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Associated Banc-Corp Closes Acquisition of First Staunton Bancshares
Wednesday 19 February 2020

19 February 2020 - Wisconsin, US-based bank holding company Associated Banc-Corp (NYSE: ASB) has closed the acquisition of Illinois, US-based First Staunton Bancshares, Inc, the company said.

Associated and First Staunton entered into a definitive merger agreement on July 25, 2019, under which First Staunton would be acquired by Associated. First Staunton's subsidiary, the First National Bank in Staunton, will also merge with Associated's bank subsidiary, Associated Bank, N.A. The transaction is expected to close February 2020.

The all cash transaction is valued at approximately USD 76.3m.

Associated and The First National Bank in Staunton share a heritage of serving Midwest communities since 1861 and 1934, respectively.

Based in Green Bay, Associated Bank N.A. is the largest bank headquartered in Wisconsin. It serves more than one million customers in 120 communities across eight states.

First National Bank in Staunton serves more than 30,000 customers in the Metro East region of the St. Louis Metropolitan Area. As a result of this transaction, Associated will strengthen its Illinois network and expand services into additional communities.

Upon consummation of the merger, First National Bank in Staunton's chief operations officer and director Gina M. Lotter and chief lending officer Brian Ury will join Associated Bank. In their new roles, they will focus on client retention and employee engagement while also serving as ambassadors for the bank's community involvement.

Due to Associated's strong presence in Illinois, the companies anticipate ongoing opportunities for employees of both organizations to contribute to the franchise over the long-term.

Associated expects this acquisition to be accretive to its earnings per common share in 2020, excluding one-time charges, and expects the transaction to deliver strong returns on capital. The transaction is expected to produce less than 1% tangible book value per share dilution at closing.

Associated Banc-Corp (NYSE: ASB) has total assets of USD 33bn and is one of the top 50 publicly traded US bank holding companies.

Headquartered in Green Bay, Wisconsin, Associated is a Midwest banking franchise, offering a range of financial products and services from more than 240 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.

Howard and Howard, P.L.L.C. served as legal advisor to Associated in this transaction. Gerrish Smith Tuck, Consultants and Attorneys served as financial advisor and Polsinelli served as legal advisor to First Staunton in this transaction.
Date Published: 19/02/2020
Target: First Staunton Bancshares, Inc
Country: USA
Deal Size: 76.3m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Closed
Buyer: Associated Banc-Corp
Buyer Advisor: Howard and Howard