MILWAUKEE -- Marshall & Ilsley Corp. said it would take a one-time merger-restructuring charge of $59 million after taxes for the second quarter, associated with its May 31 acquisition of Valley Bancorp. of Appleton, Wis.
The charge is in line with what management expected when the merger was announced in September 1993. It is attributed to employee severance and contract costs, a writeoff of duplicative software, write-downs of facilities and equipment to be sold, and miscellaneous other items.
Second quarter results will also include an increase in the loan-loss reserves of several former Valley banks to the reserve level of M&I banks.
The $12 billion-asset Marshall & Ilsley said it will also incur securities losses of about $15 million for balance-sheet repositioning and other one-time charges. Both sets of charges will equal 71 cents per fully diluted common share.
