Wisconsin State Journal du lieu suivant : Madison, Wisconsin • 16

IP Stock listings Page 7 Wisconsin State Journal Tuesday, June 24, 1 986, Section 2, Page 6 Shultz on Marcos Page 8 Alma bankers had ties to other bonks Four from state buy bank in Lone Rock By Chuck Martin for the first three months of the year of $79,000. The Bank of Melrose, with assets of $34.27 million, reported net income of $107,000. (Galecki warned that a bank's net income can be a misleading indicator of the bank's health. The. American Bank of Alma, for example, reported a net income of $88,000 for the first three months of the year but was in deep financial trouble.) Meanwhile, at the Bank of Alma on Monday, interim President William Bosshard said the first day under new ownership "went welL" He said he expects about 99 percent of the failed bank's customers to remain with the new bank.

All deposits in the failed bank were insured up to $100,000 each. Bosshard, vice president of the First National Bank of Bangor, is the son of John Bosshard, owner of the La Farge Bancorp. the Alma bank, he resigned as president of the Melrose bank, about 25 miles northeast of La Crosse. Winston Zeman, a current vice president at the Bank of Melrose, said Monday Alan Kirchner's resignation was his own decision. Zeman said Alan Kirchner also sold his financial interest in the Melrose bank.

Zeman said the problems that caused the failure of the American Bank of Alma are unrelated to the Melrose bank. At First State Bank of Fountain City, about 35 miles northwest of La Crosse, Charles Kirchner remains president Alan Kirchner and J.A. Kirchner were directors of the bank earlier this year. Current information on their positions was unavailable Monday. As of March 31, the First State Bank of Fountain City reported assets of $16.56 million and a net income After closing the bank, Galecki blamed the failure on mismanagement and an inattentive board of directors.

The directors were Alan Kirchner, bank president; J.A. Kirchner, vice president; Alan Kirchner Mrs. Carol Kirchner, Charles Kirchner and Marvin Fugina. Galecki cited $5.2 million in risky loans the bank made to out-of-state interests. According to an earlier lawsuit, regulators believe at least one of the loans for $100,000 went to a Dallas, Texas, man who used it to cover a check to 1 Potato 2, a fast-food corporation in which Alan Kirchner had a financial interest Alan Kirchner resigned as bank president earlier this year at the request of state regulators.

Alan Kirchner was also president of the Bank of Melrose. At about the same time he resigned as president of The first president of the Bank of Jamestown is among four investors who have bought the State Bank of Lone Rock. Ronald Darga, Verona, bought the bank with his wife, Audrey, and Jerome and Barbara Bushman of Galloway. Darga is a former president of Bank of Jamestown, now a branch of Bank of Madison. He is currently co-owner of Darman Financial a Verona company that owns First State Bank of Fennimore.

Bushman is owner of Bushman Inc. a potato production, warehousing and marketing company at Galloway, about 20 miles northeast of Stevens Point He has minority interests in central Wisconsin banks. The Dargas and Bushmans bought the State Bank of Lone Rock from William Krause and A.C. Benton, investors from Hampton, Iowa. Darga said the new owners plan no changes in the bank's staff.

At the end of 1985 the bank reported $6.91 million in assets. Its ratios for net income to assets and primary capital to assets were near the state average. Its bad loans to total loans ratio was 5.0, compared with a state average of 2.99. Darga said the bank's current condition is "high quality." Economics reporter The Kirchner family that dominated the board of directors at the failed and "mismanaged" American Bank of Alma had financial and management interests in at least two other Wisconsin banks. Current executives of those banks the Bank of Melrose and First State Bank of Fountain City said Monday their banks are well-run and have no connection to the problems at the American Bank of Alma.

Richard Galecki, Wisconsin banking commissioner, said the Kirchners' interests in the Melrose and Fountain City banks does not mean those banks necessarily suffered from the same kind of mismanagement that occurred at the Alma bank. He declined to comment further. The Kirchner family became a focus of concern after the American Bank of Alma closed Friday, the second Wisconsin bank to fail in little more than a year. State and federal regulators closed the bank, about 50 miles northwest of La Crosse, because its financial condition had become unsound. The Federal Deposit Insurance Corp.

sold the bank to La Farge Bancorp Inc. of La Farge. The bank reopened Monday as the Bank of Alma. People in business J. Me Fey i I 1 mm COHERE'dX GATORPAr might Vol) Go? )Afp VoU'RB PWAJG 77- People Express considers sale Teri Johnson Randy Henze David Preboske Wife NEWARK, N.J.

