marshall & llsley corp annual reports 2005


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marshall & llsley corp annual reports 2005

  1. 1. Marshall & Ilsley Corporation 2005 Annual Report to Shareholders
  2. 2. Mission Statement Marshall & Ilsley Corporation is committed to an environment in which… . . . our Customers receive high quality financial services consistent with sound, honest, and progressive business practices. . . . our Employees are inspired to excel and grow, both personally and professionally, in an atmosphere of trust, integrity, and respect. . . . our Shareholders receive a favorable, long-term return on their investment. . . . our Community becomes a better place to live as a result of our leadership and commitment. Each business decision we make, whether for the benefit of our customers, employees, shareholders, or the community, is guided by The Golden Rule.
  3. 3. 2005 Financial Highlights ($000’s except share data) 2005 2004 2003 NET INCOME $727,469 $627,086 $544,105 PER SHARE Diluted – Net Income $3.10 $2.77 $2.38 Dividends Declared 0.93 0.81 0.70 Shareholders’ Equity 19.98 17.24 15.00 FINANCIAL CONDITION – AVERAGE Assets $43,283,541 $37,162,594 $33,268,021 Loans and Leases 31,776,383 27,021,498 24,392,591 Deposits 26,101,473 23,987,935 21,985,878 Shareholders’ Equity 4,291,402 3,504,786 3,240,654 OTHER SIGNIFICANT DATA Return on Average Shareholders’ Equity 16.95% 17.89% 16.79% Return on Average Assets 1.68 1.69 1.64 Net Charge-Offs to Average Loans and Leases 0.12 0.11 0.21 Allowance for Loan and Lease Losses to End of Period Loans and Leases 1.06 1.21 1.39 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, 2005. M&I 1
  4. 4. To Our Shareholders Marshall & Ilsley Corporation ended the year 2005 as one of the top performing companies in the financial services industry. Positive annual results were fueled by strong loan growth, improved deposit growth, expansion of our wealth manage- ment businesses, exceptional credit quality, and revenue growth from Metavante Corporation. At year-end, we had over $46 billion in assets. During the past three years, we have grown, not through the acquisition of other banks, but through the consistent efforts of our bankers in all our regions. Since 2002, year-to-date average loans grew $11 billion, year-to-date average noninterest bearing deposits grew $1 billion, and trust assets under management grew by $6 billion. We built 14 new banking offices in 2005, ending the year with 195 offices in Wisconsin, 42 offices in Arizona, 14 offices in Minnesota, two offices in Florida, seven offices in St. Louis, one office in Illinois, and one office in Las Vegas. Although we remain committed to expanding and enhancing all our business lines in our home state of Wisconsin, our strategic decision to expand beyond our traditional footprint reflects our contin- ued commitment to identifying areas of high growth and determining how to best capitalize on the opportunities they present. In November, we announced plans to acquire Gold Banc Corporation, a bank holding company with 31 Gold Bank offices in Kansas, Missouri, Florida, and Oklahoma. Dennis Kuester Chairman of the Board and CEO M&I 2 Marshall & Ilsley Corporation
  5. 5. Mark Furlong President Marshall & Ilsley Corporation Frank Martire President and CEO Metavante Corporation Gold Bank’s location in a fast-growing institutions nationwide. The success including health savings accounts. Midwestern market and its significant of this group clearly demonstrates Metavante’s strategic acquisitions, presence in Florida made it a perfect the impact M&I’s Critical LinkagesTM dedication to serving its customers, fit for our strategic plans in these approach can have on generating and commitment to offering excep- regions. Gold Bank has developed new business within our growing tional products and services have a strong commercial and consumer customer base. consistently contributed to the base, which will be enhanced by company’s growth. In October, M&I’s increased lending capacity and M&I’s Wealth Management division we celebrated an important mile- a full line of personal banking and also had a strong year. We success- stone when Metavante Corporation wealth management services. fully integrated our wealth manage- surpassed $1 billion in revenue. ment services into the market served We applaud the dedication and Our planned acquisition of St. Louis- by Southwest Bank of St. Louis and efforts of Metavante’s employees based Trustcorp Financial, Inc., created Cedar Street AdvisorsSM to nationwide who made this achieve- announced in December, will com- deliver customized financial services ment possible. plement the Gold Banc announce- for ultra-high-net-worth individuals. We also announced the acquisition ment and will increase our market- Marshall & Ilsley Corporation’s of FirstTrust Indiana, enabling us to share in St. Louis. The Trustcorp shareholders also benefited further expand our wealth manage- acquisition will double the number from our growth during the ment services. of locations in the region and pro- year, celebrating 33 consecutive vide us with opportunities to build years of increased dividends. Our Commercial Banking and on the success of our Southwest Commercial Real Estate divisions Bank of St. Louis franchise. benefited from consistent loan The new year brings with it many growth and an expanded regional challenges, but we are committed We look forward to welcoming the presence throughout the M&I system. to turning these challenges into many new customers and employees opportunities for our customers, who will join us from these well- Metavante Corporation strengthened our employees, our shareholders, regarded institutions in the year ahead. its Financial Solutions and Payment and the communities we serve. Solutions groups through six acquisi- Expansion beyond traditional bricks- tions, further enhancing our ability to and-mortar facilities was equally provide client solutions for regulatory significant. Our Financial Institutions compliance, document storage, and Group played an important role in loan origination, as well as payment Dennis J. Kuester Mark F. Furlong these efforts, facilitating the cross- services for government payment Chairman of the President selling of M&I’s services to financial processing and consumer health care, Board and CEO M&I 3
