GREEN BAY, Wis.--(BUSINESS WIRE)--Sept. 20, 2005--The Federal
Reserve has approved Associated Banc-Corp's (NASDAQ:ASBC) acquisition
of State Financial Services Corporation (NASDAQ:SFSW) of Milwaukee.
Additionally, the Office of the Comptroller of the Currency has
approved the consolidation of the banks.
The combined company will expand Associated's leading presence in
Wisconsin and will have more than 320 branch offices and more than 350
ATM locations throughout Wisconsin, Illinois and eastern Minnesota
following the acquisition.
The acquisition is expected to close in early October. The
conversion of State Financial's operating systems to Associated's
platform is scheduled for the fourth quarter of 2005.
"With the regulatory approvals, our closing and consolidation
timetables remain on track," said Paul S. Beideman, president and CEO
of Associated. "This business combination builds on our strong
foundation, making Associated more convenient than ever for customers
and enhancing value for our shareholders," he said.
"As we near completion of the merger of our companies, the
benefits for all stakeholders are clear," said State Financial CEO
Mike Falbo. "Associated's approach to community banking is very
similar to State Financial Bank's. Our customers will have greater
access through more delivery channels and the efficiency of the
combined company will strengthen the organization for the long term,"
Falbo said.
State Financial shareholders will be eligible for any dividend
declared by Associated's board following the closing. State
Financial's board does not expect to declare an additional dividend
prior to closing.
State Financial is a $1.5 billion financial services company
operating through 29 full-service office locations in southeastern
Wisconsin and northeastern Illinois. Through its banking network,
State Financial provides commercial and retail banking products,
secondary market mortgage loan originations and investment brokerage
activities.
Associated Banc-Corp offers a full range of traditional banking
services and a variety of other financial products and services, with
the No. 1 branch distribution position in most of its key markets.
Associated has been named a Mergent Dividend Achiever based on its
34-year history of dividend increases, is a member of the Forbes
Global 2000, and has been a leading Small Business Administration
lender for many years. More information about Associated Banc-Corp is
available at www.AssociatedBank.com.
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe harbors
from liability established by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements can generally be
identified as such because the context of the statement will include
words such as "believes," "anticipates" or "expects," or words of
similar import. Such forward-looking statements are subject to certain
risks and uncertainties, which could cause actual results to differ
materially from those currently anticipated. Such risks and
uncertainties include, among others, State Financial's and
Associated's ability to complete the merger in a timely manner or at
all, the risk that the business of State Financial will not be
integrated successfully into Associated, the risk that the cost
savings from the merger may not be fully realized or may take longer
to realize than expected, and other factors discussed in the filings
of Associated and State Financial with the Securities and Exchange
Commission. Investors should consider these factors carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements.
CONTACT: Associated Banc-Corp
Joe Selner (Investors), 920-491-7120
Cindy Moon-Mogush (Media), 920-431-8034
or
State Financial
Donna Bembenek, 414-226-3269
SOURCE: Associated Banc-Corp