Acquisition

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Acquisition

Acquisitions

On October 2, 2017, the Corporation completed its previously announced acquisition of Whitnell & Co., a wealth management family office services firm based in Oak Brook, IL. The Corporation recorded goodwill of $4 million and other intangibles of $2 million related to the Whitnell & Co. acquisition.

During the first quarter of 2017, the Corporation completed a small insurance acquisition to complement its existing insurance and benefits related products and services provided by Associated Benefits and Risk Consulting. The Corporation recorded goodwill of $55,000 and other intangibles of $162,000 related to the insurance acquisition.

See Note 5 for additional information on goodwill and other intangible assets

On February 1, 2018, the Corporation acquired Bank Mutual Corporation ("Bank Mutual") pursuant to an Agreement and Plan of Merger, dated as of July 20, 2017 (the "Merger Agreement") under which Bank Mutual merged with and into the Corporation. Under the terms of the Merger Agreement, Bank Mutual’s shareholders received 0.422 shares of the Corporation's common stock for each share of Bank Mutual’s common stock. The Corporation expects to issue approximately 19.6 million shares for a total deal value of approximately $485 million based on the closing sale price of a share of Associated common stock on January 31, 2018. We expect to merge Bank Mutual's banking subsidiary into Associated Bank in late June or July 2018.

See Note 23 for additional information on recent developments related to the Bank Mutual acquisition.