GREEN BAY, WIS. - Continuing its expansion in the Twin Cities area, Associated Banc-Corp announced late Monday that is acquiring Signal Financial Corp. of Mendota Heights, Minn., for $176 million in cash and stock.

Signal, with $1.1 billion of assets, operates nine branches in and around Minneapolis and St. Paul. Upon the deal's completion, Associated would have $1.8 billion of assets and 17 branches in Minnesota.

Associated, with $13.2 billion of assets and more than 200 branches, entered Minnesota in 1999 when it acquired Bank Windsor and Riverside Bank. It also operates in Wisconsin and Illinois.

Associated said it would pay 30% in cash, at $276.83 per share, and the remainder in stock at an exchange of 7.5 shares for each share of Signal stock. The sale is expected to close in the first quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.