TA B L E            CONTENTS
               OF

    one              2003 FINANCIAL HIGHLIGHTS
    two              TO OUR...
2003 FINANCIAL HIGHLIGHTS

                                                          2003                 2002            ...
TO OUR SHAREHOLDERS



2003 was a significant year for M&I, in terms of                record-breaking year, experiencing ...
We increased the number of banking offices in the                whether we’re establishing new locations in our core
fast...
Metavante Processing
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GROWTH                           TRADITIONAL                                       NEW MARKETS
                           ...
FINANCIAL INSTITUTIONS GROUP
                               A C C E L E R AT E S G R O W T H
                    BEYOND TR...
R E TA I L B A N K I N G C U S T O M E R S B E N E F I T
              FROM NEW PRODUCT INTRODUCTIONS


Our retail banking...
BUSINESS                              COMMERCIAL BANKING
                                       AND

              CONTINU...
W E A LT H M A N A G E M E N T B U S I N E S S E S
                  FOCUS                        STRONG PERFORMANCE
     ...
M E TAVA N T E C O R P O R AT I O N :
       TURNING HIDDEN REVENUE INTO PROFITS


During 2003, Metavante Corporation adde...
Improving Efficiency and Profitability                     in cross-selling products and services. Enterprise
Capitalizing...
Several Metavante clients, including City National                  In 2004, Metavante will mark its 40th year of opera-
B...
M A R S H A L L & I L S L E Y C O R P O R AT I O N
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M A R S H A L L & I L S L E Y C O R P O R AT I O N
                                            BOARD                      ...
A F F I L I AT E B O A R D S                                             DIRECTORS
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A F F I L I AT E B O A R D S                                              DIRECTORS
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A F F I L I AT E B O A R D S                                          DIRECTORS
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A F F I L I AT E B O A R D S                                              DIRECTORS
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A F F I L I AT E B O A R D S                                           DIRECTORS
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A F F I L I AT E B O A R D S                                               DIRECTORS
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A F F I L I AT E B O A R D S                                         DIRECTORS
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A F F I L I AT E B O A R D S                                              DIRECTORS
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marshall  & llsley corp annual reports 2003
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marshall & llsley corp annual reports 2003

  1. 1. TA B L E CONTENTS OF one 2003 FINANCIAL HIGHLIGHTS two TO OUR SHAREHOLDERS five BEYOND BRICKS AND MORTAR six GROWTH IN TRADITIONAL AND NEW MARKETS nine FINANCIAL INSTITUTIONS GROUP ACCELERATES GROWTH BEYOND TRADITIONAL MARKETS ten RETAIL BANKING CUSTOMERS BENEFIT FROM NEW PRODUCT INTRODUCTIONS thirteen BUSINESS AND COMMERCIAL BANKING CONTINUE TO GROW CUSTOMER BASE fourteen WEALTH MANAGEMENT BUSINESSES FOCUS ON STRONG PERFORMANCE seventeen METAVANTE CORPORATION: TURNING HIDDEN REVENUE INTO PROFITS twenty MARSHALL & ILSLEY CORPORATION OFFICERS twenty-one MARSHALL & ILSLEY CORPORATION BOARD OF DIRECTORS twenty-two AFFILIATE BOARDS OF DIRECTORS thirty-two SELECTED FINANCIAL DATA thirty-seven CONSOLIDATED FINANCIAL INFORMATION – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS – CONSOLIDATED FINANCIAL STATEMENTS – INDEPENDENT AUDITORS’ REPORT AND REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS inside back cover SHAREHOLDER INFORMATION
  2. 2. 2003 FINANCIAL HIGHLIGHTS 2003 2002 2001 ($000’s except share data) OPERATING INCOME $545,629 $484,549 $420,976 NET INCOME 544,105 480,327 337,485 PER SHARE Diluted – Operating Income $2.39 $2.18 $1.93 Diluted – Net Income 2.38 2.16 1.55 Dividends Declared 0.700 0.625 0.568 Shareholders’ Equity 15.00 13.51 11.65 FINANCIAL CONDITION – AVERAGE Assets $33,268,021 $29,202,650 $26,370,309 Loans and Leases 24,392,591 21,028,444 18,201,142 Deposits 21,985,878 18,642,987 17,190,591 Shareholders’ Equity 3,240,654 2,766,690 2,429,559 OTHER SIGNIF ICANT DATA Return on Average Shareholders’ Equity Operating Income 16.84% 17.51% 17.33% Net Income 16.79 17.36 13.89 Return on Average Assets Operating Income 1.64 1.66 1.60 Net Income 1.64 1.64 1.28 Net Charge-Offs to Average Loans and Leases 0.21 0.21 0.22 Allowance for Loan and Lease Losses to End of Period Loans and Leases 1.39 1.42 1.39 See page 36 for Reconciliation of Operating Income to Net Income The summary financial and other information contained herein is not complete and should be read in conjunction with Marshall & Ilsley Corporation’s Annual Report on Form 10-K for the year ending December 31, 2003. one
  3. 3. TO OUR SHAREHOLDERS 2003 was a significant year for M&I, in terms of record-breaking year, experiencing high volume for expansion, success across our business lines, and the second year in a row, and Metavante Corporation positive corporate earnings. Faced once again with returned to double-digit growth, posting an increase an uncooperative economy, M&I maintained consistent of 16 percent in segment income for the year. Our growth despite challenges facing the banking industry. historically excellent credit quality, loan growth, and M&I stock increased 39.7 percent during the year, expense management also contributed to a strong year. outperforming both the S&P 500 and our peers in the banking industry. We ended the year with $34.4 billion in assets. Net income for the year ended December 31, 2003 was $2.38 per diluted share, or $544.1 million, as com- pared to $2.16 per diluted share, or $480.3 million, in 2002. Net income per share for 2003 increased 10.2 percent over 2002. Operating income for the year ended December 31, 2003, which excludes transition-related expenses associated with Metavante Corporation’s Paytrust acquisition, was $2.39 per diluted share, or $545.6 million, as compared to $2.18 per diluted share, or $484.5 million, in 2002. Operating income per share increased 9.6 percent in 2003 over 2002. Throughout 2003, we experienced successes across the Corporation. Our mortgage company had another James B. Wigdale, Chairman of the Board, Marshall & Ilsley Corporation, and Dennis J. Kuester, President and Chief Executive Officer, Marshall & Ilsley Corporation; Chairman of the Board and Chief Executive Officer, M& I Marshall & Ilsley Bank; and Chairman of the Board, Metavante Corporation, in front of M& I’s annual holiday display, M& I’s holiday gift to the community for over 30 years. two
