For state bank investors, a summer of discontent.(share prices of Wisconsin-based banks plummet)(Industry Overview)

When investors in Wisconsin banks look at their summer returns and see red, some analysts believe they should blame Federal Reserve chairman Alan Greenspan.

Wisconsin's banks generally posted good second-quarter results, but few have seen that translate to higher share prices because of concerns over rising interest rates.

"Most bank profits aren't hurt by interest rate hikes, but the market hasn't been able to get past that bias," said Richard Lane, manager of the Fiduciary Focus Fund in Milwaukee. Lane was a banking analyst before opening the fund three years ago.

Banks have diversified their revenue sources enough that incremental increases in the interest rate have little or no effect on earnings, Lane said.

What concerns money managers like Lane …