Johnson Financial Group is the holding company for Johnson Bank, which has more than 50 offices in Wisconsin and Arizona. Serving consumers and business clients, the company offers standard banking fare such as savings accounts and loans in addition to insurance, investment, and wealth management services. Its Johnson Trust unit, which serves high-net-worth individuals and institutional investors, has more than $2 billion of assets under management. The group also provides international and private banking services. Chairman Helen Johnson-Leipold and her family, which control consumer goods giant S.C. Johnson & Son, also own Johnson Financial.
In 2010 the company announced the closure of three branches in Wisconsin and four more locations in Arizona in an effort to cut costs during the recession. The adjustments were made after expenses jumped in 2009; the company was forced to set aside more loan loss provisions that year and began paying higher FDIC insurance fees. Both figures were substantially higher than 2008 numbers and impacted the company's profitability.
Losses, mainly related to sour real estate loans, continued into 2010 and 2011, however. After considering intervention from outside investors, the Johnson family invested some $235 million in 2011 to recapitalize Johnson Bank. Also that year, industry veteran Tom Bolger, who previously held executive positions at Harris and M&I, was named CEO of the bank. – less