  6. 6. Community Banking M&I’s community banking customers benefited from our expanded branch network, online banking enhancements, and new products and services throughout 2005. We built 14 new banking offices in 2005 – nine in Arizona, two in Minnesota, two in Wisconsin, and one in Missouri – and already, these new offices are performing better than antici- pated. Our banking efforts outside Wisconsin now represent 18 percent of our net income, compared to only three percent in 2001. We plan to continue taking advantage of expansion opportunities in high-growth markets throughout the country. Many of our new locations also feature our refreshed M&I brand. Throughout 2005, we began to introduce M&I’s updated look – on our signage, in our advertisements, and on our website. Although the look of our brand may be updated, our commitment to our customers has not changed. The M&I brand still represents the qualities our customers have come to expect of M&I: outstanding service and quality products. The products and services we offer continue to evolve as we anticipate the future needs of our customers. In recent years, a shift in consumer payment preferences, from checks and cash, to cards and electronic payments, has motivated our customers to take advantage of many of the new and innovative products M&I has to offer. The Mill Avenue branch of M&I Bank in Tempe, Arizona, on the ASU campus, features a contem- porary look and showcases M&I’s refreshed brand – the M&I symbol in a blue box on a field of white. M&I 4
  7. 7. M&I’s Business Banking group received five Business Banking Service Excellence Awards from Greenwich Associates for excellence in customer service, business bank- ing officer performance, and cash management services. Our proactive approach to offering cards, cruises, and hotel stays. customers identify these fraudulent online banking services, gift cards, Purchase volume for M&I Rewards e-mails before they become victims. and rewards credit and check cards cards increased close to 70 percent helps our customers streamline in 2005. M&I’s strength as a mortgage lender their personal cash management continues to attract homebuyers, processes, minimizing the time they M&I’s gift card program has been with enhanced mortgage and home spend managing their finances. equally successful, offering a conven- equity products designed to serve ient gift-giving option for birthdays, their unique needs. M&I’s home equity M&I’s Online Banking products lead weddings, holidays, or company business continues to do well, with the way. More and more customers incentives. The ability to include a 17 percent five-year compound are taking advantage of M&I Online a personal message makes this growth rate. Home equity loans Banking to manage their accounts; gift a unique way to celebrate a represented more than three-fourths in 2005, usage was up nearly 60 special occasion. of all consumer loans in 2005. percent. Our Online Bill Payment service has been very well received In addition to offering a full line Businesses of all sizes also count on M&I to serve their complex financial as well, with usage doubling in the of banking products and services, needs, and in 2005, the efforts of past year, and our Online Statements we also recognize the importance of our Business Banking team were service continues to gain momen- keeping our customers’ personal and recognized by receiving Greenwich tum as more customers discover financial information safe and secure, Associates’ Business Banking Service the convenience of accessing their and the role we can have, as a finan- Excellence Awards. M&I, the only statements electronically. cial institution, in educating con- bank in the Midwest to win five sumers about this important issue. To awards, received national recognition The popularity of the M&I RewardsSM help them learn more, we developed for excellence in overall customer program has also grown significantly, an online resource center devoted to service, business banking officer as more customers recognize the educating consumers about identity performance, and branch service. benefits of earning valuable rewards theft and e-mail fraud, featuring an At the regional level, M&I was cited by using their M&I Rewards Credit innovative, multi-media presentation for excellence in overall customer Card, M&I Rewards Check Card, or that offers practical advice for safe- satisfaction and cash management. the M&I Rewards Equity Card. Since guarding personal information. A the program’s introduction, cus- comprehensive, customized online M&I’s national consumer businesses, tomers have had the opportunity checklist provides consumers with a including brokered home equity lend- to earn and redeem points for many list of the steps they can take to help ing and auto finance, also performed valuable rewards, including airline protect themselves, and information well in 2005, posting a five-year annual tickets, store and restaurant gift about e-mail fraud, or “phishing,” helps growth rate of 36 percent. M&I 5
  8. 8. Commercial Banking M&I’s Commercial Banking division had a strong year, with loan growth of 20 percent. Demand deposit growth in our commercial and industrial businesses was 5.4 percent and 16.8 percent in commercial real estate. M&I’s Correspondent Banking division experienced 40 percent loan growth. The introduc- tion of new products and services, expansion in our St. Louis and Minnesota markets, and continued success in marketing our services to other financial institutions contributed to this growth. Serving the commercial banking needs of our customers in the communities we serve has always been a priority. We work hard to meet the needs of customers in many highly specialized lines of business, including retail trade, construction, and agriculture. As a leading agribusiness bank in the state of Wisconsin and the number eight agricultural bank in the nation, M&I is a leader in offering effective and practical financial strategies for farms and agribusinesses of all sizes. Dedicated bankers who understand farming, agribusiness, and financial services are experts in developing financial programs for agricultural professionals, including suppliers, producers, marketers, and processors. M&I is represented by well-established agribusiness bankers throughout Wisconsin, Arizona, and Minnesota, with plans to expand efforts in the St. Louis market. Businesses, such as Trig’s in Wisconsin, can stream- line the check deposit process by using M&I DepositEdgeSM, which enables them to electronically deposit checks onsite. M&I 6
