Associated Bank enhances efficiency of branch network
GREEN BAY, Wis. - October 17, 2012 - Associated Bank, a division of Associated Banc-Corp (NASDAQ: ASBC), today announced it will consolidate 12 retail branches in Wisconsin and Illinois to enhance efficiency in its branch network.
Following a deliberate, disciplined strategy, Associated has engineered seven straight quarters of profitability and positioned the Bank for continued future growth. As part of that strategy, the Bank has been conducting ongoing evaluations to ensure resources are invested in a manner that allows for optimal returns while meeting the evolving needs of its customers.
"Our company's unwavering goal is to provide consistent, reliable value to both customers and shareholders. In order to best balance these needs, we regularly evaluate our operations to ensure we are delivering the service, convenience and value they expect," said David Stein, Executive Vice President, Retail Banking.
"Industry-wide, customer banking habits have continued to shift toward online, ATM, mobile banking, phone and other electronic means. As a result, branch traffic in many cases has been declining, making it increasingly difficult to continue to operate branches that are in close proximity to each other," Stein said. "Therefore, we will be closing a small number of Associated branches and consolidating them into nearby locations."
Each impacted branch averages approximately a two mile drive from another Associated location, allowing most affected customers to easily access branch services. Retail customers are being notified of the changes and convenient alternative branch locations via U.S. Mail later this week. The impacted locations will close early in the first quarter of next year.
The decisions on which branches to close do not reflect the talent and dedicated service of those affected by these changes. All impacted employees have been informed of the consolidation process, and Associated is working closely with them through the transition. Many may be able to transfer within the organization.
Associated Bank is positioned for continued growth and is committed to continuing to invest in markets where we have significant potential, and in products and services that advance our strong customer relationships and leadership position throughout our footprint.
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NASDAQ: ASBC) has total assets of $23 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 through more than 250 banking locations serving more than 150 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.
Contact: Autumn Latimore
SVP, Director of Public Relations