Green Bay-based Associated Banc-Corp announced today it has received the necessary regulatory approvals to complete its $482 million acquisition of Brown Deer-based Bank Mutual Corp.
The Office of the Comptroller of the Currency and the Federal Reserve Board have signed off on the deal, which the companies first announced July 20.
The transaction is still on track to be completed Feb. 1, as long as customary closing conditions are met, Associated Banc-Corp said in a release. The integration of Bank Mutual into Associated Bank N.A. is scheduled to occur in the late second or early third quarter.
Bank Mutual chief executive officer David Baumgarten told BizTimes last week Bank Mutual’s headquarters and 36 redundant branches among the two banks are expected to close this summer, after the systems conversion. The banks also are working to limit layoffs through attrition as they prepare for the integration.
Last month, several analysts covering Associated and Bank Mutual described to BizTimes how the integration will likely play out.
