Associated buying Huntington’s state branches
Associated Banc-Corp said Tuesday it plans to buy the Wisconsin branches of Huntington National Bank for about $34 million.
In the all-cash deal, Green Bay’s Associated — the largest bank based in Wisconsin — is acquiring 32 Huntington branches. The transaction brings Associated about $850 million in deposits and $134 million in loans.
The branch network acquisition, which still requires regulatory approval, is set to close in the first half of 2019.
Associated said the purchase of the branches is expected to add more than 60,000 deposit accounts and 33,000 households, filling in gaps in Associated’s presence in the state and boosting its network in larger communities.
Most of Huntington’s branches are in northeastern Wisconsin, but the bank also has a branch in Milwaukee and one in Menomonee Falls. Huntington has more than 200 employees in Wisconsin.
“We are excited for the opportunity to welcome Huntington’s Wisconsin customers to Associated Bank as we strengthen our franchise and expand services into 13 additional communities,” Philip B. Flynn, Associated president and chief executive officer, said in a statement. “Ultimately, the scale and efficiencies we gain will position us to make investments to further enhance the customer experience and deliver increased value to our customers, colleagues, communities and shareholders.”
Huntington has operated branches in Wisconsin less than three years. Columbus, Ohio-based Huntington picked up branches here as part of its 2016 acquisition of FirstMerit Corp. FirstMerit’s Wisconsin network included the old F&M Bank of Kaukauna.
The Huntington branches will increase Associated’s Wisconsin-based deposits by about 5 percent.
In an investor presentation Tuesday, Associated said it expected cost savings of about 45 percent upon conversion of the branches from the Huntington brand to Associated.
Associated, with assets of approximately $33 billion, has more than 230 banking locations throughout Wisconsin, Illinois and Minnesota. It also has commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.