and assumed the liability. [32]