Associated Bank buys bank with St. Louis presence

Associated Banc-Corp is buying an Illinois-based bank that will provide it with access to the St. Louis market.

The Green Bay-based bank announced it will purchase First Staunton Bancshares, Inc. of Staunton, Ill., for a $76.3 million deal. First National Bank has more than 30,000 customers in the eastern St. Louis metropolitan area.

The deal is expected to close in the first quarter of 2020.

“Both of our organizations are built around customer-centric strategies and understand the importance of delivering increasing value to both the customers and the communities we serve,” Associated President and CEO Philip B. Flynn said in a statement. “This acquisition provides the opportunity to increase our Illinois presence and improve the scale of our operations. This ultimately positions us to make further investments in the St. Louis metro market and deliver increased network value to our customers and shareholders.”