36 branches to be closed in Associated-Bank Mutual deal

Affected locations to be consolidated into branches within 2.2 miles

Bank Mutual headquarters
The Bank Mutual headquarters in Brown Deer.

Last updated on May 15th, 2019 at 04:55 pm

Associated Banc-Corp revealed in a legal filing today that a total of 36 branches will be closed and their operations consolidated with nearby branches in its acquisition of Bank Mutual Corp.

Green Bay-based Associated filed applications today with the Federal Reserve and Office of the Comptroller of the Currency to approve the planned acquisition of Brown Deer-based Bank Mutual, which the companies announced July 20. In the application, the banks outlined their post-merger branch network.

The branches that will be closed are in very close proximity to another branch, which is why they are being consolidated.

The companies plan to close 28 Bank Mutual branches and eight Associated Bank branches. Here is the complete list of the branches that are closing and which branch will absorb them:

Bank Mutual consolidating branchAssociated receiving branchDistance in miles
510 E. Wisconsin Ave., Milwaukee 401 E. Kilbourn Ave., Milwaukee 0.2
3340 S. 27th St., Milwaukee 3432 S. 27th St. Milwaukee 0.1
6801 W Oklahoma Ave., Milwaukee 10701 W. National Ave., West Allis 2.2
2600 N. Mayfair Rd., Milwaukee 2645 N. Mayfair Rd., Wauwatosa 0.1
5784 N. Port Washington Rd., Milwaukee 430 E. Silver Spring Dr., Whitefish Bay 0.6
8780 S. Howell Ave., Oak Creek 8131 S. Howell Ave., Oak Creek 1.2
400 N. Moorland Rd., Brookfield 17595 W. Bluemound Rd., Brookfield 1.2
10296 W. National Ave., Milwaukee 10701 W. National Ave., West Allis 0.1
8400 W. Forest Home Ave., Milwaukee 4811 S. 76th St., Greenfield0.4
W178N9379 Water Tower Pl, Menomonee Falls N88W15491 Main St., Menomonee Falls 1.6
3212 Fiddlers Creek Dr., Waukesha 2185 N. Grandview Blvd., Pewaukee 2.2
1870 Meadow Ln., Pewaukee 2185 N. Grandview Blvd., Pewaukee 0.2
1526 S Main St., West Bend 715 W. Paradise Dr., West Bend 0.5
4323 W. Wisconsin Ave., Appleton 1195 N. Casaloma Dr., Appleton 0.4
201 N Monroe Ave., Green Bay 200 N Adams St., Green Bay 0.2
1227 Egg Harbor Rd., Sturgeon Bay 1332 Egg Harbor Rd., Sturgeon Bay 0.1
2603 Glendale Ave., Green Bay 369 Cardinal Ln., Howard 1.0
835 E Green Bay St., Shawano 129 E. Division St., Shawano 0.5
2370 E Mason St., Green Bay 2241 East Main St., Green Bay 0.4
2111 Holiday Dr., Janesville 2720 North Lexington Dr., Janesville 0.2
130 W Maple Ave., Beaver Dam 201 Park Ave., Beaver Dam 0.2
145 East Cook St., Portage 222 E. Wisconsin St., Portage 0.2
6209 Century Ave., Middleton 2420 Allen Blvd., Middleton 0.3
1 East Main St., Madison 828 E Washington Ave., Madison 0.7
10562 Kansas Ave., Hayward 10526 Main St., Hayward 0.1
2000 Crestview Dr., Hudson 2200 Crestview Dr., Hudson 0.1
8420 City Center Dr., Woodbury 1835 Radio Dr., Woodbury 0.2
749 Main Ave., De Pere 1003 Main Ave., De Pere 0.3

 

Associated consolidating branchBank Mutual receiving branchDistance in miles
10509 N. Port Washington Rd., Mequon 11249 N. Port Washington Rd., Mequon 0.9
1930 Wisconsin Ave., Grafton 2030 Wisconsin Ave., Grafton 0.3
420 E. Main St., Ellsworth 385 West Main St., Ellsworth 0.7
2403 S. Oneida St., Green Bay 2357 S. Oneida St., Green Bay 0.1
206 N. Wisconsin St., De Pere 330 N. Broadway, De Pere 0.1
2252 W. Mason St., Green Bay 2424 W. Mason St., Green Bay 0.2
212 Bay St., Chippewa Falls 35 W Columbia St., Chippewa Falls 0.1
3009 Mall Dr., Eau Claire 2812 Mall Dr., Eau Claire 0.1

 

The companies declined to comment on the branch closures, which they first hinted at in their initial announcement. In the filing, they did say:

“Associated and Bank Mutual share a proud heritage of serving Wisconsin and other Midwest communities for 156 and 125 years, respectively. Both organizations are built around customer-centric strategies and understand the importance of delivering increasing value to customers, colleagues, communities and shareholders. Customers will benefit from the breadth of products and services offered by Associated, along with continued efforts to strengthen our communities. There will be significant, ongoing opportunities for employees of both organizations to contribute to the organization over the long-term.”

If Associated and Bank Mutual receive the regulatory approvals being sought and get the go-ahead from Bank Mutual’s shareholders, the transaction is expected to close in the first quarter of 2018. Associated expects a 45 percent cost savings from the transaction, which will be drawn from mainly branch consolidations and layoffs.

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Molly Dill
Molly Dill, former BizTimes Milwaukee managing editor.

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