(AP) People Express the upstart airline that began a revolution in the industry with its no-frills, low-fare flights, announced. Monday it was looking into the sale of all or part of the company. The employee-owned, non-union company said in a brief statement it was discussing with its financial adviser, Morgan Stanley "the possible sale of part, or under certain circumstances, even all, of the company." The 5-year-old company refused to elaborate beyond the statement which People Express said was being issued in response to rumors of financial problems and significant trading volume in its securities. People Express said it was exploring, along with Morgan Stanley, several courses of action, including steps to increase its revenues, produce significant savings and sell unidentified assets. The carrier would not say why the action was being takea Immediately after the announcement prices of other airline stocks shot up on the New York Stock Exchange as investors weighed the potential impact on an industry that sometimes has been battered by fare wars that People Express often Randy Henze has been promoted to operations officer at the Bank of Shorewood Hills, 810 Shorewood Blvd.

Henze was operations manager at the bank. David Preboske has been named controller at Roy's Dairy, Monroe. Preboske was audit manager for Grant Thornton, 2 E. Gilman. Teri Johnson has been named a financial accountant at Anaquest, 2005 W.

Beltline. Ms. Johnson was an accounting analyst at Ohmeda, Ohmeda Drive. John Rashke has been elected to the legal advisory board of the Small Business Council of America. Rashke is an attorney with the law firm of Ross and Stevens, 402 Gammon Place.

Kris Potts has been named marketing manager for Jones Interc-able, Janesville. Potts was with Father Flanagan's Boy's Home, Boys Town, Neb. David Pfanzelter has been promoted to division national accounts manager for Oscar Mayer Foods 910 Mayer Ave. Pfanzelter was a sales manager for the company's southern region. In other changes at Oscar Mayer: Douglas Martin has been promoted to financial analyst for the company's Louis Rich turkey line from financial planning analyst; George Murray has been promoted to product manager from assistant product manager; and Gary Winchester has been promoted to associate product manager.

Richard Munz has been given the Talos award for effective communication from the Madison chapter of the Public Relations Society of America. Munz is president of the Munz 121 E. Wilson St VV Meters ftp Business notes Laub buys Rhodes-Gallagher The Laub Group, an independent regional insurance agency based in Milwaukee, has purchased Rhodes-Gallagher, 5708 Odana Road. Company officials said the Rhodes-Gallagher staff is being consolidated into the Laub Group's Madison branch, 2728 Coho St. Started in 1935, Rhodes-Gallagher specialized in commercial casualty accounts and other business coverage.

Laub was started in 1931 and has other branches in Appleton, Wausau, Racine and Kenosha. Fair accounting moves Dennis Farr and Associates, a certified public accounting firm, has moved to High Point Office Park, 579 D'Onofrio Drive. Accountants will be available at the new location 7 days a week by appointment. Baraboo Sysco expands Sysco Food Services has started building a $2.8 million expansion to its warehouse and loading docks in Baraboo. The expansion will add 67,000 square feet to the company's existing warehouse, cooler and freezer space.

Sysco employs 330 last year had sales of about $85 million. A news release said the expansion was needed to keep up with the company's 17 percent annual growth rate. Sysco Food Services is a divison of Sysco Houston, Texas. Sysco Food Services supplies food and equipment to grocery stores, restaurants, health care facilities and delicatessens throughout Wisconsin and Minnesota. Carleys looking into TV 58 deal Three executives of the Carley Capital Group of Madison are negotiating to become partners in TV 58 a financially troubled company that plans a full-power television station in Milwaukee.

Dick Wegner, president of Carley Management Co. of Madison, said he and James and David Carley, co-owners of the Carley Capital Group, have a preliminary agreement to become partners with John Torres and Debra Jackson of Milwaukee. However, he said, details remain to be resolved, and "the situation is inherently complicated." Torres and Ms. Jackson last year received a UHF license from the Federal Communications Commission for TV 58. However, TV 58 was unable to pay its debts and is now in bankruptcy court in Milwaukee.

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