Amcore enters Milwaukee market

Northwestern Financial Review, Aug 1-Aug 14, 2003

Amcore Financial Inc., Rockford, Ill., opened a branch in Waukesha, Wis., in June. With this latest expansion, the Illinois bank now operates in 20 Wisconsin locations.

The expansion is part of Amcore Financial's Phase II expansion program, launched this spring when the bank's board approved a $30 million capital investment. The bank plans to upgrade successful limited branch offices to full service retail facilities and to open new limited branch offices in areas with high growth and large concentrations of mid-size businesses.

"Madison has been a very good market for us and we are hopeful Waukesha will be much the same," said Kenneth Edge, chairman, president and CEO of Amcore. According to a company release, the Waukesha market was considered attractive because of a projected 7.5 percent household growth rate and the presence of more than 1,200 mid-size businesses within a 10-mile radius of the new office.

"Mid-size businesses are looking for personal service and a variety of cash management and credit services," said Clark Rasmussen, president of the Waukesha branch. "Our strength is having a broad range of products to offer and our bankers know the market."

Six people staff the 3,175-square-foot office in Waukesha. In addition to Rasmussen are: commercial relationship managers, Gretchen Quinlevan and Mark Matthieson; cash management officer, Nancy DeCarios, commercial sales assistant, Linda Casey, and administrative assistant, Patti Pappas.

Amcore's Phase II expansion calls for seven new limited branches to open in 2003. In addition to the Waukesha location, expansion is slated for Madison, and the Illinois communities of Rockford, Machesney Park, Algonquin, Elgin and Oak Brook. Plans also are underway to convert three limited branch offices to full service retail hubs in 2004.

The $4.3 billion Amcore Financial currently has 60 offices in Illinois, Wisconsin and Iowa.