Associated to acquire Illinois bank

Green Bay’s Associated Bank is acquiring The First National Bank in Staunton, Ill., in an all-cash deal worth $76.3 million.

Founded in 1934, First National has $543 million in assets and $439 million in deposits. It has nine offices  in the Metro East region of the St. Louis Metropolitan Area.

“This acquisition provides the opportunity to increase our Illinois presence and improve the scale of our operations,” said Associated president and CEO Philip B. Flynn. “This ultimately positions us to make further investments in the St. Louis metro market and deliver increased network value to our customers and shareholders.”

After the merger closes in the first quarter of 2020, Staunton’s chief operations officer and director Gina M. Lotter and chief lending officer Brian Ury will join Associated. In their new roles, they will focus on client retention and employee engagement while also serving as ambassadors for the bank’s community involvement.

“I believe our organizations possess a shared appreciation of the needs and goals of our communities,” said First Staunton chair Celeste Hardnock. “I am confident the merger will bring added conveniences, products and services to our customers.”

Howard & Howard, P.L.L.C. served as legal advisor to Associated in this transaction. Gerrish Smith Tuck, Consultants and Attorneys served as financial advisor and Polsinelli served as legal advisor to First Staunton in this transaction.

Founded in 1864, the $33 billion Associated has branches in Wisconsin, Illinois and Minnesota, and offers commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.

Most recently, the Wisconsin bank acquired Bank Mutual in 2018 as well as the Wisconsin branches of Huntington National Bank last year.