  9. 9. Cedar Valley Cheese in Belgium, Wisconsin, utilizes M&I’s commercial banking products and agricultural expertise to most effectively manage their business finances. Just as retail consumers continue Group, this service will be marketed 2005, ending the year with revenue to migrate towards electronic pay- to customers nationwide. growth of more than $18 million ments, our commercial and business compared to 2004. M&I’s relationship- customers have a similar goal: auto- Leveraging the resources of M&I’s lending approach and Critical mate transactions and deposits Correspondent Banking, Trust, Linkages philosophy play a critical in order to streamline business Treasury Management, Support role in the group’s success. Whether processes and create additional Services, and Investment Services the funding of a large office condo- efficiencies. M&I DepositEdgeSM, divisions, in addition to those of minium project presents an opportu- offered through M&I Treasury Metavante Corporation, M&I’s nity for M&I’s Business Banking group Management, provides them with Financial Institutions Group serves to fund loans for individual office the means to do so. Now retailers as a valuable business partner to suites, or the financing of a housing and other commercial businesses thousands of financial institutions developer results in new residential have the ability to scan checks onsite throughout the country, providing mortgages for M&I’s Community and deposit them electronically, them with the tools and resources Banking division, the efforts of eliminating the need to deposit they need to effectively compete M&I’s Commercial Real Estate group paper checks conventionally. The in the marketplace. contribute to the success of divisions images are processed electronically throughout M&I. Commercial real or reprinted and sent to the paying Whether our customer is a small estate loans represent close to bank. M&I DepositEdge enables cus- start-up community bank, a well- one-third of M&I’s loan portfolio. tomers to improve deposit accuracy established regional bank, or a multi- and increase funds availability. billion dollar financial institution, Regional growth in commercial real M&I’s Financial Institutions Group estate was also substantial in 2005. Similarly, M&I’s Correspondent provides access to the products and In Arizona, a high-growth market Banking division, a provider of lend- services that can help them succeed. with an abundance of housing and ing, investment, international, and Regardless of their size, financial housing-related financing opportuni- treasury management services to institutions can rely on the expertise, ties, M&I experienced significant other financial institutions, is helping knowledge, and resources of M&I 34 percent loan growth. In the its client banks increase efficiencies to help them compete with much southeastern Wisconsin market, through the development of an elec- larger banks. Revenue from financial the Commercial Real Estate group tronic cash letter product. This prod- institutions was more than $850 posted an impressive 22 percent uct will allow M&I’s correspondent million in 2005. increase in loans. Economic banks to clear checks directly through strength, lower interest rates, M&I, enabling them to streamline M&I’s Commercial Real Estate group and a renewed interest in real their check clearing process. Working continued to maintain significant estate investments have helped to with M&I’s Financial Institutions growth and strong credit quality in fuel growth in this key business line. M&I 7
  10. 10. Wealth Management M&I Wealth Management posted 12 percent revenue growth in 2005. Key contributors were a disciplined sales process, a commitment to investment performance, and the implementation of a regional structure that aligns with M&I’s Commercial Banking and Community Banking divisions. Investments throughout the year enabled us to enter new markets, offer new, specialized services to our customers, and continue to grow our wealth management business corporate-wide. The introduction of Cedar Street AdvisorsSM, a unique, boutique firm dedicated to providing comprehensive banking, asset management, trust, and advanced financial planning services to ultra-high-net-worth individuals, further expanded M&I’s integrated wealth management services. Each client, working with a dedicated relationship manager, benefits from all-inclusive personal financial management, including asset allocation, estate and tax planning, expense management, and insurance. Cross-selling through M&I’s Commercial Banking and Private Banking divisions provides additional opportunities for growth in this niche market. Karen and Robert Hobbs, residents of Paradise Valley, Arizona, utilize M&I’s wealth management and commercial banking services to assist them in managing their personal and business finances. M&I 8
  11. 11. Legacy Bank, led by Deloris Sims, President and Chief Executive Officer, partners with M&I to utilize services offered through M&I’s Financial Institutions Group, enabling the bank to offer addition- al products and services to its personal and business banking customers. To assist in these efforts and strength- FirstTrust’s customers to M&I’s full majority – seven funds – achieving en our personal banking capabilities, line of trust, asset management, top quartile rankings within their we added private bankers in six and brokerage products. Lipper peer groups. In addition, regions in 2005, and opened a traditional, structured, and alterna- new Wealth Management office Similarly, the announced acquisi- tive investment products are being in Wisconsin. M&I’s private bankers tions of Gold Banc Corporation well received by our clients, as provide specialized banking services and Trustcorp Financial, Inc., evidenced by the growth in assets. to customers throughout the markets provide Wealth Management with we serve, further enhancing this excellent expansion opportunities For the fourth year in a row, important component of our wealth in the Missouri, Kansas, and Florida clients once again rated M&I management strategy. markets. Following the completion as a top-ranked retirement plan of the Gold Banc merger, our provider through PLANSPONSOR M&I’s network of financial advisors, Florida presence will increase magazine’s Defined Contribution through M&I Brokerage Services, significantly, with M&I offices Services Survey. M&I’s Commercial also works closely with Community located throughout the corridor Trust division, a provider of 401(k) Banking to secure referrals and from Tampa to Marco Island. and other defined contribution develop new relationships. plans, received 31 Best in Class By the end of the year, Marshall awards, and was awarded honors The acquisition of FirstTrust Indiana, & Ilsley Trust Company N.A. in all four market segments. announced in October, provides had $83 billion in assets under M&I with the opportunity to enter administration and M&I Investment the Indianapolis, Indiana, market. Management Corp. had just While M&I has historically expanded under $19 billion in assets under through the acquisition of banks, management, both representing this merger specifically focuses on all-time highs. our wealth management offerings. FirstTrust Indiana’s asset manage- M&I’s family of publicly available ment, trust administration, and mutual funds, known as the Marshall estate planning services for high- Funds, continue to provide success- net-worth individuals and institu- ful investment strategies for share- tional customers complement M&I’s holders. Several equity and fixed- expansion plans. In addition, M&I income funds achieved outstanding has the opportunity to introduce performance during 2005, with a M&I 9