  4. 4. We increased the number of banking offices in the whether we’re establishing new locations in our core fast-growing Arizona market from 24 to 28, with markets or reaching more customers nationwide plans to open more offices in Arizona, St. Louis, through services such as outsourcing, wealth manage- and Minnesota in 2004, through which we will have ment, or investments. the opportunity to welcome many new customers and employees to the M&I family. We are also pleased Our goal is to provide you, our shareholders, with to have new offices in Duluth, Minnesota, and Bonita a favorable long-term return on your investment Springs, Florida. by continuing to perform in the top quartile of our banking peers in profitability and growth. Our expansion efforts have served us well, and will continue to benefit us as we grow marketshare and pro- Our achievements in 2003 would not have been vide our customers with the products and services that possible without the dedication of our employees will help them succeed. Our vision, however, is to provide corporate-wide and the experienced leadership of high-quality financial products and services to every consumer M&I executive management. This year we were and business in the United States, either directly through the pleased to welcome two additions: In March, M& I brand or indirectly through other financial institutions. Frank Martire became President and Chief Executive Officer of Metavante Corporation, and For this reason, in addition to targeted expansion in in June, Ken Krei joined Marshall & Ilsley Trust both traditional and new markets, we’re moving Company N.A. as President and Chief Executive beyond a traditional “bricks and mortar” philosophy Officer. We look forward to working with them to address the needs of individuals, businesses, and in the years to come. corporations nationwide. We continue to expand our physical presence, but at the same time are exploring Sincerely, new ways to reach customers outside our traditional M&I footprint. Now, with M&I or Metavante offices in 26 states and James B. Wigdale Dennis J. Kuester with customers in all 50, M&I truly is a national Chairman President and financial services provider. We will continue to pursue Chief Executive Officer all opportunities to grow our national presence, three
  5. 5. Metavante Processing (Customers in 50 states) Banking Offices (Offices in 7 states) Investment Services (Customers in 25 states) Correspondent Banking Loan and Deposit Relationships (Customers in 37 states) M&I Home Lending Solutions (Offices in 20 states) Metavante Corporation (Offices in 11 states) Item Processing (Offices in 7 states) Dealer Finance (Offices in 8 states) M&I First National Leasing (Offices in 8 states) Marshall & Ilsley Trust Company N.A. (Offices in 8 states) BEYOND BRICKS M O RTA R TM AND With M&I or Metavante locations throughout the through the M&I brand or indirectly through other United States and customers in all 50 states, Marshall financial institutions, has never been more possible & Ilsley Corporation has proven itself as a national than it is today. financial services provider. Through our extensive network of offices and the efforts of our employees Throughout this annual report, we have featured several to connect customers with the M&I professionals, companies from across the United States that, although products, and services to meet their needs, we are outside of M&I’s traditional markets, utilize M&I able to reach customers regardless of where they services to meet their financial needs. These compa- live or do business. nies, from Spokane, Washington, to Philadelphia, Pennsylvania, are but a few examples of our efforts As a result, our vision of providing high-quality to go beyond traditional bricks and mortar to reach financial products and services to every consumer potential customers from coast to coast. and business in the United States, either directly Stephen Butterfield, Co-Chief Executive Officer and Vice Chairman of Nelnet, visits with students on the campus of Southwestern College in Arizona. Nelnet, one of the leading education finance companies in the United States, is headquartered in Lincoln, Nebraska. Nelnet uses M& I’s Correspondent Banking services and recently became M& I’s student loan servicer for Arizona. five
  6. 6. GROWTH TRADITIONAL NEW MARKETS IN AND Throughout 2003, we continued to expand within our and in Minnesota, a new location in Duluth brings core markets, opening new offices in areas of growth our total Minnesota locations to 11. and enhancing our presence nationwide. The acquisition of AmerUs Home Lending in In our home state of Wisconsin, M&I Marshall & Urbandale, Iowa, will assist us in expanding our Ilsley Bank currently has 199 offices, and continues product line and distribution channel in the wholesale to be the marketshare leader in the state. real estate lending market. At the start of 2004, M&I’s Home Equity division had customers in In Arizona, we opened four new offices during the 45 states and 56 home equity representatives. In year. The reception to this expanded network of 2003, M&I Home Lending Solutions experienced offices has been very positive. We experienced an increase in loan production and correspondent 34 percent growth in the Arizona market in 2003, business, resulting in a 43 percent increase in average growing faster than the market itself, and will open outstandings. additional offices in 2004. We look forward to exploring additional opportuni- We completed the integration of Southwest Bank of ties for growth in the future, both in markets M&I St. Louis in February of 2003, and later in the year has traditionally served, and new markets where we acquired the employee benefit plan business of United can lay a solid foundation for success. Missouri Bank. The addition of private banking and enhancement of our mortgage services at Southwest As always, we will continue to work hard to antici- Bank of St. Louis will continue to play a significant role pate our customers’ needs and expand our product in building M&I’s reputation in this growing market. and service offerings throughout the M&I network to best serve our current and future customers. A new Private Bank office in Bonita Springs, Florida, enhances our presence in the greater Naples area, Riteway Bus Service, Germantown, Wisconsin, discovered the benefits of prepaid cards available through M& I’s Treasury Management area. Drivers such as Monica Bailey, pictured with Ronald Bast, President, Riteway Bus Service, use them for the convenience they offer in paying daily expenses incurred while on the road. six
