Associated Bank closes on acquisition of Bank Mutual

Banks working to limit layoffs

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Green Bay-based Associated Banc-Corp. announced Thursday it has closed on its $482 million acquisition of Brown Deer-based Bank Mutual Corp.

The Milwaukee offices of Associated Banc-Corp.

Associated expects to merge Bank Mutual’s banking subsidiary into Associated’s banking subsidiary in late June or July 2018.

“We look forward to welcoming employees of Bank Mutual to Associated Bank,” said Philip  Flynn, Associated president and CEO. “Our teams are working together to make this transition as smooth as possible for customers.”

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Bank Mutual chief executive officer David Baumgarten told BizTimes in January that Bank Mutual’s headquarters and 36 redundant branches among the two banks are expected to close this summer, after the systems conversion.

The banks are working to limit layoffs through attrition as they prepare for the integration.

“I am excited for the opportunity to drive growth for our shareholders and providing increasing value for our customers and the communities we serve,” Flynn said.

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Customers will continue to use their Bank Mutual accounts and other banking services until the accounts are converted to Associated. Associated will communicate directly to Bank Mutual customers beginning in February about the conversion plans.

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