Last updated on May 15th, 2019 at 04:48 pm
As Green Bay-based Associated Banc-Corp proceeds with its planned acquisition of the Wisconsin branches of Columbus, Ohio-based Huntington Bancshares Inc., it is seeking approval from regulators to close 17 branches, including one in downtown Milwaukee.
Through the cash transaction, which has a net premium of about $34 million, Associated Bank N.A. would take on about $850 million in deposits, $134 million in loans and 32 Huntington National Bank branches. But 11 of those Huntington branches, as well as six Associated Bank branches, would close when they consolidate their operations.
The FDIC lists 35 Huntington branches in Wisconsin: three in Green Bay, two in Milwaukee, two in Antigo, and one each in Pulaski, Suamico, Appleton, Madison, Superior, Brodhead, Jefferson, Algoma, Darlington, Tomahawk, Kiel, Marinette, Lena, Oconto, Suring, Townsend, Minocqua, Kaukauna, Clear Lake, Stevens Point, Janesville, Boulder Junction, Manitowish Waters, Elkhorn, Menomonee Falls, Wautoma, Oshkosh and Winneconne.
In a map of existing and acquired branches presented by Associated Bank in a slide deck about the transaction, several branches overlap others geographically. Here is a list of the proposed branch consolidations Associated released today:
|Huntington consolidating branch||Associated receiving branch|
|121 State Street, Madison||828 E. Washington Ave., Madison|
|1601 S. Webster St., Green Bay||2001 S. Webster Ave., Green Bay|
|2101 W. Ninth Ave., Oshkosh||444 N. Sawyer St., Oshkosh|
|1935 E. Calumet St., Appleton||2175 S. Memorial Drive, Appleton|
|1035 1st Center Ave., Brodhead||1420 11th Ave., Monroe|
|17953 Highway 32, Townsend||210 S. Lake Ave., Crandon|
|301 W. Main St., Lena||134 N. Main St., Oconto Falls|
|725 E. Main St., Suring||134 N. Main St., Oconto Falls|
|2300 S. Oneida St., Suite 9, Green Bay||2357 S. Oneida St., Ashwaubenon|
|N56 W 16949 Ridgewood Drive, Menomonee Falls||W156 N 5575 Pilgrim Road, Menomonee Falls|
|535 E. Wells St., Milwaukee||250 E. Wisconsin Ave., Milwaukee|
|Associated consolidating branch||Associated receiving branch|
|500 Front St., Spooner||2850 Pioneer Ave., Rice Lake|
|2502 Shopko Drive, Madison||828 E. Washington Ave., Madison|
|Associated consolidating branch||Huntington receiving branch|
|830 Pierce Ave., Marinette||2201 Roosevelt Road, Marinette|
|709 E. Geneva St., Delavan||10 N. Lincoln St., Elkhorn|
|622 Fremont St., Kiel||514 Fremont St., Kiel|
|850 N. Wisconsin St., Elkhorn||10 N. Lincoln St., Elkhorn|
Associated Banc-Corp is seeking approval for the proposed transaction from the Office of the Comptroller of the Currency. The deal is expected to close in the first half of 2019.
As for the employees working at these branches, Associated did not detail the impact on its workforce.
“There will be opportunities for employees of both organizations to contribute to the franchise over the long-term,” the filing says.
A spokeswoman said the affected employees would have the potential to fill other roles at the company.
“We typically have around 300 job openings at any given time. We hope to fill these with banking professionals already serving our combined customers and communities,” she said.