Merchant Bank in Winona, Minn., plans to buy two branches from Associated Banc-Corp (ASBC) in Green Bay, Wis.
The $1.3 billion-asset Merchant will pay an undisclosed amount for Associated's Rushford and Lanesboro branches, along with agricultural loans and deposits from a third branch in Red Wing, the company said Wednesday. Associated, a $23.3 billion-asset company, will continue operating the Red Wing office.
Merchant would acquire about $47 million in deposits and loans, according to its press release.
"Acquiring these locations aligns with our long-term vision to provide our banking services to customers across our region," Merchant Chief Executive Richard Mahoney said in the release. "We recognize Rushford and Lanesboro as important communities in terms of our area's economic development, and we look forward to serving all the financial needs of these important customers."
The deal is expected to close by late November, pending regulatory approval. Merchant would have 20 branches in Wisconsin and Minnesota once the deal is done.
Associated is the largest bank in Wisconsin and has 249 offices in Minnesota, Wisconsin, Illinois, and Virginia.