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.

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.