  12. 12. Metavante Corporation A Billion Dollar Achievement In 2005, Metavante Corporation celebrated a significant milestone by reaching over $1 billion in annual revenue. The achievement of this major business goal capped a remarkable year of business expansion and revenue growth, representing the company’s continuing efforts to provide its clients with superior customer service and industry-leading product and service selection in both banking and payments. These efforts resulted in steady organic growth, increased cross sales, and additional rev- enue from companies acquired during the year. For Metavante, success in 2005 was confirmation of its 41 years of innovation in the delivery of core processing and software to financial institutions. For example, Metavante helped increase the operational and business efficiency of its clients, while at the same time continuing to successfully cross-link the competencies of its subsidiaries and cross-sell products and services to existing, as well as new, client populations. The company’s 2005 total revenue of $1.247 billion grew by 28 percent over the prior year. The company’s 2005 net income of $124.4 million grew by 55 percent during the same period, resulting in a 22 percent improvement in its net income margin, from 8.2 to 10 percent. Metavante Corporation's newly renovated atrium at its corporate headquarters in Wisconsin offers a welcoming environment for clients and guests. M&I 10
  13. 13. Success also included six acquisitions Strength in Numbers compliance and risk management announced in 2005, broadening Metavante strengthened its banking solutions to all segments of Metavante’s banking and payments technology by continuing its invest- the financial services industry. groups’ business strategies and ment in internal development, Combining Prime with existing expanding products and services. including introducing a new web- risk and compliance management They also extended Metavante’s based customer interface and consulting services helps Metavante presence into the new area of expanding its customer relationship provide any bank with a solution that consumer-directed payments includes the people, processes, and management software with new to government agencies. technologies to ensure anti-money marketing automation and customer information capabilities. The company laundering compliance. Metavante enhanced its leadership won new core processing business position within the industry by In August, Virginia-based TREEV, with such clients as Morgan Stanley, successfully integrating its seven LLC was acquired, adding to and renewed 119 client contracts acquisitions announced in 2004 into Metavante’s image solutions. profitable business affiliates within for its outsourced and licensed core processing services. In addition, TREEV delivers browser-based its corporate family. This included Metavante acquired several compa- document and report management the consolidation of the NYCE ATM- nies whose technology supported software in both lending and driving and debit card-issuing business its core banking and electronic check deposit environments, and comple- into the larger Metavante platform. processing abilities, enhanced its anti- ments Metavante’s check imaging The NYCE network also benefited from new financial institution partici- money laundering solution, and also strategy by providing solutions for pants from across the United States, expanded into consumer finance and document storage and retrieval, including California, Hawaii, the residential mortgage lending services. including electronic report storage. Midwest, Southeast, and Middle TREEV’s customer base already Atlantic States. Transaction volumes For example, in February, Metavante includes a number of Metavante, on the NYCE network also expanded completed its acquisition of New Kirchman, and AFS clients. during the year. Other products Jersey-based Prime Associates, Inc., from such companies as Advanced a leading provider of software, data, Also in August, a new residential Financial Solutions (AFS), VECTORsgi, and services that address the regula- mortgage origination and consumer Kirchman, and NuEdge helped form tory and compliance mandate of vendor finance solution set joined the foundation for new areas of financial institutions, such as anti- Metavante’s Financial Solutions revenue growth, such as check image money laundering regulations. Group through the acquisition of and licensed core processing soft- GHR Systems, Inc., in Pennsylvania. ware, which continued through Metavante’s integration of Prime GHR offers point-of-sale products additional acquisitions. allows it to deliver state-of-the-art and comprehensive origination, M&I 11
  14. 14. underwriting, processing, and closing payment and presentment, and services by announcing the acquisi- technology with a market focus on prepaid debit cards, into new tion of AdminiSource Corporation the top 100 bank market. GHR’s cus- market segments. It also enables in Texas. A leading provider of tomers include four of the top ten the company to take advantage of healthcare payment distribution U.S. mortgage lenders. GHR is also its account processing capabilities services, AdminiSource complements expanding into the consumer lend- and add products to support flexible Metavante’s existing services to the ing market, providing a comprehen- spending accounts (FSA) and health third-party administrator market and sive origination solution for home savings accounts (HSA). offerings to healthcare insurance equity and consumer loan products. providers. It will also further develop In July, Metavante built on the foun- Metavante’s focus on helping clients In October, Metavante purchased dation of its internally developed transition from paper-based to elec- Brasfield Technology in Alabama, debit-based payment solutions by tronic payments and information broadening the company’s licensed acquiring MBI Benefits, Inc. (MBI), flow within the healthcare industry. software strategy by allowing a leading provider of electronic Metavante to offer a hosted solution Metavante also strengthened payment services and debit cards directly to community banks choos- its consumer-directed payments for employee benefit and consumer- ing to use the Bankway licensed soft- by acquiring Tennessee-based directed healthcare accounts. ware for core banking processing. LINK2GOV, extending its bill payment capability into government MBI is one of the largest and most Expanding the Payment Possibilities services, a new vertical market with experienced providers of electronic unique processing requirements for Metavante also enhanced its con- payment systems for employee ben- consumer-directed payments. As sumer-directed healthcare payment efit cards electronically accessing government entities work toward services and expanded into the new FSAs. MBI’s FSA and HSA solutions providing the convenient payment consumer area of online government are currently used by approximately options consumers seek, Metavante payments, continuing the company’s 200 third-party administrators and looks to become a successful partici- efforts to deliver to its clients the health plans that service over 17,000 pant in this growing segment. industry’s most complete payment employers and approximately 1.4 processing network and capabilities. million employee accounts. These In 2005, Metavante also saw significant Expanding into the fast-growing seg- solutions enable Metavante clients success in cross-selling products and ment of healthcare payments allows to offer FSA and HSA cards to their services, in part by offering its acquired Metavante to extend its existing corporate customers. Metavante companies the opportunity to consumer-directed electronic pay- continued building its consumer- market their products and services ment solutions, such as online bill directed healthcare payment to Metavante core processing clients. M&I 12
