Associated Banc-Corp said Thursday it plans to buy an Illinois bank for $76.3 million in cash.

Associated said the purchase of The First National Bank of Staunton and its parent company, First Staunton Bancshares Inc., will increase Associated's presence in Illinois and position the Green Bay-based bank to make further investments in the St. Louis metro market. Staunton is located between St. Louis and Springfield, Illinois.

The First National Bank in Staunton, with assets of about $543 million and almost 130 employees, posted net income in 2018 of $6.7 million, according to Federal Deposit Insurance Corp. records.

Read more in the Milwaukee Journal Sentinel.