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ASSOCIATED BANC-CORP AND F&M FINANCIAL SERVICES COMPLETE MERGER TODAY

 ASSOCIATED BANC-CORP AND F&M FINANCIAL SERVICES COMPLETE MERGER TODAY
 GREEN BAY, Wis., May 8 /PRNewswire/ -- Associated Banc-Corp (NASDAQ: ASBC) announced today that shareholders of Associated and of F&M Financial Services Corp. (NASDAQ: FMFS) formally approved the merger of the two bank holding companies at separate meetings held today and immediately thereafter completed the merger. The combined company retains the name of Associated Banc-Corp and will be the fourth largest Wisconsin-based holding company with $2.8 billion in assets.
 Under terms of the merger, F&M shareholders will receive 0.8 shares of Associated Common Stock for each share of F&M stock owned.
 Associated Banc-Corp Chairman and Chief Executive Officer H.B. Conlon said, "Since we announced our intention to merge last year, Associated and F&M have been confident that the combination of these two quality organizations would be positively received by our mutual shareholders. Today, we received that vote of confidence.
 According to Richard P. Klug, F&M's chairman, president and chief executive officer, "Now, with 71 locations throughout Wisconsin and Illinois, Associated's and F&M's customers will benefit from an expanded network of locations and additional products and services the combined organization will provide." After consummation of the merger, Klug will assume the post of executive vice president of Associated. Klug will also remain as chairman of F&M Bank Menomonee Falls and chairman of its executive committee and as chairman of F&M Trust Co. Inc.
 Associated shareholders also re-elected the following individuals to serve on association's board as follows:
 For a one-year term: Howard J. Curler, chairman, Bemis Co. Inc., Minnespolis, and Theodore M. Leicht, consultant, Green Bay. To serve for a two-year term: Harry B. Conlon, chairman, president and chief executive officer of Associated; Ronald R. Harder, president and chief executive officer, Jewelers Mutual Insurance Co., Neenah, Wis., and J. Douglas Quick, president and chief executive officer, Lakeside Foods Inc., Manitowoc, Wis.; and to serve for a three-year term: Robert Feitler, president, WEYCO Group Inc., Milwaukee; Robert C. Gallagher, executive vice president, Associated, and president of Associated Kellogg Bank, Green Bay; and John C. Meng, president and chief executive officer, Schreiber Foods Inc., Green Bay.
 Former directors of F&M, Richard P. Klug, John S. Holbrook Jr. and James F. Janz were also appointed by Associated's board of directors, after consummation of the merger, to Associated's board and will serve until the next annual meeting of Associated's shareholders. Holbrook is a partner in the Milwaukee-based law firm of Quarles & Brady. Janz is senior vice president of Zilber Ltd., a Milwaukee-based holding company engaged primarily in real estate development and management.
 The combined F&M/Associated banking organization has 71 banking facilities in Wisconsin and Illinois with $2.8 billion in assets. On completion of the acquisition of Northeast Wisconsin Financial Services, Sturgeon Bay, Wis., later this month, Associated will have 75 full- service banking facilities and nearly $2.9 billion in assets.
 In addition to traditional banking services, Associated Banc-Corp offers trust, insurance, leasing, correspondent and investment, mortgage and real estate brokerage services.
 -0- 5/8/92
 /CONTACT: Mary Magyar of Associated Banc-Corp., 414-253-2313/
 (ASBC) (FMFS) CO: Associated Banc-Corp; F&M Financial Services Corp. ST: Wisconsin IN: FIN SU: TNM


PS -- NY076 -- 8291 05/08/92 17:38 EDT
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Publication:PR Newswire
Date:May 8, 1992
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