  15. 15. This strategy expands the reach Another significant agreement Carolina, a leading provider of of the acquired companies into occurred between Metavante’s check image exchange and archive additional financial institutions, and Endpoint Exchange Network and services to the nation’s top financial provides Metavante with cross-sell the Electronic Check Clearing House institutions. opportunities into new client pools. Organization (ECCHO), a not-for-profit national clearinghouse with the This relationship will enable the Partnering to Advance primary objective of supporting the electronic exchange of check data Electronic Payments use of technology to enhance the and images between each network’s Check clearing and processing remain check payment system. ECCHO is member financial institutions, with at the core of banking, and the owned by its member banks, and settlement through The National October 2004 introduction of Check 21 in December 2004, M&I Bank joined Clearing House. While Bank of legislation accelerated the move ECCHO. In early 2005, Metavante America Corporation was the first from paper checks to electronic pay- endorsed, and the Endpoint to implement this new service, all ments. But to remain competitive in Exchange Network agreed to Endpoint and Viewpointe members the post-Check 21 image-based pro- adopt, ECCHO’s check image will be able to take advantage of cessing environment, it is important exchange rules. These rules should this increased connectivity. for financial institutions to capture and help facilitate the transition to a truncate check transactions as early more efficient check payment system. 2005: A Landmark Year in the clearing process as possible. 2005 was a landmark year for The Endpoint Exchange Network Metavante, not only in achieving Metavante continued to smooth the enables U.S. financial institutions to $1 billion in annual revenue, but way for clients to quickly adopt elec- clear their check-based transactions in its efforts to improve its product tronic payments and increase their business efficiency, especially in the by permitting the exchange of check and services offerings and grow its areas of check image capture and images between member institutions. clients’ businesses. By providing the exchange, through several partner- The ECCHO rules are the accepted most complete family of bank tech- ships and associations. For example, industry standard for check image nology solutions, recognizing the using Metavante image solutions exchange, making this agreement a dedication of its employees, and technology, M&I Bank introduced key step in driving the exchange of the value of community support, its DepositEdge merchant capture check images across the country. Also the Metavante brand will continue services, a solution that allows for helping expand check imaging's to gain strong recognition in 2006, check image capture and electronic reach was Metavante’s agreement and continue to bring greater value deposit of remittances by its to connect the Endpoint Exchange to its clients. corporate customers. Network with Viewpointe in North M&I 13
  16. 16. Our Commitment to the Community Our role as a corporate citizen extends far beyond our efforts to ensure our customers have access to the products and services that help them manage their finances. As a corporation, we also have a responsibility to support programs that ensure the men, women, and children living in the communi- ties we serve have access to the services they need to enhance their quality of life. Therefore, each year, Marshall & Ilsley Corporation commits resources to support causes and organi- zations that benefit the communities we serve. Through our corporate donations, the volunteer efforts of our employees nationwide, and the work of M&I Community Development Corporation, we strive to make our communities better places in which to live and work. Education continues to play an important role in our efforts. In 2005, M&I introduced a new initiative designed to equip customers and members of the community with the knowledge and tools they need to make sound decisions about their financial well-being. M&I’s Community Education Initiative focuses on educating adults living in low- to moderate-income neighborhoods, as well as students of all ages. As part of this M&I Community Development Corporation’s financing of the Salisbury Park housing develop- ment in St. Louis, Missouri, helped provide afford- able housing for area residents. M&I 14
  17. 17. Thousands of employees participated in M&I Community Day, performing community service projects corpo- rate-wide, such as hosting a tailgate and baseball game for youth served by local organizations. initiative, M&I bankers who serve to their hearts and helps build strong generously, helping support the as community advocates, often in and healthy communities. In addition, organizations that need it most. partnership with local community each year, employees throughout organizations, conduct seminars the Corporation use their energy We’re confident the efforts of throughout M&I’s markets, covering and enthusiasm for helping our employees, as part of the topics such as budgeting and others by joining forces for M&I M&I family and M&I Community saving, checking accounts, credit, Community Day. For the fifth Day, have had a significant impact and identity theft. year in a row, M&I employees on the lives of thousands of men, participated in this annual mobiliza- women, and children. Our corporate efforts also include tion to benefit the men, women, developing, funding, and managing and children in our communities. projects and investments that demonstrate M&I’s ongoing commit- M&I Community Day projects took ment to the public welfare of M&I place in nearly 200 communities, communities. The M&I Community with employees participating in Development Corporation (MICDC) a variety of activities, including helps us meet these critical needs. building homes, feeding families, In 2005, the MICDC funded a variety collecting school supplies for local of projects that benefited individuals children, and raising money for in the markets we serve. From the important causes. From Braintree, financing of affordable housing in Massachusetts, to Phoenix, Arizona, Racine, Wisconsin, and St. Louis, M&I employees across the country Missouri, to the purchase of new- rolled up their sleeves to make market tax credits for commercial a difference. real estate projects promoting tech- nology development in Phoenix, Our employees also play a significant Arizona, MICDC provided our com- role in supporting M&I-sponsored munities with a significant resource. efforts to support local organizations through monetary donations. The individual efforts of our employ- Whether funding national organiza- ees are at the core of our efforts. tions, such as United Way, or local The volunteer work they perform organizations that promote health benefits the organizations closest or the arts, our employees give M&I 15
