• NYSE: ASB
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  • 23.25
    Stock Quote ($)
  • Change ($) (0.08)
  • Change (%) (0.34)
  • Market Value ($M) 3,889.58
  • Volume 1,137,541
  • As of 11/16/2018 Close Minimum 20 minute delay.

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Associated Banc-Corp
Actual Acquirer:
Associated Banc-Corp
Target:
Bank Mutual Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
7/20/2017
Announcement Date:
7/20/2017
Announced Deal Value ($ M):
482.28
Status:
Completed
Completion Date:
2/1/2018
Announced Deal Value Per Share ($ )
10.38

Consideration Breakout
Common Stock ($M) 479.7
Common Stock Issued 19,500,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 165.3 167.6
Price / Tangible Book (%) 165.3 167.6
Price / Earnings (x) 28.8 36.0
Price / Deposits (%) 25.35 25.89
Price / Assets (%) 18.07 18.39
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

Associated Banc-Corp exchanged 0.422 shares of its common stock for each of the outstanding share of Bank Mutual Corp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 175,499
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 31,302
Est. Restructuring Charges ($ 000) 40,000
Maximum Termination Fee ($ 000) 17,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.422000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 58,100
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Goldman Sachs & Co. LLC
Seller Yes RBC Capital Markets LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Wachtell Lipton Rosen & Katz
Seller Yes Quarles & Brady LLP