Associated plans to close 36 branches when it buys Bank Mutual
Associated Banc-Corp in Green Bay, Wis., plans to close 36 branches as part of its $482 million acquisition of Bank Mutual in Brown Deer, Wis.
The $29 billion-asset Associated disclosed in applications with the Federal Reserve and the Office of the Comptroller of the Currency that it will close roughly half of Bank Mutual’s 58 branches, including seven in Milwaukee. Associated will close eight of its own branches.
Branches to be closed are, on average, a half mile from an overlapping location.
Representatives for Associated and Bank Mutual declined to provide additional comment.
Associated is the biggest bank in Wisconsin, with nearly 10% deposit market share, based on June 2016 data from the Federal Deposit Insurance Corp. Bank Mutual is the state’s fourth-biggest bank.
Associated had already set a target of cutting 45% of the $2.7 billion-asset Bank Mutual’s annual noninterest expenses.
The deal remains on track to close in the first quarter, Associated said.