State Financial Services Corporation Shareholders Approve Merger with Associated Banc-Corp
24 Agosto 2005 - 1:05PM
Business Wire
The shareholders of State Financial Services Corporation
(NASDAQ:SFSW) today overwhelmingly approved the previously
announced merger with Associated Banc-Corp (NASDAQ:ASBC) at the
special meeting of shareholders. The merger is subject to
regulatory approval and is expected to close in the third quarter
or early in the fourth quarter of this year. More than 99 percent
of the State Financial shares represented at the special meeting
were voted in favor of approval of the merger. The combined company
will expand Associated's leading distribution system in Wisconsin
and will have more than 300 branch offices and more than 350 ATM
locations throughout Wisconsin, Illinois and eastern Minnesota
following the acquisition. The conversion of State Financial's
operating systems to Associated's platform is scheduled for the
fourth quarter of 2005. "The two companies share a customer-focused
approach to our communities. Together, we will be able to deliver a
more diverse array of products and services through a more
convenient distribution system. As a result, both our customers and
our shareholders will benefit," said Paul S. Beideman, president
and CEO of Associated. Michael J. Falbo, chairman and CEO of State
Financial, said, "We are very pleased with the support our
shareholders have shown for this combination. Associated Bank will
continue our vision going forward while remaining committed to our
customers and the communities we serve." 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 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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