Shareholders of Brown Deer-based Bank Mutual Corp. voted Tuesday to approve the acquisition of the company by Green Bay-based Associated Banc-Corp. during a special meeting.
Associated plans to acquire Bank Mutual for $482 million as part of a deal announced in July. The transaction is expected to close early in 2018 but is still subject to regulatory approvals and other closing conditions.
Preliminary vote totals were not immediately released.
Shareholders also approved an advisory resolution on potential change-in-control payments for Bank Mutual executives. The largest payment would be $1.7 million for David Baumgarten, Bank Mutual president and chief executive officer. Other named executive officers could receive payments in between $350,000 and roughly $410,000.
Baumgarten will become a consultant to Associated president and CEO Philip Flynn once the transaction closes and will work in client retention, employee engagement and community activities.
The combination of two of Wisconsin’s largest banks is expected to result in the closure of three dozen branches that are in close proximity to other branches. The closures include 28 Bank Mutual branches and eight Associated Bank branches.
It would also mark the end of Bank Mutual’s search for potential mergers. The company acknowledged considering a variety of possible combinations recently and approached 10 other banks about a potential merger before settling on Associated.
