| FOR IMMEDIATE RELEASE
THURSDAY, APRIL 14, 1994
TDD (202) 514-1888
JUSTICE DEPARTMENT APPROVES WISCONSIN BANK
MERGER UPON COMPLETION OF CERTAIN DIVESTITURES
WASHINGTON, D.C. -- The Department of Justice's Antitrust Division will not challenge a proposed merger between two of the largest banking organizations in Wisconsin as long as one of the banks sells specified branches that might have lessened competition in certain markets.
The Department advised the Federal Reserve Board on Friday, April 8, that it will not challenge the proposed acquisition of Valley Bancorporation by Marshall & Ilsley if Marshall & Ilsley sells specified branches. The Division also advised the Federal Reserve Board the modified transaction will not harm competition.
Anne K. Bingaman, Assistant Attorney General in charge of the Antitrust Division, said, "This acquisition could have harmed banking consumers in the Madison, Oshkosh, Mayville, New Holstein and Rhinelander areas. Due to the efforts of the Department and the staff of the Federal Reserve Board, the transaction may proceed while the potential harm to competition will be avoided.
"This is yet another example of the Department's vigorous efforts to enforce the antitrust laws with respect to mergers and acquisitions and of our willingness to find solutions that will prevent competitive harm while allowing otherwise benign transactions to proceed," she said.
Marshall & Ilsley has told the Federal Reserve Board it will sell specified branches in Madison, Oshkosh, Mayville, New Holstein and Rhinelander, which have total deposits of $328 million. It has not, however, reached agreement with purchasers.