  7. 7. FINANCIAL INSTITUTIONS GROUP A C C E L E R AT E S G R O W T H BEYOND TRADITIONAL MARKETS M&I’s Financial Institutions Group (FIG) has played leads. Not surprisingly, it has also enabled us to signifi- a vital role in helping M&I move beyond its traditional cantly grow our business beyond our traditional market footprint. Through FIG, M&I business lines markets. The impact of the Financial Institutions that specialize in serving financial institutions have Group is substantial; by the end of the year, we the opportunity to further assist customers nationwide were able to close many product sales to customers by referring them to other financial specialists through- throughout the United States – sales that were out M&I. facilitated through FIG’s strong referral network. Independently, the areas of Trust, Treasury FIG has also had a tremendous impact on our success Management, Support Services, Correspondent at the business-line level. Correspondent Banking now Banking, Investment Services, Metavante Corporation, has correspondent loan and deposit relationships in and Strategic Sales Outsourcing have, in the past, 37 states, and Investment Services serves financial provided financial institutions and other customers institutions in 25 states. In addition, as a leading with the products and services they require. Together, technology provider, Metavante Corporation now the members of FIG act as a team, providing serves over 5,000 financial institutions in 50 states customers with a unique set of solutions to help them and 23 countries. achieve their goals of increasing customer satisfaction, market share, and profitability. This relatively new As a member of FIG, Metavante Corporation provides combined sales effort has driven growth throughout us with a unique advantage few of our competitors the Corporation and promises to play a key role in can match. As a software and processing provider, M&I’s strategy to grow its customer base in the future. Metavante ensures our customers have access to the products, services, and specialists to meet their tech- The FIG business-partner approach has served M&I nology needs – in addition to the traditional financial well, resulting in increased customer retention, new services offered through M&I. cross-selling opportunities, and high-quality business Doug Brodzik, Senior Vice President, M& I Marshall & Ilsley Bank, visits Arthur Birenbaum, Executive Vice President, Head Commercial Lender, and Scott Megargee, Executive Vice President, Chief Lending Officer, both of Philadelphia, Pennsylvania-based The Bancorp Bank, a client of M& I’s Financial Institutions Group. M& I Bank and The Bancorp Bank work jointly on business endeavors, including the financing of projects for developers such as Allan Domb. Domb developed The Barclay Hotel (pictured here), a condominium building located in center city Philadelphia. nine
  8. 8. R E TA I L B A N K I N G C U S T O M E R S B E N E F I T FROM NEW PRODUCT INTRODUCTIONS Our retail banking customers continue to have more imaging positions us well to realize the benefits of this choices than ever before, with 24-hour banking by new law. phone and on the Internet, and local offices in regions across the country, offering products and services We’re also making it easier for individuals who are designed to meet all their financial needs. seeking new car loans to be approved immediately, onsite at the dealership. M&I Dealer Finance, working And now, the new M&I Rewards program offers in conjunction with Metavante Corporation, offers customers even more reasons to bank with M&I. DealerTrackTM, new technology that enables dealers By using the M&I Rewards Credit Card and the to receive real-time approvals for their customers. M&I Rewards Check Card, customers earn points M&I Dealer Finance experienced a 35 percent and redeem them for valuable rewards including gift increase in production over 2002 by building stronger cards, entertainment, hotel stays – even airline tickets dealer relationships and improving service through and cruises. Customers have been reaping the rewards advances in technology, such as DealerTrack. of using these valuable cards since the program’s introduction in early 2003. College students also have new financing opportunities through M&I Alternative Student Loans, a product that To assist our business and community banking complements M&I’s Stafford and Parent PLUS loans customers in efficiently managing their M&I checking and is designed for students who do not receive enough accounts, we introduced a new check imaging service. financial aid to cover college costs. Now, instead of receiving cancelled checks in the mail, or requesting a copy of a specific check as needed, And, for the third year in a row, M&I retail customers customers can access check images online. By October made the most of the low interest rate environment to st 2004, the Check Clearing for the 21 Century Act will purchase new homes or refinance their mortgage loans. require all banks to process checks electronically – We surpassed $5.3 billion in mortgage loan volume, one of the first steps in a nationwide effort to eliminate exceeding 2002 by almost $1 billion, and served more paper check processing. M&I’s introduction of check than 30,000 customers during the year. Customers are quickly discovering the value of the new M& I Rewards program, which offers the opportunity to earn valuable rewards simply by using the M& I Rewards Credit Card and the M& I Rewards Check Card. When customers use their Rewards card at retailers, such as M& I customer American TV and Appliance (pictured opposite), they earn points that can be redeemed for gift certificates, travel packages, and more. ten
  9. 9. BUSINESS COMMERCIAL BANKING AND CONTINUE GROW CUSTOMER BASE TO M&I’s Commercial Banking division succeeded in being named the number-one small business lender securing new business throughout the year despite by the U.S. Small Business Administration. an economy that was financially challenging for both existing and potential customers. Growth in deposit- For our treasury management customers, M&I’s based relationships and cross-selling within our exist- prepaid cards continue to increase in popularity, ing customer base continue to be important strategies providing employers with the means to reward or in successfully serving our customers’ needs. In 2003, pay their employees with a disposable or reloadable we also added a significant number of new customer card that can be used much like a credit or debit card. relationships in all our markets, while maintaining In addition, municipalities and nonprofit organiza- M&I’s high standards of credit quality. tions are learning the value of M&I’s Civic Checking, a product that offers flexible deposit solutions for Our commercial real estate business experienced its our customers. third straight year of strong growth across all markets. An active housing market resulted in an increase in In addition to businesses and commercial entities, financing of investor-owned commercial real estate, other financial institutions rely on M&I for the services and was a key factor in the year’s significant growth. we can provide to both the financial institution and its At year-end, M&I’s commercial real estate business customers. These services, provided through M&I’s topped $8.2 billion. Correspondent Banking division, include deposit and lending services, plus treasury management and M&I’s small business lending continued to grow international services. In 2003, as customers took in 2003, ending the year with a 14.3 percent annual advantage of low interest rates to pay off loans, growth rate. M&I’s small business portfolio, repre- Correspondent Banking pursued new business by senting borrowing relationships of up to $500,000, expanding into new market territories and taking grew to over $1.1 billion during the year. In advantage of opportunities presented by M&I’s Wisconsin, M&I again earned the distinction of Financial Institutions Group. Randy Brown, Chief Executive Officer, AGSCO, and Katie Kelley, Executive Vice President, Regional Manager, Commercial Banking, M& I Bank, Minnesota, at AGSCO’s headquarters in Grand Forks, North Dakota. M& I provides a full complement of commercial banking products to the Brown family of companies, including AGSCO, a retailer and distributor of agricultural products. thirteen
