MILWAUKEE--(BUSINESS WIRE)--Aug. 24, 2005--The shareholders of
State Financial Services Corporation (NASDAQ:SFSW) today
overwhelmingly approved the previously announced merger with
Associated Banc-Corp (NASDAQ:ASBC) at the special meeting of
shareholders. The merger is subject to regulatory approval and is
expected to close in the third quarter or early in the fourth quarter
of this year.
More than 99 percent of the State Financial shares represented at
the special meeting were voted in favor of approval of the merger.
The combined company will expand Associated's leading distribution
system in Wisconsin and will have more than 300 branch offices and
more than 350 ATM locations throughout Wisconsin, Illinois and eastern
Minnesota following the acquisition. The conversion of State
Financial's operating systems to Associated's platform is scheduled
for the fourth quarter of 2005.
"The two companies share a customer-focused approach to our
communities. Together, we will be able to deliver a more diverse array
of products and services through a more convenient distribution
system. As a result, both our customers and our shareholders will
benefit," said Paul S. Beideman, president and CEO of Associated.
Michael J. Falbo, chairman and CEO of State Financial, said, "We
are very pleased with the support our shareholders have shown for this
combination. Associated Bank will continue our vision going forward
while remaining committed to our customers and the communities we
serve."
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 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
Investors:
Joe Selner, 920-491-7120
or
Media:
Cindy Moon-Mogush, 920-327-5682
SOURCE: Associated Banc-Corp