Associated Banc-Corp. of Green Bay, Wis., has agreed to buy a Minneapolis bank holding company for $89.1 million in stock.
Associated, which has $11.3 billion of assets, plans to exchange 2.5 million shares for Riverside Acquisition Corp., the parent of $331 million- asset Riverside Bank.
The deal, which is scheduled to close in the third quarter, is not expected to affect Associated's earnings per share.
The acquisition would be Associated's second in the Twin Cities. Last month it purchased Windsor BancShares of Minneapolis, whose BankWindsor has a branch in the city and three elsewhere in the state.
Riverside's five branches, all in the Minneapolis area, will help establish Associated as a niche player there, said H.B. Conlon, Associated's chairman and chief executive officer.
David Cleveland, Riverside's president and CEO, said he will keep his post after the merger. Riverside Bank will retain its name, as has BankWindsor.