  10. 10. W E A LT H M A N A G E M E N T B U S I N E S S E S FOCUS STRONG PERFORMANCE ON As of December 31, 2003, M&I Investment in 14 of 18 categories as surveyed by PLANSPONSOR Management Corp. (IMC) managed $15.7 billion magazine, surpassing its already high rating from the in assets. Strong investment performance remains prior year. M&I received Best in Class ratings for its the primary focus at IMC and 2003 was no different, services in categories such as reporting accuracy and especially for the Mid-Cap Value, Small-Cap timeliness, range of investment options, Internet ser- Growth, and Money Market strategies. Each fin- vices, participant call center, employee communication ished in the top 15 percent of their respective peer materials, and account representative expertise. groups for the three years ending December 2003. M&I Trust Operations Outsourcing experienced M&I’s Custom Quantitative Solutions Group created a successful sales year, broadening its footprint of the M&I High Dividend Strategy to provide cus- serving the back-office needs of financial services tomers with increased income and less stock market companies throughout the United States, most of volatility, attracting $100 million in new assets in which are outside of M&I’s traditional markets. the program’s first twelve months. The Marshall Asset Working together, Metavante Corporation and M&I Allocation Program (MAAP), a product made up of Trust Operations Outsourcing provide the technology M&I’s own Marshall Funds and other leading mutual and personnel required to meet all of an organization’s funds, experienced another successful year, reaching trust technology and operations needs. over $1 billion in investments for the first time. Interest in the complete IMC line-up continues to Our Wealth Management area continues to grow grow within the institutional marketplace. as we serve the needs of affluent customers in all our regions and integrate these services as part of Marshall & Ilsley Trust Company N.A. currently serves an offering that also includes private banking and more than 1,200 company relationships through its brokerage services. We continue to attract new commercial trust services, including nearly 430,000 customers and enhance existing relationships through participants in 401(k) and other defined contribution a comprehensive offering of products and services. plans. In 2003, the company was rated Best in Class Sue Bernarde, Vice President, Marshall & Ilsley Trust Company N.A., and Wayne Klomstad (far right), Vice President, Marshall & Ilsley Trust Company N.A., meet with Jack Heath, President and Chief Operating Officer, and Tom Nesbitt, Trust Administration Manager, both of Washington Trust Bank, an M&I trust operations outsourcing customer based in Spokane, Washington. fourteen
  11. 11. M E TAVA N T E C O R P O R AT I O N : TURNING HIDDEN REVENUE INTO PROFITS During 2003, Metavante Corporation added financial The Metavante electronic banking solution is services clients located beyond the bounds of the con- designed to enhance the delivery of electronic infor- tiguous United States, ranging from Puerto Rico to mation to financial institutions, while the Metavante Guam, and document composition software clients electronic presentment and payment solution is throughout Europe, from Norway to Italy. To serve designed to add value to payment transactions. these clients, our customer service centers are staffed Metavante also provides these technologies to other 24 hours a day, seven days a week, 365 days a year. industries including insurance, telecommunications, The goal: never miss a beat in delivering premier and utilities. customer care. With several large banks converting to the Metavante Anywhere, Anytime Account Access financial account processing system during 2003, Metavante financial services clients are located in six including Bank of Hawaii, Banco Popular North time zones throughout North America, stretching America, and Mellon Financial Corporation, the from Puerto Rico to the Hawaiian Islands, from the number of deposit accounts the company processes Atlantic to the Pacific Oceans. Yet, our clients’ cus- increased to nearly 17 million. tomers may be located anywhere. Our online banking and bill payment technologies help meet their end- Equipping financial institutions with advanced customer needs by providing financial account access technology is at the heart of the Metavante from anywhere in the world over the Internet. business strategy, primarily by cross-selling new technologies within its core constituency Throughout the year, Metavante demonstrated its of financial account processing clients. The proven technology leadership as it converted many Metavante Financial Services Group drove over financial institution clients and their tens of thousands 900 new client-sales or cross-sales during 2003. of customers onto new consumer electronic banking In addition, the group signed 24 client renewals and bill payment platforms that provide enhanced during the year, including City National Bank, end-user experiences and added conveniences. MidFirst Bank, and Synovus. Gary Geisel, Chairman and Chief Executive Officer, Provident Bankshares Corporation, and Provident Bank’s Group Manager, Operations, Russell Johnson (foreground) discuss services provided by Metavante Corporation. The Baltimore, Maryland-based bank is a Metavante core processing client that also uses Metavante’s customer relationship management prod- ucts, electronic funds transfer and card products, and eFinance products. seventeen
