Associated Bank

Associated Bank, whose Sun Prairie branch is shown here, completed the $482 million purchase of Bank Mutual on Thursday.

ASSOCIATED BANK

Associated Bank, the largest bank based in Wisconsin, grew even larger on Thursday as the Green Bay bank’s holding company, Associated Banc-Corp, finalized the purchase of Bank Mutual Corp., the holding company of Bank Mutual, of Brown Deer.

The all-stock transaction, valued at $482 million, raises Associated’s total assets to about $32 billion.

Associated Bank has 19 branches in Dane County.

Bank Mutual has three Madison-area branches, but two of them — Downtown, at 1 E. Main St., and in Middleton — will be among 28 Bank Mutual and eight Associated branches that will close when Bank Mutual’s computer system is converted into Associated’s, in late June or early July.

Until then, Bank Mutual will remain a separate bank subsidiary of Associated Banc-Corp, Associated president and CEO Philip Flynn said.

“For Bank Mutual customers — it won’t impact them right away. Before we convert anything, we will have a lot of communication with them,” Flynn said, in an interview.

Associated has more than 200 bank branches in Wisconsin, Illinois and Minnesota and commercial financial services offices in Indiana, Michigan, Missouri, Ohio and Texas. Last October, Associated acquired Whitnell & Co., a wealth management firm in suburban Chicago.

Flynn said he expects Associated to acquire more insurance brokerage and wealth management companies this year. He said it also is “a very good time to think about expanding through bank acquisitions” — probably in the Upper Midwest. He said about 10 percent of all the bank charters in the U.S. are in Illinois and Wisconsin.

Last week, Associated reported a fourth-quarter profit of $48 million and a profit of $220 million for the full 2017 year. Associated stock closed Thursday at $25.70 a share, up 95 cents, or 3.8 percent from the day before.

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Judy Newman is a business reporter for the Wisconsin State Journal.