North Shore Bank: Reports earnings increase in 2008

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Kate Knox | 262.797.3323

Earnings jump illustrates bank’s strong, secure position as industry faces continuing challenges

BROOKFIELD, Wis. – North Shore Bank today announced earnings of $8.03 million for calendar year 2008, an 8.1 percent increase over $7.43 million for 2007. North Shore Bank officials said the rise illustrates the bank’s secure position as the entire banking industry continues to face deep economic challenges.

“To experience a solid earnings jump as many of our competitors continue to suffer heavy losses is a sign that North Shore Bank is standing strong amid the ongoing crisis,” said James F. McKenna, the bank’s president and CEO. “While other banks have been forced to seek financial assistance from the federal government, North Shore Bank remains well-capitalized and secure.”

As the country’s economic troubles worsen and affect a broader number of people, North Shore Bank is experiencing many of the same challenges as other area banks, McKenna said. The bank’s stressed loans have grown, he said, but North Shore Bank is successfully managing those and our overall profitability has also allowed us to add to reserves while continuing to increase earnings.

“These are difficult times for everyone – and they won’t be resolved quickly – but in 85 years of business, North Shore Bank has weathered hard times before,” McKenna said. “We remain committed to the prudent business principles and hard work that have carried us through the Crash of 1929, the Great Depression, five wars, the savings and loan crisis of the late ’80s and now, the current recession.

All of us at North Shore Bank are putting forth our best efforts to ensure we continue to make credit available to creditworthy customers as we always have.” Our mortgage capacity is being stretched currently due to the incredible volumes of customers coming to us to re-finance their mortgage loans. However, we have been able to accommodate these customers by adding to our capacity and all of our associates are contributing maximum effort. We are seeing many new customers, whose previous mortgage was through a mortgage broker or other lender. Many of these previous lenders are no longer in business or too impaired to handle these loan requests.

North Shore Bank, headquartered in Brookfield, is one of the strongest banks in the country. It has assets of nearly $1.9 billion and 43 offices throughout eastern Wisconsin and northeastern Illinois. Current Wisconsin branch locations are in metro Milwaukee, Racine, Kenosha, Appleton, Menasha, the Green Bay area, Burlington, Union Grove and Door County. North Shore Bank also has two Illinois State Bank offices in McHenry County, Ill. The bank opened its 43rd office in Grafton, Wis., in October and is building its 44th office in Mequon, Wis. To find an office, visit northshorebank.com .