Two of the three Bank Mutual branches in the Madison area will close when Associated Bank takes over Bank Mutual, Associated said.
In all, 28 Bank Mutual branches and eight Associated branches will be eliminated, according to the merger applications filed on Friday with the Federal Reserve and the Office of the Comptroller of the Currency.
The offices affected are all within a short distance of a branch of the other bank. Only six of the 36 locations are more than one mile from another of the banks’ branches.
Local branches of Bank Mutual slated for closing are Downtown, at 1 E. Main St., and in Middleton, leaving only the West Side office open, at 5521 Odana Road. Three other area Bank Mutual branches will cease operating — in Portage, Beaver Dam and Janesville. None of the Associated branches in south-central Wisconsin are due to shut down as a result of the transaction.
Notices of the applications were published in Milwaukee and Green Bay newspapers last Friday, and confirmed in a news release provided to the Wisconsin State Journal on Tuesday.
The banks’ holding companies — Associated Banc-Corp, of Green Bay, and Bank Mutual Corp., of Brown Deer — announced in July that Associated plans to buy Bank Mutual in an all-stock transaction valued at $482 million. If approved, the acquisition will be final in the first quarter of 2018.
Associated is the largest bank based in Wisconsin, with $29 billion in assets. Bank Mutual is the largest bank based in the Milwaukee area, with $2.7 billion in assets.
Associated did not say how many employees would be affected by the branch closings but Associated President and CEO Philip Flynn has said the bank, which has 4,400 employees, typically has about 300 openings at any given time.
“There will be significant, ongoing opportunities for employees of both organizations to contribute to the organization over the long-term,” the most recent news release said.