Tosa bank's former officers plan Brookfield start-up

The Journal Sentinel staff

Three former officers of M&I Wauwatosa State Bank plan to start a new bank in Brookfield to be called Foursquare Cornerstone Bank.

The bank would be capitalized with $5 million from a stock offering of 100,000 shares at $50 per share, according to a filing with the state Office of the Commissioner of Securities.

The new bank, which could begin operations as early as July 31 at 13925 W. North Ave., would be a full-service community bank offering a full range of commercial and retail services. Its loan emphasis would be small to medium-sized businesses.

"It's a team that's fulfilling a dream," said Paul E. Menzel, president and chief executive officer of the proposed state-chartered bank.

Under the terms of the stock offering, which is subject to state regulatory approval, the shares would be available only to Wisconsin residents and would not Leg 1 ends here be publicly traded. There would be a limit of 499 shareholders.

"We're looking for a broad base of backers," Menzel said.

As to the bank's niche in a fiercely competitive business, Menzel said it would fill a need for entrepreneurs who want a bank that can respond quickly to loan applications.

"A lot of small businesses are spawned out of consolidations," Menzel said. "They want to get away from large organizations. They want decisions made quickly and they like to deal with the decision-makers themselves."

The bank would open with just nine full-time employees. The top executives all held similar positions with M&I Wauwatosa State Bank until last July. Had Lost Autonomy

The Wauwatosa bank had been an independently operated unit bank with its own board of directors until July, when the board was dissolved and the Leg 2 ends here bank made a branch of M&I. When the bank lost its autonomy, Menzel and two others left and began planning Foursquare.

Menzel, 57, was president of M&I Wauwatosa State Bank for 10 years and president of First National Bank of Wauwatosa for nine years before that.

William R. Hayes, 50, who will be vice president, cashier and controller of Foursquare, had similar responsibilities at M&I Wauwatosa for eight years.

Christine V. Lake, 43, who was a vice president with the M&I affiliate bank in the consumer banking division, will be vice president of Foursquare.

All three will be directors. Seven of the 12 members of the bank's proposed board were previously directors of M&I Wauwatosa State Bank. Among them is James E. Renner, owner of Renner Oldsmobile and Renner Mitsubishi in Wauwatosa. Renner served on the board of M&I Wauwatosa State Bank from 1987 to 1994.

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