  12. 12. Improving Efficiency and Profitability in cross-selling products and services. Enterprise Capitalizing on its consulting expertise in financial contact management is one CRM technology that services, wealth management, and technology, many Metavante clients – including Provident Bank Metavante introduced a new marketing campaign in in Baltimore – use to help keep bank and branch mid-2003 with the theme, “Turning Hidden Revenue personnel informed about clients’ needs and services. Into Profits.” Many financial institutions, including Bank of Hawaii and Columbia Bank of Tacoma, Analyzing information about clients and understand- Washington, engaged Metavante consultants in business ing their banking habits and financial needs is also process improvement projects, which can be tied to critical to the successful selling of financial products. a system conversion or to a bank management’s desire During 2003, Metavante introduced the Business to improve efficiency and profitability. With a staff Intelligence Center analytics solution that connects exceeding 200 business consultants, many of whom built with the Metavante Data Warehouse. This new their careers in the banking industry, Metavante has the tool provides an enterprise view of a financial resources necessary to help a financial organization institution and makes information and reports analyze its strengths and weaknesses, and recommend available to a greater number of employees throughout ways to improve its operations to drive efficiency an organization. improvements or enhance profitability. Debit and Prepaid Cards Expand To increase client value, consulting and professional The Metavante Electronic Funds Group continued services conducts opportunity assessments, which result to expand its services and clients during 2003, and in recommendations to change the way processes are saw continued growth in its prepaid and debit card handled and to adopt technology enhancements. programs. Discover Financial Services selected Through customer relationship management (CRM) Metavante to deliver a flexible card solution for its consulting, the introduction of additional technologies clients, which includes the production and process- can equip branch personnel with powerful tools useful ing of gift cards on the Discover®/Novus network. eighteen
  13. 13. Several Metavante clients, including City National In 2004, Metavante will mark its 40th year of opera- Bank of Florida, have introduced payroll cards as tions by renewing its longstanding commitment to put an alternative to issuing and cashing payroll checks. its clients and their customers first. Metavante products The product, which helps a financial institution and services will continue to lead the efforts of our strengthen its commercial relationships, also helps Financial Institutions Group to provide high-quality businesses reduce payroll costs. Payroll cards replace financial products and services to every consumer traditional paychecks, are convenient for recipients, and business in the United States either directly and provide cost savings to employers. through the M&I brand or indirectly through other financial institutions. The entire Metavante team is Metavante continued to expand its services to the dedicated to improving our clients’ efficiency and transit industry by establishing relationships with profitability through premier customer care, financial the Chicago Transit Authority and with the Regional services expertise, and proven technology leadership. Transportation Commission of Southern Nevada. Late in 2003, Metavante acquired Printing For Systems, Inc. (PSI), to extend its card products into the healthcare insurance market. PSI, of Madison, Connecticut, is a leading application service provider to the insurance industry, Fortune 500 corporations, ©Photographers Library LTD/eStock Photo/PictureQuest and progressive marketing organizations, and is a leading provider of healthcare identification cards. The Metavante commitment to providing clients with the best technology and support available continued in 2003 through an investment of $130 million in acquired technology, research, and development. Metavante total bill management services give financial institution customers the ability to receive, review, and pay their bills over the Internet from anywhere, at anytime. nineteen
  14. 14. M A R S H A L L & I L S L E Y C O R P O R AT I O N OFFICERS James B. Wigdale Dennis J. Kuester Thomas M. Bolger Mark F. Furlong Chairman of the Board, President & CEO, Executive Vice President, Executive Vice President & Marshall & Ilsley Corporation Marshall & Ilsley Corporation Marshall & Ilsley Corporation Chief Financial Officer, Chairman of the Board and CEO, President, Marshall & Ilsley Corporation M&I Marshall & Ilsley Bank M&I Marshall & Ilsley Bank Chief Financial Officer, Chairman of the Board, M&I Marshall & Ilsley Bank Metavante Corporation Ryan R. Deneen Randall J. Erickson Mark R. Hogan Patricia R. Justiliano Senior Vice President & Senior Vice President, Senior Vice President & Senior Vice President & Director of Corporate Tax, General Counsel & Corporate Secretary, Chief Credit Officer, Corporate Controller, Marshall & Ilsley Corporation Marshall & Ilsley Corporation Marshall & Ilsley Corporation Marshall & Ilsley Corporation Kenneth C. Krei Nancy A. Maas Frank R. Martire Thomas J. O’Neill Senior Vice President, Senior Vice President & Senior Vice President, Senior Vice President, Marshall & Ilsley Corporation Director of Corporate Marketing, Marshall & Ilsley Corporation Marshall & Ilsley Corporation President & CEO, Marshall & Ilsley Marshall & Ilsley Corporation President & CEO, Executive Vice President, Trust Company N.A. Metavante Corporation M&I Marshall & Ilsley Bank President, M&I Bank FSB Paul J. Renard John L. Roberts Thomas A. Root Jeffrey V. Williams Donald H. Wilson Senior Vice President & Senior Vice President, Senior Vice President & Senior Vice President, Senior Vice President & Director of Human Resources, Marshall & Ilsley Corporation Audit Director, Marshall & Ilsley Corporation Corporate Treasurer, Marshall & Ilsley Corporation President, M&I Support Services Corp. Marshall & Ilsley Corporation Chairman of the Board, Marshall & Ilsley Corporation Marshall & Ilsley Trust Company N.A. CEO, M&I Brokerage Services, Inc. twenty
  15. 15. M A R S H A L L & I L S L E Y C O R P O R AT I O N BOARD DIRECTORS OF MARSHALL & ILSLEY Dennis J. Kuester James A. Urdan President and Chief Executive Officer, Partner, retired, Quarles & Brady, a law firm CORPORATION Marshall & Ilsley Corporation George E. Wardeberg 770 North Water Street Chairman of the Board and Vice Chairman of the Board, retired, Milwaukee, WI 53202 Chief Executive Officer, Wisconsin Energy Corporation, a holding (414) 765-7700 M&I Marshall & Ilsley Bank company with subsidiaries in utility and non-utility businesses www.micorp.com Chairman of the Board, Metavante Corporation James B. Wigdale DIRECTORS Katharine C. Lyall Chairman of the Board, Marshall & Ilsley Corporation Richard A. Abdoo President, University of Wisconsin System Chairman of the Board and Chief Executive John A. Mellowes DIRECTORS EMERITI Officer, Wisconsin Energy Corporation, a Chairman of the Board and Chief Executive holding company with subsidiaries in utility Oscar C. Boldt Officer, Charter Manufacturing Company, and non-utility businesses Inc., a producer of bar, rod, wire, and Wendell F. Bueche Chairman of the Board, We Energies wire parts for the auto industry and Glenn A. Francke other industries David L. Andreas Burleigh E. Jacobs Edward L. Meyer, Jr. Former President and Chief Executive Officer, James F. Kress National City Bancorporation, a bank Chairman of the Board, Anamax