  18. 18. Marshall & Ilsley Corporation Board of Directors Dennis J. Kuester Richard A. Abdoo Andrew N. Baur Jon F. Chait John W. Daniels, Jr. Bruce E. Jacobs Chairman of the Board Chairman of the Board Chairman of the Board, Chairman of the Board Partner, President and and Chief Executive Officer, and Chief Executive Officer, Southwest Bank of St. Louis and Chief Executive Officer, Quarles & Brady LLP, Chief Executive Officer, Marshall & Ilsley Corporation retired, Hudson Highland Group, Inc., a law firm Grede Foundries, Inc., Wisconsin Energy Corporation, a provider of workforce a manufacturer of gray Chairman of the Board a holding company with staffing and search services and ductile iron, steel, and Chief Executive Officer, subsidiaries in utility and and alloyed castings M&I Marshall & Ilsley Bank non-utility businesses Chairman of the Board, Chairman of the Board, retired, Metavante Corporation We Energies Ted D. Kellner, CFA Katharine C. Lyall John A. Mellowes Edward L. Meyer, Jr. San W. Orr, Jr. Robert J. O’Toole Chairman of the Board President, retired, Chairman of the Board Vice Chairman, Chairman of the Board, Chairman of the Board and Chief Executive Officer, University of Wisconsin and Chief Executive Officer, Sanimax Corporation, Wausau Paper Corp. and Chief Executive Officer, Fiduciary Management, Inc., System Charter Manufacturing a processor and manufacturer retired, an investment Company, Inc., of various rendered products A.O. Smith Corporation, management firm a producer of bar, rod, wire, a manufacturer of and wire parts for the auto electric motors and industry and other industries water systems technologies Peter M. Platten III John S. Shiely James A. Urdan Debra S. Waller George E. Wardeberg James B. Wigdale Vice Chairman of the Board, Chairman of the Board, Partner, retired, Chairman of the Board Vice Chairman of the Board, Chairman of the Board, retired, President, and Quarles & Brady LLP, and Chief Executive Officer, retired, retired, Marshall & Ilsley Corporation Chief Executive Officer, a law firm Jockey International, Inc., Wisconsin Energy Corporation, Marshall & Ilsley Corporation Briggs & Stratton Corporation, a manufacturer of a holding company with a manufacturer of gasoline undergarments subsidiaries in utility and engines for outdoor non-utility businesses power equipment Directors Emeriti Oscar C. Boldt Wendell F. Bueche Glenn A. Francke Burleigh E. Jacobs James F. Kress Don R. O’Hare Stuart W. Tisdale James O. Wright Gus A. Zuehlke M&I 16 Marshall & Ilsley Corporation 770 North Water Street, Milwaukee, WI 53202 (414) 765-7700
  19. 19. Marshall & Ilsley Corporation Officers Dennis J. Kuester Randall J. Erickson Frank R. Martire Chairman of the Board Senior Vice President, Senior Vice President, and Chief Executive Officer, General Counsel, Marshall & Ilsley Corporation Marshall & Ilsley Corporation and Corporate Secretary, President Chairman of the Board Marshall & Ilsley Corporation and Chief Executive Officer, and Chief Executive Officer, General Counsel Metavante Corporation M&I Marshall & Ilsley Bank and Corporate Secretary, Chairman of the Board, M&I Marshall & Ilsley Bank Thomas J. O’Neill Metavante Corporation Senior Vice President, Mark R. Hogan Marshall & Ilsley Corporation Mark F. Furlong Senior Vice President Executive Vice President, President, and Chief Credit Officer, M&I Marshall & Ilsley Bank Marshall & Ilsley Corporation Marshall & Ilsley Corporation President, President, Executive Vice President M&I Bank FSB M&I Marshall & Ilsley Bank and Chief Credit Officer, M&I Marshall & Ilsley Bank Paul J. Renard John M. Presley Senior Vice President Senior Vice President Patricia R. Justiliano and Director of Human Resources, and Chief Financial Officer, Senior Vice President Marshall & Ilsley Corporation Marshall & Ilsley Corporation and Corporate Controller, Marshall & Ilsley Corporation John L. Roberts Chief Financial Officer, M&I Marshall & Ilsley Bank Senior Vice President, Brent J. Kelly Marshall & Ilsley Corporation Senior Vice President Ryan R. Deneen and Director of President, Senior Vice President Corporate Marketing, M&I Support Services Corp. and Director of Corporate Tax, Marshall & Ilsley Corporation Marshall & Ilsley Corporation Thomas A. Root Beth D. Knickerbocker Senior Vice President Thomas R. Ellis Senior Vice President and Audit Director, Senior Vice President, and Chief Risk Officer, Marshall & Ilsley Corporation Marshall & Ilsley Corporation Marshall & Ilsley Corporation Executive Vice President, Ronald E. Smith M&I Marshall & Ilsley Bank Kenneth C. Krei Senior Vice President, Senior Vice President, Marshall & Ilsley Corporation Marshall & Ilsley Corporation Executive Vice President, Chairman of the Board, M&I Marshall & Ilsley Bank President, and Chief Executive Officer, Marshall & Ilsley Trust Company N.A. Chairman of the Board and Chief Executive Officer, M&I Investment Management Corp. M&I 17
  20. 20. Affiliate Boards M&I Arizona Minnesota Appleton, WI Marshall & Ilsley Bank Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board 770 North Water Street Dennis R. Jones Kim Culp David J. Gitter Milwaukee, WI 53202 (414) 765-7700 Chairman and President, Chairman, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Arizona Minnesota Appleton Directors Dennis J. Kuester John G. Barry Bradley D. Chapin Thomas J. Boldt Chairman of the Board Executive Vice President President, Chief Executive Officer, and Chief Executive Officer, and Commercial Bank Manager, M&I Marshall & Ilsley Bank, The Boldt Company M&I Marshall & Ilsley Bank M&I Marshall & Ilsley Bank, Minnesota Chairman of the Board Arizona John A. Bykowski and Chief Executive Officer, David L. Andreas President and Marshall & Ilsley Corporation Gary S. Clancy Former President and Chief Executive Officer, Managing Member, Chief Executive Officer, Secura Insurance Companies Chairman of the Board, Recycled Business Systems, L.L.C. National City Bancorporation Metavante Corporation Joyce A. Bytof Michael C. Francis Marty Chorzempa President, Mark F. Furlong Owner/Manager, Chairman, retired, Coldwell Banker President, Francis Insurance Agency Richfield Bank & Trust The Real Estate Group, Inc. M&I Marshall & Ilsley Bank President, Charles F. Sands Mike Fiterman Stephen M. Evans Marshall & Ilsley Corporation President, President and