FRI AM News: Still reflects on decades leading Tech Council, shares view of path ahead; DFI shares latest figures for banks, credit unions in the state

August 29, 2025

— Wisconsin Technology Council President Tom Still says AI and the rise of data centers are “going to be good for the state as we become more of a hub.” But he also said related energy demands will need to be carefully managed.

Still was the featured guest during yesterday’s Greater Madison Chamber of Commerce Lunch(UP)date event, which focused on his legacy leading the Tech Council and the path ahead for the organization.

The Tech Council earlier this year announced he will be retiring in early October after more than 23 years at its helm; he will keep a position on its board. He’s being succeeded by Maggie Brickerman, who co-founded the startup accelerator gener8tor.

“I don’t want to do it as, you know, looking over shoulders or anything like that, I just want to be helpful,” Still said of his role on the board. “And then again with Maggie coming in, to the extent I can help advise as she transitions, so be it, that’s all good.”

The conversation ranged from the Tech Council’s origins and growth into a statewide organization to Wisconsin’s strengths in various tech-related sectors such as the life sciences.

Along with the link between AI and the various large data centers being developed in the state, Still also shared his thoughts on AI’s role in the media, education and other sectors, as well as potential pitfalls in some of these areas.

“As we discussed a little earlier, the notion of all of Wisconsin’s historic sectors potentially being able to benefit from it, whether that’s tourism, ag, manufacturing, forestry. These are all things that are part of our past and will continue to be part of our future,” he said. “So I think the people in those sectors will continue to leverage that if they see opportunities.”

Still also said he expects AI to make a difference in health care in particular, speeding up the process of research into new therapies.

But at the same time, he pointed to the dangers of AI in education, calling the technology “a mixed bag” at this point.

“We have a generation of kids who say, ‘I don’t really need to learn that, I’ll just ask AI,’” he said.

Meanwhile, Still touted the success of the state’s Qualified New Business Venture program, which provides tax credits to investors in qualifying early-stage businesses in the state. He said the credits have likely led to at least $900 million in private investment.

“I think it’s time for the Legislature and the governor to move on, to improve upon that foundation and modernize those credits in a way, so we can keep up with the Joneses in our neighborhood, the Illinois’s and the Michigans and Ohios,” he said. “So that’s a challenge.”

When asked about his biggest accomplishments as the head of the Tech Council, Still pointed to the group’s role in driving greater investments in the state’s early-stage economy, from the QNBV program to the Badger Fund of Funds and more recent Wisconsin Investment Fund. He also noted the Tech Council’s efforts in “raising the level of conversation” about tech in the state.

“At the end of the day, it’s probably being able to communicate the possibilities and the message about what technology growth means to Wisconsin’s economic growth in general,” he said.

Watch the full interview at WisconsinEye.

— State-chartered banks and credit unions in Wisconsin are reporting higher total assets in the second quarter, according to the Department of Financial Institutions.

The state agency yesterday reported the 117 state-chartered banks in Wisconsin had $71.5 billion in total assets as of June 30, an increase from $68 billion at the same point last year. At the same time, net loans increased by $2.2 billion to reach $52.1 billion.

While DFI highlights improvements in banks’ net operating income and return on average assets ratio, their past due ratio rose from 0.83% to 0.99% over the year.

“Through the second quarter, the financial position of Wisconsin’s state-chartered banks remains stable,” DFI Division of Banking Administrator Kim Swissdorf said in a statement. “Although some credit risk metrics continue to be elevated, ongoing strengthening of capital, earnings, and liquidity positions helps mitigate future uncertainty.”

Meanwhile, Wisconsin’s 100 state-chartered credit unions had $68.1 billion in total assets at the end of the second quarter, an increase of $2.1 billion since the end of 2024. Over the same period, outstanding loans rose by $1.3 billion while shares and deposits rose by $1.5 billion, leading to a slight dip in the loan-to-share ratio.

DFI also reports credit unions’ ratio of delinquent loans to total loans fell from 0.78% at the end of last year to 0.72% in the second quarter.

“The financial indicators for Wisconsin’s state-chartered credit unions through mid-year are strong with increasing net worth over the last six years, increasing growth in average savings, and average loan balances,” DFI Office of Credit Unions Director Thomas Theune said in the release.

See the releases for banks and credit unions.

— U.S. Sen. Tammy Baldwin is slamming President Donald Trump’s move to fire a member of the Surface Transportation Board as it’s assessing a merger between large rail companies Union Pacific and Norfolk Southern.