Don R. O’Hare holding company Corporation, a processor and manufacturer Stuart W. Tisdale of various rendered products Andrew N. Baur James O. Wright San W. Orr, Jr. Chairman of the Board, Southwest Bank of Gus A. Zuehlke St. Louis Chairman of the Board, Wausau- Mosinee Paper Corporation Jon F. Chait Robert J. O’Toole Chairman of the Board, Chief Executive Officer, and President, Hudson Highland Chairman of the Board, President, and Group, Inc., a provider of workforce staffing Chief Executive Officer, A.O. Smith and search services Corporation, a manufacturer of electric motors and water systems technologies Bruce E. Jacobs Peter M. Platten III President and Chief Executive Officer, Grede Foundries, Inc., a manufacturer Vice Chairman of the Board, retired, of gray and ductile iron, steel, and alloyed Marshall & Ilsley Corporation castings Robert A. Schaefer Donald R. Johnson Former Executive Vice President and Chairman of the Board, retired, Chief Operating Officer, retired, Modine Manufacturing Company, Security Capital Corporation, a provider of heat-transfer and a bank holding company heat-storage technology John S. Shiely Ted D. Kellner, CFA Chairman of the Board, President, Chairman of the Board and and Chief Executive Officer, Chief Executive Officer, Briggs & Stratton Corporation, Fiduciary Management, Inc., a manufacturer of gasoline engines an investment management firm for outdoor power equipment twenty-one
  16. 16. A F F I L I AT E B O A R D S DIRECTORS OF M&I MARSHALL ARIZONA MINNESOTA & ILSLEY BANK COMMUNITY BANK COMMUNITY BANK BOARD OF DIRECTORS BOARD OF DIRECTORS 770 North Water Street Milwaukee, WI 53202 John G. Barry David Andreas Executive Vice President and Commercial Former President and Chief Executive Officer, (414) 765-7700 Bank Manager, M&I Marshall & Ilsley National City Bancorporation www.mibank.com Bank, Arizona Marty Chorzempa DIRECTORS Gary S. Clancy Chairman, retired, Richfield Bank & Trust Managing Member, Recycled Business Kim Culp Richard A. Abdoo Systems, L.L.C. Chairman, M&I Marshall & Ilsley Bank, Chairman of the Board and Chief Executive Vaughn S. Corley Minnesota Region Officer, Wisconsin Energy Corporation Executive Vice President and General Mike Fiterman Chairman of the Board, We Energies Manager, retired, Arizona Portland President and Chief Executive Officer, Thomas M. Bolger Cement Co. Liberty Diversified Products President, M&I Marshall & Ilsley Bank P. Robert Fannin Esperanza Guerrero-Anderson Executive Vice President, Marshall & Ilsley Partner, Steptoe & Johnson, LLP President and Chief Executive Officer, Corporation Michael C. Francis Milestone Growth Fund, Inc. Bruce E. Jacobs Owner/Manager, Francis Insurance Agency Michael Horovitz President and Chief Executive Officer, Dennis R. Jones Owner and President, Minneapolis Grede Foundries, Inc. Chairman and President, M&I Marshall Glass Company Dennis J. Kuester & Ilsley Bank, Arizona Katie Kelley Chairman of the Board and Chief Executive Thomas C. Lathrop Executive Vice President, M&I Marshall Officer, M&I Marshall & Ilsley Bank Chairman, retired, M&I Thunderbird Bank & Ilsley Bank, Minnesota President and Chief Executive Officer, Susan Goldwater Levine William J. Klein Marshall & Ilsley Corporation Executive Director, Hospice of the Valley President, M&I Marshall & Ilsley Bank, Chairman of the Board, Metavante Corporation Minnesota Michael K. McCartney James A. Urdan David Malmberg President, Marshall & Ilsley Trust Company Partner, retired, Quarles & Brady N.A., Arizona Chairman of the Board, Sagebrush George E. Wardeberg Corporation Charles F. Sands Vice Chairman of the Board, retired, Roger Scherer President, Nutribiotech LLC; JED C, LLC Wisconsin Energy Corporation Chairman of the Board, Scherer Brothers Richard H. Whitney James B. Wigdale Lumber Company Partner, Gust Rosenfeld P.L.C. Chairman of the Board, Marshall & Ilsley Sheldon Wert D. Otis Wolkins Corporation Former President and Chief Executive Officer, Vice President, retired, GTE Service DIRECTORS EMERITI Century Bancshares, Inc. Corporation Wendell F. Bueche Stephen A. Wood John E. Forester President, Insurers Administrative Carl L. Gosewehr Corporation Burleigh E. Jacobs Leyton S. Woolf, Jr. Orville R. Mertz Owner/Farmer, Woolf Roses, L.L.C. David F. Nelson Douglas Seaman Leo E. Suycott Stuart W. Tisdale James O. Wright twenty-two
  17. 17. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – APPLETON WISCONSIN – BROOKFIELD WISCONSIN – BURLINGTON COMMUNITY BANK COMMUNITY BANK COMMUNITY BANK BOARD OF DIRECTORS BOARD OF DIRECTORS BOARD OF DIRECTORS Thomas J. Boldt J. Nathan Cunniff James R. Bauman Chief Executive Officer, The Boldt Company President, M&I Marshall & Ilsley Bank, Chairman, M&I Marshall & Ilsley Bank, Brookfield Burlington John A. Bykowski Robert H. Eldridge Glenda Dupons President and Chief Executive Officer, Secura Insurance Companies Executive Vice President and Secretary- President, Bear Realty Inc. Treasurer, retired, Briggs & Stratton Stephen M. Evans Frederick J. Koenen Corporation President, Evans Title Companies, Inc. Chairman of the Board, Reineman’s True John R. Evans Value Inc. David J. Gitter President, retired, Evans Brothers John L. Malchine President, M&I Marshall & Ilsley Bank, Company, Inc. Appleton Farmer Andrew J. Fleckenstein James R. Hayes Lawrence Smith Trustee, Fleck Foundation President and Chief Executive Officer, retired, Larry’s Barber Shop W. P. Halquist Hayes Manufacturing Group, Inc. James F. Weis Chairman of the Board, Halquist Stone Paul J. Heid President, May’s Insurance Agency Co., Inc. President, Heid Music Company, Inc. Irv Hansen WISCONSIN – EAGLE RIVER Mary M. Hosmer Chairman, M&I Marshall & Ilsley Bank, COMMUNITY BANK Account Executive/Owner, Insurance Brookfield Services, Inc. BOARD OF DIRECTORS James E. Keyes John E. Pfefferle Al Block Chairman of the Board, KSM Industries, Inc. President, Grubb & Ellis/Pfefferle Owner, retired, A. L. Block Realty James M. Leef Lawrence W. Wirth Al Bybee President, Industrial Towel & Uniform, Inc. President, retired, Presto Products, Inc. Food Broker, retired Gordon J. Liebl C. Randall Cox President, A. L. Schutzman Co., Inc. DIRECTOR EMERITUS Consultant Aldo Madrigrano Gus A. Zuehlke T. J. Doyle, D.D.S. President, W.O.W. Distributing Co., Inc. Thomas Gaffney Randall J. Wright WISCONSIN – ASHLAND Owner, retired, Gaffney Funeral Home President and Chief Executive Officer, COMMUNITY BANK Empire Level Mfg. Corp. Darryl Gremban, D.D.S. BOARD OF DIRECTORS Richard D. Hansen DIRECTORS EMERITI Paul R. Bretting Past President, M&I Marshall & Ilsley Vice President, C. G. Bretting Manufacturing Glenn A. Francke Bank, Eagle River Company, Inc. Philip K. Harvey James E. Levandoski Donald N. Marcouiller John P. Metzger President, M&I Marshall & Ilsley Bank, Regional Administrator, Wisconsin Indianhead Gerry E. Seider Eagle River Technical College, Ashland Campus Donald A. Trepte Peter P. Viater President, M&I Marshall & Ilsley Bank, Ashland Leslie J. Whiteaker Vice President and Chief Financial Officer, Memorial Medical Center twenty-three
