Associated Bank is trimming its branch count, with several Wisconsin branches expected to close.
The bank, owned by Green Bay-based Associated Banc-Corp (NYSE: ASB), intends to close seven Wisconsin branches, many of which are inside retail locations. In addition, Associated Bank is closing six offices in Illinois. The closures add to the number of offices banks have shuttered since the 2009 nationwide peak in branch locations.
The 13 branches are scheduled to close Nov. 18, spokesperson Jennifer Kaminski said by email.
“The analysis of branch locations, their transaction trends and strategic fit, is an ongoing process at Associated and throughout the banking industry,” Kaminski said. “These consolidations reflect a recent evaluation of our retail footprint to ensure our network is ideally positioned for future success, especially as it pertains to evolving customer banking preferences and the changing regulatory and competitive environment.”
Kaminski said the 13 branches would consolidate with others in the bank’s network as customers across the industry adopt digital banking tools. Other aspects of that trend include smaller branch footprints and fewer walk-in branch visitors, Kaminski said.
Associated Bank plans to close the following offices at grocery stores:
The financial institution also intends to close its office on Londonderry Drive in Madison, which is consolidating with a location at 4402 E. Towne Blvd.
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Kaminski did not say how many employees were affected by closures, but she said the bank would work with those affected on finding new positions within the organization, as they are available.
The latest wave of closures by Associated Bank comes about a year after the firm revealed it would shed eight locations from its branch network. According to the Federal Deposit Insurance Corp., Associated Bank now has 159 offices in Wisconsin, along with 41 in Illinois and 19 in Minnesota.
Associated Bank continues to open branches while also shrinking its footprint. For example, a “micro branch” is planned in downtown Milwaukee, where the business has a significant corporate presence and owns an office tower.
In addition to ranking as the largest Wisconsin-based bank, based on its approximately $37 billion in assets, FDIC figures show Associated Bank also ranks fourth in the Milwaukee area for market share, based on its deposits.
Behind Associated Bank in that ranking is Wells Fargo Bank, which recently closed its branch on North Third Avenue in Edgar, and it’s closing an ATM on South 24th Avenue in Wausau. A spokesperson for the bank said the closures will leave Wells Fargo with 42 branches and 58 ATMs in the state.
“Branches continue to play an important role in the way we serve our customers, and we continuously evaluate our branch network in light of changing customer needs, the increase in the use of digital banking, market factors and economic trends,” the spokesperson said by email.
As of June 30, 2021 – the most recent available data – Wisconsin had about 1,800 bank offices, which mainly were full-service branches, FDIC figures show. At the peak of branching in 2009, the state had about 2,400 bank offices.
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