President, Nutribiotech LLC; JED C, LLC Chief Executive Officer, Evans Title Companies, Inc. Richard A. Abdoo Liberty Diversified Products Chairman of the Board and Richard H. Whitney Mark J. Fenlon Chief Executive Officer, retired, Partner, Esperanza Northeast Regional Manager, Wisconsin Energy Corporation Gust Rosenfeld P.L.C. Guerrero-Anderson M&I Wealth Management Chairman of the Board, retired, President and We Energies D. Otis Wolkins Chief Executive Officer, James R. Hayes Vice President, retired, Milestone Growth Fund, Inc. President and Bruce E. Jacobs GTE Service Corporation Chief Executive Officer, retired, President and Michael Horovitz Hayes Manufacturing Group, Inc. Chief Executive Officer, Stephen A. Wood Owner and President, Grede Foundries, Inc. President, Minneapolis Glass Company Paul J. Heid Insurers Administrative President, James A. Urdan Corporation Katie Kelley Heid Music Company, Inc. Partner, retired, Executive Vice President, Quarles & Brady, LLP Leyton S. Woolf, Jr. M&I Marshall & Ilsley Bank, Mary M. Hosmer Owner/Farmer, Minnesota Executive Vice President – George E. Wardeberg Woolf Roses, L.L.C. Commercial Lines Department, Vice Chairman of the Board, David Malmberg Hilb Rogal and retired, Wisconsin Energy Chairman of the Board, Hobbs Insurance Services, Inc. Corporation Sagebrush Corporation John E. Pfefferle James B. Wigdale Sheldon Wert President, Chairman of the Board, retired, Former President and Grubb & Ellis/Pfefferle Marshall & Ilsley Corporation Chief Executive Officer, Century Bancshares, Inc. Lawrence W. Wirth Directors Emeriti President, retired, Wendell F. Bueche Presto Products, Inc. John E. Forester Carl L. Gosewehr Director Emeritus Burleigh E. Jacobs Gus A. Zuehlke David F. Nelson Douglas Seaman Stuart W. Tisdale James O. Wright M&I 18
  21. 21. Affiliate Boards Ashland, WI Brookfield, WI Burlington, WI Eagle River, WI Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Peter P. Viater J. Nathan Cunniff James R. Bauman James E. Levandoski President, President, Chairman, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Ashland Brookfield Burlington Eagle River Paul R. Bretting Robert H. Eldridge Glenda Dupons Al Block Vice President, Executive Vice President and President, Owner, retired, C. G. Bretting Manufacturing Secretary-Treasurer, retired, Bear Realty Inc. A. L. Block Realty Company, Inc. Briggs & Stratton Corporation Frederick J. Koenen Al Bybee Donald N. Marcouiller John R. Evans Chairman of the Board, Food Broker, retired Regional Administrator, President, retired, Reineman’s True Value Inc. Wisconsin Indianhead Evans Brothers Company, Inc. C. Randall Cox Technical College, John L. Malchine Consultant, retired Ashland Campus Andrew J. Fleckenstein Chief Executive Officer, Trustee, Badger State Ethanol T. J. Doyle, D.D.S. Leslie J. Whiteaker Fleck Foundation Dentist, retired Vice President and Lawrence Smith Chief Financial Officer, W. P. Halquist Larry’s Barber Shop Thomas Gaffney Memorial Medical Center Chairman of the Board, Owner, retired, Halquist Stone Co., Inc. James F. Weis Gaffney Funeral Home President, Irv Hansen May’s Insurance Agency Richard D. Hansen Chairman, retired, President, retired, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Brookfield Eagle River James E. Keyes Chairman of the Board, KSM Industries, Inc. James M. Leef President, Industrial Towel & Uniform, Inc. Gordon J. Liebl President, A. L. Schutzman Co., Inc. Aldo Madrigrano President, W.O.W. Distributing Co., Inc. Randall J. Wright President and Chief Executive Officer, Empire Level Mfg. Corp. Directors Emeriti Glenn A. Francke Philip K. Harvey John P. Metzger Gerry E. Seider Donald A. Trepte M&I 19
  22. 22. Affiliate Boards Eau Claire, WI Green Bay, WI Hartland, WI Janesville, WI Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Robert R. Hood Michael D. Simmer Arthur T. Kraemer Ronald K. Ochs President, President, Chairman, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Eau Claire Green Bay Hartland Janesville Peter B. Scobie Richard G. Baumgarten Scott A. Kraemer Frank E. Bauchiero President, President, retired, President, Consultant R. W. Scobie, Inc. M&I Fox Heights Bank M&I Marshall & Ilsley Bank, Hartland J. Michael Borden Steven R. Senn Bernard E. Dahlin President, Chief Executive Officer, President, Steven C. Boysa Hufcor, Inc. Senn Blacktop, Inc. Nichols Paper Products Chairman of the Board, Creative Equities Company, Inc. Mark A. Cullen Roger R. Sipple John M. Jones President, Roger & Donald Sipple Farm Executive Vice President Robert C. Goff J. P. Cullen & Sons and Chief Operating Officer, President, Daniel J. Toycen Green Bay Packers Goff’s Auto Body, Inc. Richard L. Dashnaw President, Retired, Toycen Motors, Inc. Michael J. Langenhorst Stanley F. Hack Coltec Industries President, President and CEO, Attorney Toycen of Ladysmith, Inc. Anamax Group, U.S., Dennis L. Hansch a division of Sanimax Donald L. McNeil Attorney, Kenneth C. Vance Corporation Retired, Executive Director, Inc. Nowlan & Mouat President, Ken Vance Car City Inc. Peter D. Mancuso Richard A. Natalizio Charles H. Harker Chief Executive Officer, Chairman of the Board, President, President, Lindquist Machine Co. HNI Company, Inc. Mid-States Concrete Ken Vance Motors, Inc. Director Emeritus Michael A. McDonald Charles L. Rushman Mary E. Kilkenny James D. Myers President, Chairman, Broker, McDonald Lumber Co., Inc. First Weber Realty Keefe Real Estate Ann M. Murphy Paul J. Schmidt James F. Ruethling Murphy Development, Inc. President, retired, Administrator, Collections Unlimited, Inc. Beloit Clinic, S.C. Thomas M. Olejniczak Partner, Liebmann, Conway, Sheldon Volk David A. Weber Olejniczak & Jerry, S.C. Executive Vice President, retired, President, M&I Lake Country Bank Mode Industries, Inc. Thomas L. Olson President, retired, Dennis H. Wollenzien Sonoco – U.S. Mills, Inc. President and Chief Operating Officer, retired, Ronald A. Weyers M&I Lake Country Bank Directors Emeriti Directors Emeriti William R. Bodart Patrick A. Corcoran Carl Farah Anton R. Grasch Michael B. Gage Charles J. Herro Edward L. Meyer, Jr. William Hollenbeck Peter M. Platten III J. Scott Kestly Richard K. Mueller August U. Pabst Charles A. Perry Richard A. Schmidt Thomas J. Waldera M&I 20
