Associated Bank moves to balance branch network with consolidation of 13 branches across three states

Company remains committed to branch banking; opened 13 new branches in past year and other projects underway

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Jul 17, 2015, 09:07 ET

GREEN BAY, Wis., July 17, 2015 /PRNewswire/ -- Associated Bank (NYSE: ASB) announced today that it will optimize its branch operations and consolidate 13 branches from among the more than 200 in its core three-state footprint. The growing use of digital banking, transaction trends, and proximity to other Associated locations were factors in the decision.

Affected Wisconsin branches include Eau Claire (Mega East Pick 'n Save), Sheboygan (Festival), Embarrass, Rio, Fort Atkinson, and River Falls. Minnesota consolidations include branches in Plymouth (Peony Lane) and Oakdale, and Chicago (200 N. LaSalle) and Montgomery in Illinois. Branch consolidations were previously announced for Rothschild (Cedar Creek Pick 'n Save), WI; Inver Grove Heights, MN; and DeKalb, IL.

"We continuously analyze and evolve our delivery model to ensure we are matching the preferences of our customers and their banking patterns," said David Stein, executive vice president and head of Consumer and Commercial Banking. "In some cases that analysis results in our strategic investment, such as the 13 state-of-the-art branch operations we built in the past year and the numerous others we upgraded. In this situation requiring a different strategy, it's critical that we acknowledge local market dynamics and optimize our system by consolidating branches with others nearby."

Comprehensive customer communication will take place in the next few weeks in anticipation of the branch closings in late fall. According to Stein, Associated remains committed to providing these customers with an exceptional banking experience through referrals to nearby branches as well as through its enhanced online and mobile banking channels.

Associated will work directly with approximately 60 employees at affected branches to review opportunities for other positions within the organization.

During 2014 and 2015, Associated has opened new Wisconsin branches in Milwaukee (2), Green Bay, Racine, West Bend, Menominee Falls, Minocqua, Wausau, Onalaska and Sun Prairie. New branches were also opened in Chicago, as well as Rochester and St. Paul, MN. Other construction projects are underway or planned for Milwaukee, La Crosse, Grand Chute and Eagle River in Wisconsin, as well as additional branches in Rochester and Chicago.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $27 billion and is one of the top 50, publicly traded, U.S. bank holding companies. Headquartered in Green Bay, Wis., Associated is a leading Midwest banking franchise, offering a full range of financial products and services in more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.