Harris Bank adds another former MandI executive

Jul 31, 2010 — Milwaukee Journal Sentinel

Paul Gores

Jul. 31, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- Harris Bank has brought in another former M&I Bank executive as it begins what it is calling a "growth" phase in Wisconsin.

Peter Engel will serve as Harris' president of retail banking for the state. Engel was with Milwaukee-based M&I for 20 years, where, among other duties, he led retail banking and branch expansion in multiple markets.

The addition of Engel means Tom Bolger, a former M&I executive who was hired as Wisconsin market president after Harris entered the state with two acquisitions in 2008, will focus on his area of greatest expertise -- commercial lending. Harris said Bolger's new title will be president of commercial banking for Wisconsin.

"This is an opportunity to bring in somebody of Peter's experience and caliber, somebody I've worked with in the past," Bolger said Friday. "We can come at this as partners, where Peter can focus on the retail side of the business and free me up to focus my energy and all my attention toward the commercial side of the business and really growing that."

Bolger said the hiring of Engel marks a transition to the "growth strategy" phase from the "integration" phase for Harris in Wisconsin. Harris came into the state market by buying Ozaukee Bank in Cedarburg and New Berlin's Merchants and Manufacturers Bancorporation -- the parent company of Lincoln State Bank -- two years ago. Because the banking industry and economy hit hard times shortly after the acquisitions, integrating the two banking firms into Harris took longer than it might have otherwise, Bolger said.

But now Bolger, armed with a team of five commercial bankers with experience from other local lenders such as M&I, U.S. Bank (NYSE:USB) and Wells Fargo, said he'll be able to concentrate on the commercial side of banking while Engel handles the retail and consumer side.

Engel said his job is "to capitalize on what Tom has built here and augment that and build it."

Engel, of Brookfield, most recently was founder of the Xcalibur LLC, an independent management consulting service he started in 2009. Before that, he was with M&I for two decades and held the title of senior vice president, Harris said. Engel is chairman of the Wisconsin Better Business Bureau.

Bolger said the tough economy has tested relationships between businesses and bankers who provide financing, and that creates some opportunities to win new customers, especially while some banks remain more "internally focused" as they dig out from bad loans.

"There is more willingness as the business owner's confidence is starting to come back to change banking relationships," Bolger said.

In April, Harris acquired Rockford, Ill.-based Amcore Bank when it failed, giving Harris what Bolger called a "beachhead" for growth in the coveted Madison market. With 12 branches in the Madison area, Harris now has 50 altogether in Wisconsin. The former Amcore branches are expected to fully convert to the Harris Bank brand in mid-September.

Harris Bank has about 400 employees in Wisconsin.

Harris, based in Chicago, is owned by BMO Financial Group (NYSE:BMO) of Toronto. Harris has assets of $44 billion and operates branches in Illinois and Indiana in addition to Wisconsin.

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