Robert Primus, who was nominated to the board by Trump during his first term, was unanimously confirmed twice by the U.S. Senate, according to Baldwin’s release.

In a recent LinkedIn post, Primus said he got an email from the White House “purporting to terminate my position” at the Surface Transportation Board, calling the move “deeply troubling and legally invalid.”

“Ironically, this comes at a time when the Board is considering significant pressing matters of critical importance to both our national freight rail network and supply chain that would directly affect large swaths of our manufacturing, agricultural, industrial and energy sectors,” Primus wrote.

Baldwin, D-Madison, argues Primus is “as fair as it gets” and his commitment to scrutinizing the merger appears to be the reason that Trump fired him.

“This is as bad as it looks: Two railroad behemoths are trying to merge – which would squash competition and jack up costs for Wisconsinites – and Donald Trump is trying to stack the deck so the federal government rubberstamps the merger as a huge favor for Wall Street and wealthy railroad owners,” Baldwin said in a statement.

See more in the release.

— Sen. Dan Feyen told a committee his bill to create a tax credit for classroom supplies would show teachers “they are wanted and needed.”

SB 69 would mirror a federal program that gives teachers a $300 income tax credit for classroom expenditures including professional development, books and classroom supplies.

The Fond du Lac Republican yesterday said it would cost the state about $790,000 each year according to the fiscal estimate.

He said that “is a small sum that will bring teachers closer to a whole as they try to recoup the money they spent on their classrooms.”

Sen. Mark Spreitzer, D-Beloit, said he supported the bill, but wondered if there was a way to give teachers the money for classroom supplies instead of retroactively reimbursing them.

Feyen said need depends on the district, as some teachers would argue they should be reimbursed more.

He cited a study from AdoptAClassroom.org that found teachers are spending on average $750 of their own money on classroom supplies each year.

Rep. Dave Armstrong, R-Rice Lake, argued teachers shouldn’t be spending their own money on classroom supplies, especially tools related to curriculum.

This bill was one of a series of bills the committee heard testimony on related to tax credits. The committee also took up two bills related to child care tax credits.

SB 376 would allow those eligible to claim the federal employer-provided child care credit to also claim a state tax break equal to the federal one.

This bill was taken up by an Assembly committee last week.

The other bill, SB 291, would expand the business development tax credit to allow businesses to claim a credit of up to 15% for the cost to provide child care services for employees.

— Imbed Biosciences has launched new wound care products for post-surgery, burns and trauma.

The Middleton-based company’s products are designed to lessen acute pain while providing antimicrobial protection, by combining multiple wound care agents into a polymer-based matrix. The new product brands introduced, Surgaflex PainGuard and Pelashield PainGuard, are meant for surgical wounds and burn and trauma wound management, respectively.

Its PainGuard matrix technology includes a substance called lidocaine hydrochloride, with more than 80% being released within 30 minutes to offer quick pain relief for patients, according to the company. Another key component in the matrix is antimicrobial silver, which can kill harmful microbes. It can be used for other wound types as well including donor surgical sites and chronic wounds.

CEO Terry Bromley notes nearly 90% of patients report moderate to severe pain after surgery.

“Managing this pain effectively from the start is critical — not only to reduce reliance on systemic pain medications, including opioids, but also to prevent long-term complications such as anxiety, PTSD, and delayed healing, which can be a challenge especially in burn care,” Bromley said in a statement.

— Ascension Wisconsin is backing off the outsourcing of ICU doctors from staffing firm TeamHealth after a public backlash to the plan.

U.S. Sen. Tammy Baldwin earlier this month urged the health system’s leadership to reconsider partnering with the Tennessee staffing company, noting it’s owned by private equity firm Blackstone. The Madison Dem has accused TeamHealth of compromising patient care and safety with its business practices.

In an emailed statement yesterday, an Ascension Wisconsin spokesperson said the health system’s decisions are “always guided by what is in the best interest” of its patients.

“We will continue to deliver critical care services through our existing physician groups and employed providers across Ascension Wisconsin and will not be working with TeamHealth for these services,” the spokesperson said.

The statement says the decision “prioritizes continuity” for its patients, staff and providers while ensuring Ascension Wisconsin is meeting the needs of the communities it serves.

“Our communities can be assured that Ascension Wisconsin hospitals continue to provide safe, quality critical care services at all times in alignment with the acuity level of our patients,” the spokesperson said.

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