Associated buying Wausau Financial.

GREEN BAY, Wis. - Associated Banc-Corp. said it had signed a definitive agreement to buy Wausau Financial Corp.

The sale includes Wausau's subsidiary, Citizens Bank and Trust, in the Wisconsin city of Wausau. Terms of the transaction, a tax-free exchange of stock, are to be described in proxy materials for shareholders.

Associated, a $2.9 billion-asset company, operates on the super community model, granting autonomy to local subsidiaries and managers. Citizens Bank, with $75 million in assets, will increase those of Associated's north-central Wisconsin unit to $300 million.

The merger, subject to approval by Wausau shareholders and by regulatory authorities, is expected to be completed in the second quarter.

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