Associated Banc-corp · NYSE:ASB
Associated Banc-corp — Merger or Acquisition (July 2017)
14 slides from Associated Banc-corp's merger presentation, Jul 20, 2017
Slide 1: Associated Banc-Corp Acquisition of Bank Mutual
Associated Banc-Corp Investor Presentation Acquisition of July 20, 2017 Exhibit 99.4
Slide 2: Disclaimer: Forward-looking statements
Disclaimer Important note regarding forward-looking statements: This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amend
Slide 3: Disclaimer: Important Additional Information and Where to Find It
Disclaimer Important Additional Information and Where to Find It In connection with the proposed merger, Associated will file with the SEC a Registration Statement on Form S-4 that will include a Proxy Statement of Bank Mutual and a Prospectus of Associated, as well as other relevant documents conce
Slide 4: Strategic and Financial Rationale
Strategic and Financial Rationale Franchise Value Enhancing Transaction Strengthens our position as the Midwest’s premier financial services company with the addition of Bank Mutual, a 125 year old banking franchise and the largest bank headquartered in Milwaukee, Wisconsin Enhances Associated’s mar
Slide 5: Transaction Summary
Transaction Summary 1 – Based on ASB closing share price of $24.60 on 19-Jul-17 and an assumed BKMU fully diluted share count of 46.5MM. Buyer Associated Banc-Corp (NYSE: ASB) Seller Bank Mutual Corporation (Nasdaq: BKMU) Consideration 100% stock Fixed Exchange Ratio 0.422 shares of ASB common stock
Slide 6: Overview of Bank Mutual
Overview of bank mutual Source: FDIC (deposit market share data as of 30-Jun-16); Bank Mutual filings 1 – Excludes previously announced pending sale of five branches. 57 branches in WI and one branch in MN. Company profile Top markets by deposits ($mm)1 Year Founded 1892 Headquarters Milwaukee, WI B
Slide 7: Associated's Pro Forma Footprint
Associated’s Pro forma footprint Pro forma Branch Footprint Largest bank headquartered in the state of Wisconsin > $32bn combined total assets Adds > 120,000 customer accounts to the Associated franchise Positioned to further invest in and better support the customer experience Offers new customers
Slide 8: Pro Forma Loan and Deposit Composition
Pro forma loan and deposit composition Note: Figures as of 30-Jun-17. Loans Deposits Associated Bank mutual Pro Forma associated Bank mutual Pro Forma
Slide 9: Thorough Due Diligence and Integration Plan
Thorough Due diligence and integration plan Comprehensive due diligence completed by team of Associated Bank employees as well as outside 3rd party professionals In-depth review of all strategic, financial, operational, compliance, and credit aspects of Bank Mutual Scope of credit due diligence incl
Slide 10: Transaction Multiples and Key Assumptions
Transaction Multiples and key ASSUMPTIONS 1 – Based on ASB closing share price of $24.60 on 19-Jul-17. 2 – Based on BKMU IBES median 2017E EPS of $0.38 plus 45% fully phased-in after-tax cost savings. Transaction Pricing1 12.2% premium to BKMU’s closing price of $9.25 on 19-Jul-17 1.6x price / tangi
Slide 11: Estimated Pro Forma Financial Metrics
Estimated Pro Forma Financial Metrics 1 – Based on ASB and BKMU IBES median EPS estimates in 2017, 2018, and grown at 7% IBES median long-term growth rate thereafter. EPS accretion is excluding one-time charges. 2 – Estimated regulatory capital ratios as of 30-Jun-17. 3 – Estimated pro forma capital
Slide 12: Accelerates 2017 Strategic Priorities
Accelerates 2017 Strategic Priorities Strengthening Customer Relationships Delivering on our Strategy Expanding our Community Presence Providing Long-term Value to Shareholders A low-risk transaction with significant opportunities for cost savings Expected to produce modest initial dilution to tangi
Slide 13: For more information
For more information Visit Our Website: http://investor.associatedbank.com E-Mail Requests to: Investor.Relations@associatedbank.com Call Investor Relations at: (920) 491-7059 Write to: Associated Bank Investor Relations 433 Main Street Green Bay, WI 54301
Slide 14: Reconciliation and definitions of non-GAAP items
Reconciliation and definitions of non-gaap items Tangible Common Equity Reconciliation1 ($ in millions) Bank Mutual 30-Jun-17 Total common equity $291 Goodwill and other intangible assets, net – Tangible common equity $291 Tangible Assets Reconciliation1 ($ in millions) Bank Mutual 30-Jun-17 Total a
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