Bank Mutual's CEO Michael Crowley, Jr. Talks to The Wall Street Transcript.Business Editors NEW YORK--(BUSINESS WIRE)--May 21, 2001 The Wall Street Transcript has published an in-depth interview with Michael Crowley Michael Crowley is an American journalist, and currently senior editor and columnist at The New Republic magazine. He is also a frequent contributor to GQ magazine, Slate.com, the Readers Digest, and the Washington City Paper. , Jr., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bank Mutual Corporation (Nasdaq:BKMU), in which he talks at length about the company's future. The entire 3,900-word interview is available free online at http://www.twst.com/ceos.htm Crowley gives an overview of the company. "Mutual Savings Bank Mutual savings bank A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees. is a federally chartered $1.8 billion savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. that up until November of last year was a mutual savings bank. At that time Mutual completed a reorganization during which it accomplished two transactions. One of the transactions was to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. into a stock institution and form a mutual holding company that would hold some of the stock of the mid-tier holding company -- Bank Mutual -- that would be issued through the reorganization. Bank Mutual shares were also offered to Mutual Savings' depositors. Simultaneously we acquired another entity by the name of First Northern Capital Corp. That entity was the holding company for First Northern Savings Bank, a $900 million bank headquartered in Green Bay, Wisconsin Green Bay is the county seat of Brown County in the U.S. state of Wisconsin. The city is located at the head of its namesake Green Bay, a sub-basin of Lake Michigan, at the mouth of the Fox River. , in the northeastern part of the state." Crowley explains, "The other thing we need to continue to work on and eventually bring to a conclusion is our acquisition of First Northern, which has been structured as a company that is being run with a separate charter at this time. I think our challenge there is to create some profitability through cost savings, even though we haven't eliminated the charter." Looking forward, Crowley states, "Given the current economic outlook, we provide somewhat of a relatively calm haven for an investor who would like to diversify some of the risk in their portfolio. We have an interest rate scenario that seems to be favorable to banks right now, lowering their cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. and improving their spreads. We certainly have a solid company." This interview is part of a 75-page Western Regional Banks Issue available at http://www.twst.com/info/info353.htm or by calling (212) 952-7433. The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For subscription information call (800) 246-7673. |
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