GREEN BAY, Wis.--(BUSINESS WIRE)--
Associated Banc-Corp (NASDAQ:ASBC) will acquire The First National
Bank of Hudson, under a definitive agreement signed by the two
companies on Jan. 17, 2007.
First National Bank, based in Hudson, Wis., is a $390 million
community bank with eight banking locations in the Greater Twin Cities
area. Terms of the acquisition were not disclosed.
First National Bank's presence in the rapidly growing corridor
from Minneapolis-St. Paul to the eastern metro suburbs and into
Wisconsin make it a natural fit for Associated, said Paul Beideman,
chairman and CEO of the $21 billion Associated. "By welcoming First
National Bank's associates and convenient locations into the
Associated family, we will be able to provide our increasing number of
customers in the region more offices closer to home," Beideman said.
With the additional locations added by the acquisition of First
National Bank, Associated will have 26 offices in the greater Twin
Cities area and 35 total when including all Minnesota and Hudson area
locations.
Ken Heiser, the current president and CEO of First National Bank,
will continue with Associated, serving as Hudson market president.
"We are very excited about the opportunities ahead of us as First
National Bank and Associated come together," Heiser said. "Our
customers will benefit from the expanded range of services and the
convenience of more than three times as many banking offices across
the greater metro area. At the same time, we are pleased to become
part of a highly respected Midwestern company that shares our
community banking philosophy and values."
John and Ruth Huss of St. Paul have owned the bank since 1977.
"After nearly 30 years, the timing was right for us to find a buyer
who would appreciate what we've built and carry on our community
banking tradition," said John Huss. "I'm confident that our customers
and employees will be well-served joining the Associated family."
"We welcome the people of First National Bank and the considerable
skills they bring to our organization," Beideman said. "Under Ken
Heiser's leadership, they will continue to provide the outstanding
level of service that First National Bank customers have come to
expect and value. As part of Associated, they will also have a more
comprehensive array of products and services to offer their customers,
and more opportunities for professional growth."
The transaction is expected to be completed during the second
quarter of 2007, subject to regulatory approvals. Associated expects
the transaction to be accretive.
The companies expect integration planning to begin immediately and
the conversion of banking systems to take place within six months of
the transaction's closing. Over time, certain back office support
operations currently operated by First National Bank will be
integrated into Associated. Job displacement is expected to be
minimal, Beideman said, and Associated would treat any affected
employees with the utmost fairness, identifying new positions for them
in the combined organization whenever possible.
Associated entered Minnesota in 1999 through an acquisition, and
has subsequently increased offices through other acquisitions. Late
last year, Associated announced it would open up to six new branches
in the Twin Cities suburbs over the next three years.
Associated Banc-Corp, headquartered in Green Bay, Wis., is a
diversified bank holding company with total assets of $21 billion.
Associated has more than 315 banking offices serving more than 180
communities in Wisconsin, Illinois, and Minnesota. The company offers
a full range of traditional banking services and a variety of other
financial products and services. More information about Associated
Banc-Corp is available at www.AssociatedBank.com.
The First National Bank of Hudson is a community bank with $390
million in assets and eight office locations. Established in 1863, the
bank has 144 years of experience serving customers in western
Wisconsin and eastern Minnesota.
Statements made in this document that are not purely historical
are forward-looking statements, as defined in the Private Securities
Litigation Reform Act of 1995. This includes any statements regarding
management's plans, objectives, or goals for future operations,
products or services, and forecasts of its revenues, earnings, or
other measures of performance. Forward-looking statements are based on
current management expectations and, by their nature, are subject to
risks and uncertainties. These statements may be identified by the use
of words such as "believe," "expect," "anticipate," "plan,"
"estimate," "should," "will," "intend," or similar expressions.
Outcomes related to such statements are subject to numerous risk
factors and uncertainties including those listed in the company's
Annual Report filed on Form 10-K.
Source: Associated Banc-Corp
Contact: Associated Corporate Communications
Cindy Moon-Mogush, 920-431-8034