On Thursday, the holding company for Associated Bank, completed its $482 million purchase of Bank Mutual, a financial services firm based in Brown Deer. The combination, first announced this past July, brings together two large Wisconsin banks that have deep-seated presences in the Milwaukee area.
Now that the sale is finalized, Associated can move forward with bringing Bank Mutual's operations under its fold. The acquisition gives Associated around 120,000 customer accounts and nearly 1,000 commercial relationships, as well as hundreds of new employees.
Associated Bank CEO Phil Flynn recently discussed what to expect from Associated, now that its purchase of Bank Mutual has closed. In addition to Bank Mutual, Associated recently acquired the Chicagoland wealth management firm Whitnell & Co. Flynn said the company will seek out similar opportunities: "We continue to look for opportunities in the wealth management, in the insurance brokerage, in the trust arena, as well as — as we get farther down the line on the integration of Bank Mutual — it's likely we'll look at other opportunities with banks.”
Read more in the Milwaukee Business Journal.