Jon Drayna, Vice President, Corporate Communications
Associated Banc-Corp
920-491-7006
News Release
GREEN BAY, Wis. – April 1, 2004 – Associated Banc-Corp (NASDAQ: ASBC) has
acquired Jabas Group, Inc., one of Wisconsin’s leading employee benefits
firms, through Associated’s insurance subsidiary, Associated Financial
Group, LLC.
With the Jabas acquisition, Associated’s second insurance-related
acquisition in 12 months, Associated Financial Group has become one of the
leading business insurance advisors in Wisconsin and the 43rd largest in the
United States. In April of 2003, Associated acquired CFG Insurance Services,
Inc., one of the largest business insurance firms in Minnesota, to
complement Associated’s existing insurance operation in Waukesha, Wis.
Jabas has historically focused on employee benefits, and that will continue
to be the core focus of the Jabas team. However, by joining Associated
Financial Group, Jabas will develop a broader array of services, including
employee benefits, commercial property and casualty insurance, and human
resource consulting services. Associated Financial Group also provides
personal lines of insurance such as homeowners and auto insurance to
consumers.
“The acquisition of the Jabas Group complements Associated’s array of
financial service offerings,” said Paul Beideman, president and CEO of
Associated Banc-Corp. “When we acquired CFG, we quickly confirmed our
expectation that our banking customers would be interested in business
insurance services and that CFG’s insurance clients would find value in
Associated’s banking services. With Jabas’ outstanding reputation in
Wisconsin, we expect to replicate that synergy across Associated’s
footprint.
“More importantly for our customers, Associated, with the Jabas team, now
provides one-stop shopping for a full range of business services throughout
Wisconsin and Minnesota. We are confident Jabas clients and Associated
customers alike will enjoy the benefits of this combination,” he said.
Jabas has a force of 26 consultants providing deep expertise and responsive
personal support for a full array of employee benefit products. These
products include medical, dental, life, disability, vision and prescription
drug plans, along with benefit strategic planning services, and various
technology products to support any employers’ approach to benefits. Jabas
serves over 1,000 business clients through seven offices throughout
Wisconsin. The firm is based in Kimberly, Wisconsin.
Jabas principals Scott Jabas, John Lochner, President Larry Sobal, and the
firm’s consulting force will remain in place and serve as the basis for a
Northeast Wisconsin division of Associated Financial Group.
“By becoming a part of Wisconsin’s premier financial services organization,
Scott, John and I see significant benefits for our many clients and the
insurance companies with whom we work,” Sobal said. “Associated’s
three-state distribution network and its complementary array of other
business insurance services – not to mention Associated’s banking expertise
– will make the combined organization an unbeatable resource for businesses
across Wisconsin, Illinois and Minnesota.”
Lochner added, “Associated has been a valued client of Jabas for over 20
years, and we know the organization quite well. Their longstanding community
banking values demonstrate the organization’s commitment to local decision
making and its faith in the management skills of its leaders throughout the
organization. This philosophy will extend to the employee benefit insurance
business as we sustain local community relationships while bringing more
resources to our customers.”
Associated Banc-Corp, headquartered in Green Bay, Wis., is a diversified
multibank holding company with total assets of $15.2 billion, serving
Wisconsin, Illinois, and Minnesota through more than 200 banking offices.
Associated offers a full range of traditional banking services and a variety
of other financial products and services. More information about Associated
Banc-Corp is available at www.AssociatedBank.com.
This news release contains forward-looking statements that involve a number
of risks and uncertainties. Among the important factors that could cause
actual results to differ materially from those indicated by such
forward-looking statements are interest rates, changes in the mix of the
company’s business, competitive pressures, general economic conditions, and
the risk factors detailed in the company’s periodic reports and registration
statements filed with the Securities and Exchange Commission.
