By Paul Schmitt
The recent announcement that Associated Banc-Corp of Green Bay is in the process of purchasing Bank Mutual will likely have an impact in the local banking industry. According to the Milwaukee Journal Sentinel, the $482 million transactions between the largest and third-largest banks based in Wisconsin will eventually lead to closures and job cuts. Bank of Luxemburg President Tim Treml says the merger means another loss of a community bank and relationships.
Associated Banc-Corp has three branch locations in Sturgeon Bay and one in Baileys Harbor. Bank Mutual has one location in Sturgeon Bay.