  23. 23. Affiliate Boards Kenosha, WI La Crosse, WI Madison, WI Marshfield, WI Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Kenneth L. Fellman Ronald A. Wessels Robert A. Schlicht Alan D. Nystrom President, President, Chairman, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Kenosha La Crosse Madison Marshfield Mario Garetto, M.D. Dr. Julio J. Bird, M.D. Douglas S. Nelson John Baltus Gastroenterologist Gundersen Lutheran President, President, M&I Marshall & Ilsley Bank, Baltus Oil Co. Robert G. Terwall Karl J. Brickl Madison President, President, Donald Boon Prairie Shores – Brickl Bros., Inc. Timothy B. Erdman President, Concrete Solutions, Inc. Vice Chairman, Boon Construction Russell J. Callahan, Jr. Marshall Erdman & Assoc. Dennis Vignieri Retired, Chairman and CEO, Ronald D. Doine President and Herbergers Erdman Holdings President, Chief Executive Officer, Doine Excavating, Inc. Kenosha Beef International Randolph A. Eddy, Sr. John M. Flesch Limited President, Executive Vice President Terry Frankland Carrier Insurance Agency and Treasurer, President, Michael W. Wells Gordon Flesch Company, Inc. V&H, Inc. President, Barbara Skogen Frank L. Wells Company Vice President, Harold F. Mayer Kenneth F. Heiman Skogen’s Foodliner, Inc. Vice President Operations, retired, Owner, Oscar Mayer Foods Corp. Nasonville Dairy, Inc. Robert F. O’Loughlin Ronald Maurer President, President, Softspikes, Inc. Maurer Roofing Directors Emeriti Richard R. Renk Vernon Baltus President, Floyd Hamus The Renk Seed Company Robert O. Heck Ken Heiting Douglas G. Reuhl James W. Hewitt President, John W. Koenig American of Madison Robert Solberg James F. Sternweis Terry K. Shockley Lawrence I. Thill President, Warner G. Von Holzen Shockley Group, Inc. Frederick J. Wenzel Ronald Wiskerchen Jay L. Smith President, JLS Investment Group F. Charles Steinhauer Partner, Steinhauer & Company Jerry J. Weygandt Professor of Accounting, UW School of Business Kathleen E. Woit President, Madison Community Foundation M&I 21
  24. 24. Affiliate Boards Mayville, WI Menomonee Falls, WI Merrill, WI Oshkosh, WI Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Kevin E. Volm Richard C. Becker John F. Koch Steven R. Schmudlach President, President, President, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Mayville Menomonee Falls Merrill Oshkosh Melvin Drinkwine Ronald R. Bast Brian Arndorfer Cristopher Bumby Retired, President, Assistant Vice President Director of Import Sourcing, Tab Products Co. Riteway Bus Service, Inc. and Assistant General Counsel, Admanco, Inc., a division Church Mutual Insurance of Ebsco Industries Leo R. Fisher Robert E. Drisner Company Chairman of the Board, retired, President and Jere Chapin M&I Bank of Mayville Chief Executive Officer, Edward G. Chartier President, retired, retired, Retired M&I Central State Bank Dennis M. Kemmel Community Health Care Owner, Services Lance R. Nienow Dennis Elmer Kemmel Insurance Agency Chief Executive Officer, Food Broker Donald H. Nimmer Weinbrenner Shoe Co. George F. Olson Chief Executive Officer, Gary R. Lerch Sales and Engineering, Enercon Industries Corporation Gary L. Schulze President, W. G. Strohwig Tool & Die, Inc. Vice President, Service Oil Company, Inc. Michael Richardson Victory Clinic Pharmacy, Inc. Roy Rohlinger President, H. Andersen Lyke Vice President, Richardson Financial Group, Inc. David B. Smith President, Rohlinger Construction, Inc. Consultant and Private Investor Lyke Corporation Douglas H. Stadelmann Stanley A. Waas President, Dennis E. Schwab President, Stadelmann Engineering, Inc. President, Waas Boring & Cable, Inc. Coldwell Banker – Directors Emeriti Schwab Realty Ltd. Gerald S. Parshalle Don A. Schneiders A. W. Zillmer M&I 22
  25. 25. Affiliate Boards Racine, WI Rhinelander, WI Shawano, WI Sheboygan, WI Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Community Bank Advisory Board Timothy J. Majcen Dale J. Opperman Jeffrey P. Mace James A. Maxon President, President, President, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Racine Rhinelander Shawano Sheboygan Matthew L. Andis Ted S. Baginski, Jr. James A. Kasten Ronald E. Begalke President, President, Vice President - Executive Vice President, retired, Andis Company Ted Baginski and Sons Inc. Fluid Milk, Sargento Cheese Co. Employee & Member Services, Thomas L. Beck Fred A. Berner Foremost Farms Terence P. Fox President, Editor, Attorney at Law, Unico, Inc. Antigo Daily Journal Russell L. Obermeier Kummer, Lambert & Fox, LLP Officer, Owner, Maple Creek Wildlife James O. Parrish Berner Bros. Publishing President and Owner, Gary D. Maples Vice President, Finance, Obermeier & Associates President, retired, retired, Lowell R. Bostrom M&I Marshall & Ilsley Bank, President and Owner, Twin Disc, Inc. President, Sheboygan Cloverleaf Sand and Gravel, Inc. Woodruff Hardware, Inc. David B. Rayburn Weston Hardware, Inc. Michael D. Muth Larry J. Rose President, Shawano Hardware, Inc. Chairman of the Board CPA/PFS, Shareholder, Modine Manufacturing and Chief Executive Officer, Kerber, Rose & Associates, S.C. Company William J. Cousineau K. W. Muth Company Financial Consultant, President, Directors Emeriti First Choice Financial Cousineau Auto Parts, Inc. Kenneth Jensen Services, LLC David J. Munroe Earl E. Richter Kirby H. Roen Russell P. Schmidt Ernest C. Styberg, Jr. Director – Sector Planning, Retired Willard T. Walker, Sr. Citizens Communications Harold C. Weiss Jerry J. Senzig Irving Schiek III, M.D. President and Owner, Retired retired, Senzig’s, Inc. Dr. Martin R. Smith Gary J. Tauchen President, Treasurer, Foster & Smith, Inc. Tauchen Harmony Valley, Inc. M&I 23
  26. 26. Affiliate Boards Stevens Point, WI Superior, WI/ Watertown, WI Wausau, WI Community Bank Advisory Board Duluth, MN Community Bank Advisory Board Community Bank Advisory Board Robert A. Schmidt Community Bank Advisory Board John H. Ebert Hugh E. Jones President, James E. Zastrow President, President, M&I Marshall & Ilsley Bank, President, M&I Marshall & Ilsley Bank, M&I Marshall & Ilsley Bank, Stevens Point M&I Marshall & Ilsley Bank, Watertown Wausau Superior/Duluth James E. Anderson Richard Baker Edward J. Creske Chairman, James L. Banks Baker-Rullman Mfg., Inc. Chief Executive Officer, Ellis Stone Construction President and Wausau Tile, Inc. Company, Inc. Chief Executive Officer, Robert A. Bender Allouez Marine Supply, Inc. Attorney Dwight E. Davis Marilynn J. Chesbrough Chairman and John H. Hendricks William J. Kwapil, Jr. Chief Executive Officer, Robert L. Cooper Of Counsel, Knudson, Seven-Up Bottling Co. Greenheck Fan Corporation President, Gee & Torvinen, S.C. Cooper Dental Directors Emeriti Richard D. Dudley Mary E. Millard V. R. Bauman Chairman, Jeffrey L. Martin E. W. McFarland Dudley Investments LLC President, Regional CEO, Millard & Associates, Inc. Ministry Health Care Thomas J. Howatt Fred L. Shusterich President and Richard W. Okray President and Chief Executive Officer, Secretary and Treasurer Chief Executive Officer, Wausau Paper Corp. Okray Family Farms, Inc. Midwest Energy Resources Ronald L. Klimisch Thomas W. Rause John C. Smylie President, President and Executive Vice President – Wausau Supply Company Chief Executive Officer, Duluth Clinic, Rause Management, Inc. SMDC Health System San W. Orr, Jr. Chairman of the Board, Ronald T. Skrenes Directors Emeriti Wausau Paper Corp. Attorney, Richard H. Buth Anderson, O’Brien, James T. Tracy John L. Skoug Bertz, Skrenes & Golla Chairman and Chief Executive Officer, Directors Emeriti Marathon Cheese Corporation Leonard F. DeBaker Bennett C. Katz Neil F. Slamka David Ross Miller Vice President and Gerald M. O’Brien General Manager, Joseph J. Okray Green Bay Packaging, Inc. Robert W. Worth M&I 24