Associated Bank acquires Bank Mutual
Grafton, Mequon branches affected

By Melanie Boyung - News Graphic Staff

Sept. 12, 2017

OZAUKEE COUNTY — Customers of Associated Bank in Grafton and Mequon will have to travel to new locations for their banking needs, though they won’t need to travel far.

Associated Bank will acquire Bank Mutual; as part of the agreement, 28 banks will close and merge into a nearby location, according to a joint announcement.

Branches in Grafton and Mequon will be affected:

Grafton’s Associated Bank, 1930 Wisconsin Ave., will be consolidated into the Bank Mutual branch at 2030 Wisconsin Ave., 0.3 miles away.

The Associated Bank in Mequon at 10509 N. Port Washington Road will consolidate into the Bank Mutual branch at 11249 N. Port Washington Road, 0.9 miles away.

The merger was performed as a stock transaction valued at $482 million, according to an Associated Bank press release. Associated Bank is based in Green Bay, serving more than 1 million customers across eight states; it is the largest bank headquartered in Wisconsin.

Bank Mutual is the parent company for the largest Milwaukee- based bank, serving more than 120,000 customers in Wisconsin and Minnesota, according to the press release.

“The acquisition of Bank Mutual provides significant opportunity to increase our Wisconsin presence and improve the scale of our operations. Associated Bank President and CEO Philip Flynn said.