  18. 18. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – EAU CLAIRE WISCONSIN – GREEN BAY WISCONSIN – HARTLAND COMMUNITY BANK COMMUNITY BANK COMMUNITY BANK BOARD OF DIRECTORS BOARD OF DIRECTORS BOARD OF DIRECTORS Robert R. Hood Richard G. Baumgarten Steven C. Boysa President, M&I Marshall & Ilsley Bank, President, retired, M&I Fox Heights Bank Chairman of the Board, Creative Equities Eau Claire Company, Inc. Michael B. Gage John A. Lubs Robert C. Goff Investor President, Mason Shoe Mfg. Co. President, Goff’s Auto Body, Inc. John M. Jones James D. Myers Stanley F. Hack Executive Vice President and Chief Operating Vice President, Pleasant Hill Farm, Inc. Officer, Green Bay Packers Attorney Peter B. Scobie Michael J. Langenhorst Arthur T. Kraemer President, R. W. Scobie, Inc. President, Anamax Corporation Chairman, M&I Marshall & Ilsley Bank, Hartland Steven R. Senn Peter D. Mancuso Scott A. Kraemer Chief Executive Officer, Senn Blacktop, Inc. Chief Executive Officer, Lindquist Machine Co. President, M&I Marshall & Ilsley Bank, Roger R. Sipple Hartland Edward L. Meyer, Jr. Roger & Donald Sipple Farm Donald L. McNeil Chairman of the Board, Anamax Daniel J. Toycen Corporation Retired, Executive Director, Inc. President, Toycen Motors, Inc. Ann M. Murphy Richard A. Natalizio President, Toycen of Ladysmith, Inc. Vice President, Murphy Development, Inc. Chairman of the Board, HNI Company, Inc. Kenneth C. Vance Thomas M. Olejniczak Charles L. Rushman President, Ken Vance Car City Inc. Partner, Liebmann, Conway, Olejniczak & Chairman, First Weber Realty President, Ken Vance Motors, Inc. Jerry, S.C. Paul J. Schmidt Peter M. Platten III President, retired, Collections Unlimited, Inc. Former Chairman of the Board, M&I Bank Sheldon Volk Northeast Executive Vice President, retired, M&I Lake Vice Chairman of the Board, retired, Country Bank Marshall & Ilsley Corporation Dennis H. Wollenzien Michael D. Simmer President and Chief Operating Officer, retired, President, M&I Marshall & Ilsley Bank, M&I Lake Country Bank Green Bay DIRECTORS EMERITI Ronald A. Weyers Patrick A. Corcoran DIRECTORS EMERITI Anton R. Grasch Charles J. Herro William R. Bodart William Hollenbeck Carl Farah J. Scott Kestly Richard K. Mueller August U. Pabst Charles A. Perry Richard A. Schmidt Thomas J. Waldera twenty-four
  19. 19. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – JANESVILLE WISCONSIN – KENOSHA WISCONSIN – MADISON COMMUNITY BANK COMMUNITY BANK COMMUNITY BANK BOARD OF DIRECTORS BOARD OF DIRECTORS BOARD OF DIRECTORS Frank E. Bauchiero Kenneth L. Fellman Timothy B. Erdman Consultant President, M&I Marshall & Ilsley Bank, Chairman and Chief Executive Officer, Kenosha Marshall Erdman & Assoc. J. Michael Borden Robert G. Terwall John M. Flesch President, Hufcor, Inc. President, Cherry Electrical Products Executive Vice President and Treasurer, Mark A. Cullen Gordon Flesch Company, Inc. Dennis Vignieri President, J. P. Cullen & Sons Harold F. Mayer President and Chief Executive Officer, Richard L. Dashnaw Kenosha Beef International Limited Vice President Operations, retired, Retired, Coltec Industries Oscar Mayer Foods Corp. Michael W. Wells John H. Franz Robert F. O’Loughlin President, Frank L. Wells Company Consultant President, Softspikes, Inc. Dennis L. Hansch WISCONSIN – LA CROSSE Richard R. Renk Attorney, Nowlan & Mouat COMMUNITY BANK President, The Renk Seed Company Charles H. Harker BOARD OF DIRECTORS Douglas G. Reuhl President, Mid-States Concrete President, American of Madison Dr. Julio J. Bird, M.D. Mary E. Kilkenny Robert A. Schlicht Gundersen Lutheran Broker, Keefe Real Estate President, M&I Marshall & Ilsley Bank, Karl J. Brickl Michael J. Murphy Madison President, Brickl Bros., Inc. President, Chief Executive Officer, and Owner, Terry K. Shockley Russell J. Callahan, Jr. Southeastern Wisconsin Title Company, Inc. President, Shockley Group, Inc. Retired, Herbergers Ronald K. Ochs Jay L. Smith Randolph A. Eddy, Sr. President, M&I Marshall & Ilsley Bank, President, JLS Investment Group President, Carrier Insurance Agency Janesville F. Charles Steinhauer James H. Fullerton James F. Ruethling Vice President, Madison Dairy Produce Chairman, M&I Marshall & Ilsley Bank, Administrator, Beloit Clinic, S.C. Jerry J. Weygandt La Crosse David A. Weber Professor of Accounting, UW School Al L. Lindsay President, Mode Industries, Inc. of Business Senior Vice President, M&I Marshall & Ilsley Bank, La Crosse DIRECTOR EMERITUS Barbara Skogen Donald P. Ryan Vice President, Skogen’s Foodliner, Inc. Ronald A. Wessels President, M&I Marshall & Ilsley Bank, La Crosse twenty-five
  20. 20. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – MARSHFIELD WISCONSIN – MAYVILLE DIRECTORS EMERITI COMMUNITY BANK COMMUNITY BANK Gerald S. Parshalle BOARD OF DIRECTORS BOARD OF DIRECTORS Don A. Schneiders A. W. Zillmer John Baltus Melvin Drinkwine President, Baltus Oil Co. Retired, Tab Products Co. WISCONSIN – MERRILL Donald Boon Leo R. Fisher COMMUNITY BANK President, Boon Construction Chairman of the Board, retired, M&I Bank BOARD OF DIRECTORS of Mayville Ronald D. Doine Dennis M. Kemmel Edward G. Chartier President, Doine Excavating, Inc. Owner, Kemmel Insurance Agency Retired Terry Frankland George F. Olson John F. Koch General Manager, V&H, Inc. Sales and Engineering, W. G. Strohwig President, M&I Marshall & Ilsley Bank, Kenneth F. Heiman Tool & Die, Inc. Merrill Owner, Nasonville Dairy, Inc. Roy Rohlinger Lance R. Nienow Ronald Maurer Vice President, Rohlinger Construction, Inc. Chief Executive Officer, Weinbrenner Shoe Co. President, Maurer Roofing Kevin E. Volm Gary L. Schulze Alan D. Nystrom President, M&I Marshall & Ilsley Bank, Vice President, Victory Clinic Pharmacy, Inc. President, M&I Marshall & Ilsley Bank, Mayville David B. Smith Marshfield Stanley A. Waas Consultant and Private Investor Ronald Wiskerchen President, Waas Boring & Cable, Inc. Thomas J. Young President, retired, Wiskerchen Cheese, Inc. Executive Vice President, retired, Church WISCONSIN – DIRECTORS EMERITI Mutual Insurance Company MENOMONEE FALLS Vernon Baltus WISCONSIN – OSHKOSH COMMUNITY BANK Floyd Hamus COMMUNITY BANK BOARD OF DIRECTORS Robert O. Heck BOARD OF DIRECTORS Ronald R. Bast Ken Heiting President, Riteway Bus Service, Inc. Cristopher Bumby James W. Hewitt President and Chief Executive Officer, John W. Koenig Richard C. Becker Admanco, Inc. Robert Solberg President, M&I Marshall & Ilsley Bank, Menomonee Falls Jere Chapin James F. Sternweis President, retired, M&I Central State Bank Lawrence I. Thill Robert E. Drisner Warner G. Von Holzen President and Chief Executive Officer, retired, Dennis Elmer Community Health Care Services Frederick J. Wenzel Food Broker Donald H. Nimmer H. Andersen Lyke Chief Executive Officer, Enercon Industries President, Lyke Corporation Corporation Steven R. Schmudlach Michael Richardson President, M&I Marshall & Ilsley Bank, President, Richardson Financial Group, Inc. Oshkosh Douglas H. Stadelmann Dennis E. Schwab President, Stadelmann Engineering, Inc. President, Coldwell Banker - Schwab Realty Ltd. twenty-six
