Associated Banc-Corp to acquire Chicago thrift in stock swap

Associated Banc-Corp of Green Bay said Thursday that it had agreed to acquire Chicago-based Gladstone- Norwood Trust & Savings Bank in a stock swap.

The merger, subject to regulatory approval, was revealed in a joint announcement made in Chicago by H.B. Conlon, Associated's chairman and chief executive officer, and Eugene P. Mroz, the chairman and chief executive officer of GN Bancorp, parent of the $130 million thrift.

Associated declined to reveal the details of the deal, which is expected to be completed in the next three to six months.

"GN's addition to the company will be key to our long-term growth strategy in our Chicago region," Conlon said.

Associated is a diversified multibank holding company with more than 85 banking locations in Wisconsin and northern Illinois. It has assets of $3.28 billion.

Associated now serves individuals and small to mid-size businesses in downtown Chicago. The Gladstone- Norwood acquisition will allow Associated to expand its reach to the city's northwest side.

Mroz said the two banks had "parallel philosophies" on the role of a local bank in a community. Both believe in the importance of "locally made decisions" and a "strong commitment to the employees," he said.

"Of all the banking organizations that asked to speak with us, Associated simply presented the best fit," Mroz said in a statement. "By joining the Associated network of quality banks, we believe the resources and products available to our business and retail customers is greatly enhanced."

When the acquisition is completed, Associated will have more than $400 million in assets and five banking offices in Chicago.

Copyright 1995
Provided by ProQuest Information and Learning Company. All rights Reserved.