GREEN BAY, Wis. -- Associated Banc-Corp said it has agreed to purchase seven offices of Marshall & Ilsley Corp. and Valley Bancorp. in Wisconsin for approximately $20 million.
The offices have $190 million of deposits and are being divested to meet regulatory conditions of the M&I-Valley merger. In a similar deal announced earlier in the week, St. Francis Capital Corp. said it would buy two other offices.
Associated also said it has agreed to open a new office and assume the lease of a significant portion of a space currently occupied by Valley Bank in downtown Madison that is being consolidated with a nearby M&I office.
Including the pending purchases, Associated will have $3.2 billion of assets and 85 banking offices in Wisconsin and Illinois.