  21. 21. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – RACINE Kirby H. Roen WISCONSIN – SHEBOYGAN Director - Sector Planning, Citizens COMMUNITY BANK COMMUNITY BANK Communications BOARD OF DIRECTORS BOARD OF DIRECTORS Irving Schiek III, M.D. Matthew L. Andis Ronald E. Begalke Retired President, Andis Company Executive Vice President, retired, Sargento Cheese Co. Thomas L. Beck WISCONSIN – SHAWANO Terence P. Fox President, Unico, Inc. COMMUNITY BANK Attorney at Law, Kummer, Lambert & Timothy J. Majcen BOARD OF DIRECTORS Fox, LLP President, M&I Marshall & Ilsley Bank, James A. Kasten Reynolds K. Honold Racine Vice President - Fluid Milk, Employee & President, retired, Aldag/Honold James O. Parrish Member Services, Foremost Farms Mechanical, Inc. Vice President, Finance, retired, Twin Disc, Inc. Jeffrey P. Mace Gary D. Maples David B. Rayburn President, M&I Marshall & Ilsley Bank, President, M&I Marshall & Ilsley Bank, President, Modine Manufacturing Company Shawano Sheboygan Willard T. Walker Russell L. Obermeier Michael D. Muth Chairman of the Board, Walker Forge, Inc. Owner, Maple Creek Wildlife Chairman of the Board and Chief Executive Officer, K. W. Muth Company President and Owner, Obermeier & Associates DIRECTORS EMERITI David Quasius President and Owner, Cloverleaf Sand and Kenneth Jensen Gravel, Inc. President, Quasius Construction, Inc. David J. Munroe Larry J. Rose Earl E. Richter CPA/PFS, Shareholder, Kerber, Rose & Ernest C. Styberg, Jr. Associates, S.C. Harold C. Weiss Financial Consultant, First Choice Financial Services, LLC WISCONSIN – RHINELANDER Russell P. Schmidt COMMUNITY BANK Retired BOARD OF DIRECTORS Jerry J. Senzig President and Owner, retired, Senzig’s, Inc. Ted S. Baginski, Jr. President, Ted Baginski and Sons Inc. Gary J. Tauchen Treasurer, Tauchen Harmony Valley, Inc. Fred A. Berner Editor, Antigo Daily Journal Officer, Berner Bros. Publishing William J. Cousineau President, Cousineau Auto Parts, Inc. Michael Moioffer President, MIDE Inc. Dexter Musson President, Musson Brothers, Inc. Dale J. Opperman President, M&I Marshall & Ilsley Bank, Rhinelander twenty-seven
  22. 22. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – WISCONSIN – WISCONSIN – WAUSAU STEVENS POINT SUPERIOR/DULUTH COMMUNITY BANK BOARD OF DIRECTORS COMMUNITY BANK COMMUNITY BANK BOARD OF DIRECTORS BOARD OF DIRECTORS Edward J. Creske President, Wausau Tile James E. Anderson James Banks President, Ellis Stone Construction President and Chief Executive Officer, Dwight E. Davis Company, Inc. Allouez Marine Supply, Inc. President and Chief Executive Officer, Greenheck Fan Corp. Marilynn J. Chesbrough John H. Hendricks President, Hendricks, Knudson, Gee & Richard D. Dudley Robert L. Cooper Torvinen, S.C. Chairman, Dudley Investments LLC President, Cooper Dental Mary A. Johnson David Eisenreich Jeffrey L. Martin Senior Vice President – Chief Operations President, Marathon Electric Manufacturing President and CEO, St. Michael’s Hospital Officer, St. Mary’s/Duluth Clinic Health Corp. Richard W. Okray System Thomas J. Howatt Secretary, Okray Family Farms, Inc. Mary Millard President, Wausau-Mosinee Paper Thomas W. Rause President, Millard & Associates, Inc. Corporation President and Chief Executive Officer, Fred Shusterich Hugh E. Jones Rause Management, Inc. President, Midwest Energy Resources President, M&I Marshall & Ilsley Bank, Robert A. Schmidt Wausau James E. Zastrow President, M&I Marshall & Ilsley Bank, President, M&I Marshall & Ilsley Bank, Ronald L. Klimisch Stevens Point Superior/Duluth President, Wausau Supply Company Ronald T. Skrenes Alfred P. Moore DIRECTORS EMERITI Attorney, Anderson, O’Brien, Bertz, President and Chief Executive Officer, Skrenes & Golla Richard Buth Wausau Benefits, Inc. Herbert M. Theisen James Tracy San W. Orr, Jr. President, Theisen’s Lumber and Chairman of the Board, Wausau-Mosinee Millwork, Inc. WISCONSIN – WATERTOWN Paper Corporation COMMUNITY BANK DIRECTORS EMERITI Floyd G. Shelton BOARD OF DIRECTORS President, Superior Floor Leonard F. DeBaker Richard Baker John L. Skoug Bennett C. Katz Baker-Rullman Mfg., Inc. Chairman and Chief Executive Officer, David Ross Miller Marathon Cheese Corp. Robert A. Bender Gerald M. O’Brien Neil F. Slamka Attorney Joseph J. Okray Vice President and General Manager, Robert W. Worth John H. Ebert Green Bay Packaging, Inc. President, M&I Marshall & Ilsley Bank, Paul A. Spaude Watertown President, Wausau Hospital Center William J. Kwapil, Jr. Stanley F. Staples, Jr. Seven-Up Bottling Co. Chairman of the Board, Alexander DIRECTORS EMERITI Properties, Inc. V. R. Bauman E. J. Dobbratz E. W. McFarland twenty-eight
  23. 23. A F F I L I AT E B O A R D S DIRECTORS OF WISCONSIN – WEST BEND Donald H. Wilson Edward T. Noland President, Pharma Tech Industries, Inc. Senior Vice President and Corporate COMMUNITY BANK Treasurer, Marshall & Ilsley Corporation Almira B. Sant BOARD OF DIRECTORS Retired, Publisher Thomas R. Bast SOUTHWEST BANK Robert J. Witterschein Chairman of the Board, retired, M&I First OF ST. LOUIS President and Chief Executive Officer, National Bank 2301 South Kingshighway Commercial Banking, Southwest Bank Mark A. Hauser of St. Louis St. Louis, MO 63110 Partner, Kieckhafer Dietzler Hauser & Co. (314) 776-5200 DIRECTORS EMERITI Steven C. Johnson www.mysouthwestbank.com President, Johnson School Bus Service, Inc. Edward C. Berra Thomas W. Kieckhafer DIRECTORS William J. Freschi Retired G. Fred Heimburger Halvor B. Anderson Richard L. Leitheiser Charles W. Hrebec, Jr. Retired, Manufacturing Executive President, M&I Marshall & Ilsley Bank, Charles A. Zone John T. Baumstark West Bend President, Archway Sales, Inc. Mark A. Nielsen Andrew N. Baur President, Cochran Sign Company, Inc. Chairman, Southwest Bank of St. Louis DIRECTOR EMERITUS Andrew S. Baur President and Chief Executive Officer, Charles H. Johnson Community Banking, Southwest Bank of St. Louis M&I BANK FSB Linn H. Bealke 3993 Howard Hughes Parkway Vice Chairman, Southwest Bank of St. Louis Suite 100 John G. Brunner Las Vegas, NV 89109 Chief Executive Officer, Vi-Jon Laboratories, Inc. (702) 737-3910 William H. T. Bush Chairman, Bush-O’Donnell & Co., Inc. DIRECTORS Francis C. Cunetto Randall J. Erickson President, Cunetto House of Pasta, Inc. Senior Vice President, General Counsel, and Donald Danforth III Corporate Secretary, Marshall & Ilsley Corporation President, City Academy Patricia R. Justiliano Robert E. Flynn III Senior Vice President and Corporate President, Berry Grant Company Controller, Marshall & Ilsley Corporation Richard A. Grebel Thomas J. O’Neill President, KCI Construction President, M&I Bank FSB Frederick O. Hanser Senior Vice President, Marshall & Ilsley Chairman, St. Louis Cardinals, L.P. Corporation Henry O. Johnston Executive Vice President, M&I Marshall & Retired, Investment Executive Ilsley Bank Richard G. Millman John L. Roberts President, Millman Lumber Co. Senior Vice President, Marshall & Ilsley Corporation President, M&I Support Services Corp. twenty-nine

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