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ASSOCIATED BANC-CORP AND CITIZENS BANK AND TRUST AGREE TO MERGE

 GREEN BAY and WAUSAU, Wis., Dec. 23 /PRNewswire/ -- Associated Banc-Corp. (NASDAQ: ASBC), Wausau Financial Corporation and its subsidiary Citizens Bank & Trust, today announced a definitive agreement to merge in a stock-for-stock transaction. The agreement provides for a tax-free exchange of Wausau Financial and Citizens Bank shares for Associated Banc-Corp common shares. The terms of the transaction will be described in detail in proxy materials to be delivered to shareholders.
 The merger, subject to approval by shareholders of Wausau Financial and regulatory authorities is expected to be completed during the second quarter of 1993.
 According to Ronald M. Frary, chairman and chief executive officer of Wausau Financial and Citizens Bank & Trust, "Associated's philosophy of providing the resources necessary to allow local managers to make decisions within their respective community will provide our bank with a unique opportunity to continue to serve the growing needs of our communities. The trust and business products and services available through Associated will enhance the products and services we can currently offer our customers."
 H.B. Conlon, chairman and chief executive officer of Associated said, "The Wausau market is a growing, major metropolitan area in north central Wisconsin. The addition of the $75 million-Citizens Bank & Trust is an important strategic addition that complements our network of banks in this area of Wisconsin. When the merger is completed we will have over $300 million in assets in Marathon county and the neighboring north central Wisconsin counties of Wood, Taylor and Shawano."
 Conlon added, "We look forward to working with the staff in developing a growth strategy that will enhance the ability of the bank to deliver quality banking products and services to the Wausau marketplace."
 Associated Bank-Corp, headquartered in Green Bay, Wis., is a diversified multibank holding company with over 75 banking locations in Wisconsin and Illinois. The $2.9-billion company also offers a variety of financially related products and services through other Associated affiliates, to complement its traditional line of banking products.
 -0- 12/23/92
 /CONTACT: H.B. Conlon or Joseph B. Selner, 414-433-3166, both of Associated Banc-Corp; or Ronald M. Frary, 715-845-4301, of Citizens Bank & Trust/
 (ASBC)


CO: Associated Banc-Corp; Citizens Banc & Trust ST: Wisconsin IN: FIN SU: TNM

DA -- CL011 -- 9722 12/23/92 17:07 EST
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Publication:PR Newswire
Date:Dec 23, 1992
Words:374
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