Associated Bank, N.A., announced Dec. 11 it has reached an agreement to acquire the Wisconsin branch banking operations of The Huntington National Bank, a subsidiary of Huntington Bancshares Incorporated. The acquisition expands Associated’s reach to 13 additional communities.
Associated Bank, is based in Green Bay, Wis. Huntington is the sole subsidiary of the $106 billion Huntington Bancshares, Inc., which is based in Columbus, Ohio.
Associated Bank will acquire $850 million in deposits, $134 million in loans, and 32 branch locations, for a net premium of approximately $34 million, representing approximately 4 percent of the deposits.
The transaction is subject to regulatory approvals and is expected to close in the first half of 2019. The transaction is not expected to have a material impact on Associated’s 2019 financial results.
“We are excited for the opportunity to welcome Huntington’s Wisconsin customers to Associated Bank as we strengthen our franchise and expand services into 13 additional communities,” said Associated President and CEO Philip B. Flynn. “Ultimately, the scale and efficiencies we gain will position us to make investments to further enhance the customer experience and deliver increased value to our customers, colleagues, communities and shareholders.”
Associated Banc-Corp, the holding company for Associated Bank, has total assets of more than $33 billion. Associated has more than 230 banking locations serving more than 110 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.