Green Bay-based Associated Bank on Friday completed its acquisition of the Wisconsin branches of Columbus, Ohio-based The Huntington National Bank, their parent companies announced.
As a result of the transaction, first announced in December, all of the Huntington Bank branches in Wisconsin closed at 3 p.m. Friday and “those scheduled to convert to Associated Bank” reopened as Associated Bank branches today. Associated planned to close 17 Wisconsin branches, including one in downtown Milwaukee, in the integration.
Associated Bank has taken on about $850 million in deposits and $134 million in loans in the transaction. It also gained 32 branches prior to the closures. The cash transaction has a $34 million net premium.
“We are pleased to announce the completion of the Huntington branch transaction and the expansion of our presence into 13 additional Wisconsin communities,” said Philip B. Flynn, president and chief executive officer of Associated. “This acquisition plays an important role in providing continued growth to benefit our customers and shareholders.”
