Associated Receives Fed Approval on State Financial Acquisition
20 Septiembre 2005 - 3:04PM
Business Wire
The Federal Reserve has approved Associated Banc-Corp's
(NASDAQ:ASBC) acquisition of State Financial Services Corporation
(NASDAQ:SFSW) of Milwaukee. Additionally, the Office of the
Comptroller of the Currency has approved the consolidation of the
banks. The combined company will expand Associated's leading
presence in Wisconsin and will have more than 320 branch offices
and more than 350 ATM locations throughout Wisconsin, Illinois and
eastern Minnesota following the acquisition. The acquisition is
expected to close in early October. The conversion of State
Financial's operating systems to Associated's platform is scheduled
for the fourth quarter of 2005. "With the regulatory approvals, our
closing and consolidation timetables remain on track," said Paul S.
Beideman, president and CEO of Associated. "This business
combination builds on our strong foundation, making Associated more
convenient than ever for customers and enhancing value for our
shareholders," he said. "As we near completion of the merger of our
companies, the benefits for all stakeholders are clear," said State
Financial CEO Mike Falbo. "Associated's approach to community
banking is very similar to State Financial Bank's. Our customers
will have greater access through more delivery channels and the
efficiency of the combined company will strengthen the organization
for the long term," Falbo said. State Financial shareholders will
be eligible for any dividend declared by Associated's board
following the closing. State Financial's board does not expect to
declare an additional dividend prior to closing. State Financial is
a $1.5 billion financial services company operating through 29
full-service office locations in southeastern Wisconsin and
northeastern Illinois. Through its banking network, State Financial
provides commercial and retail banking products, secondary market
mortgage loan originations and investment brokerage activities.
Associated Banc-Corp offers a full range of traditional banking
services and a variety of other financial products and services,
with the No. 1 branch distribution position in most of its key
markets. Associated has been named a Mergent Dividend Achiever
based on its 34-year history of dividend increases, is a member of
the Forbes Global 2000, and has been a leading Small Business
Administration lender for many years. More information about
Associated Banc-Corp is available at www.AssociatedBank.com.
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such because the context of the
statement will include words such as "believes," "anticipates" or
"expects," or words of similar import. Such forward-looking
statements are subject to certain risks and uncertainties, which
could cause actual results to differ materially from those
currently anticipated. Such risks and uncertainties include, among
others, State Financial's and Associated's ability to complete the
merger in a timely manner or at all, the risk that the business of
State Financial will not be integrated successfully into
Associated, the risk that the cost savings from the merger may not
be fully realized or may take longer to realize than expected, and
other factors discussed in the filings of Associated and State
Financial with the Securities and Exchange Commission. Investors
should consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements.
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