TYME votes to restructure.MILWAUKEE--(BUSINESS WIRE)--June 23, 1995--At its annual meeting today,the 449 Class A members of TYME TYME Take Your Money Everywhere Corp. voted overwhelmingly to convert to a for-profit for-prof·it adj. Established or operated with the intention of making a profit: a for-profit organization. , stock corporation. The vote was 284 for the conversion to 71 against. ``This represents a new era for TYME,'' said James H. Martin, president of TYME. ``Our industry has become extremely competitive during the last several years and we needed to make this change to remain a significant player.'' According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Martin, the members voted decisively in favor of upon the side of; favorable to; for the advantage of. See also: favor making the transition because the corporation needs... -0-
...the ability to attract capital for research and product
development;
...the ability to react quickly to changing business conditions
and emerging opportunities;
...to develop a ``for profit'' mentality so that it is more
accountable to members for its financial performance;
...to provide incentives, e.g. dividends and increased stock
value, to members who choose to become more significant
participants in the network;
...to be assured of continued participation by its major
``players;''
...to provide pricing incentives to members in direct proportion
to their length of commitment to the network.
``The beauty of the change is that TYME participants will be able to benefit from all of these options and still remain owned and controlled by Wisconsin-based financial institutions,'' Martin said. ``That might not have been the case had the vote to convert gone the other way.'' TYME was founded in 1976 as a shared network in which each member had an equal vote. Martin emphasized the transition will have not impact on the cardholder card·hold·er n. One who holds a card, especially a credit card. card  hold . ``If anything, they'll see a more progressive and
aggressive network, offering a greater variety of products and
services,'' he said.TYME's almost 500 participating financial institutions own and operate almost 1,400 ATMs and more than 4,400 point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) terminals in Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee , Minnesota, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , and Michigan's Upper Peninsula Upper Peninsula Abbr. UP The northern part of Michigan between Lakes Superior and Michigan. It is separated from the Lower Peninsula by the Straits of Mackinac. Noun 1. . In other business, TYME reelected those board members whose terms had expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. to another two-year term: -0- Michael J. Schmitz David B. Petermann Senior Executive Vice President Vice President Firstar Corporation Associated Bank Milwaukee Green Bay Michael T. Crowley Jr. J. Frederic Ruf President & CEO Chairman Mutual Savings Bank Omnion Power Engineering Corp. Brown Deer East Troy Joyce A. Harris Thomas J. Sheehan President & CEO President Telco Community Credit Union Grafton State Bank Madison Richard H. Norris III Mary L. Staudenmaier Partner President Reinhart, Boerner, Van Deuren, Stephenson National Bank & Norris & Rieselbach Trust Milwaukee Marinette
The officers of TYME remain the same:
Michael J. Schmitz, chairman James H. Martin, president Michael T. Crowley Jr., vice chairman Donald E. Peters, treasurer Executive Vice President First Financial Bank Stevens Point James L. Brown, secretary Director Center for Consumer Affairs University of Wisconsin-Milwaukee Jack Derr, assistant secretary Vice President TYME Corp. CONTACT: TYME Corp., Milwaukee James H. Martin, 414/355-0300 |
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