LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Associated Banc-Corp (NYSE: ASB) (ASB"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ASB. The Company announced on September 8, 2017 that it is acquiring Whitnell & Co., an Illinois-based wealth management and multi-family office services firm. The acquisition will allow ASB to expand its financial services offerings to include services related to tax, charitable, and estate planning. The financial details and other terms of the agreement were not disclosed by the Companies. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on Whitnell & Co.'s acquisition, Philip B. Flynn, President and CEO of ASB, said:
"The addition of this respected Company adds a strong team to our Chicago-area private client group and positions us to offer unique investment, asset management, and related services to high net worth clients across our markets. The acquisition of Whitnell also furthers our strategy to drive shareholder value through a diverse set of specialty businesses."
Patrick J. Kelly, Chairman of Whitnell, added:
"I believe our organizations possess a shared appreciation of the needs and goals of our clients. We are very pleased to be bringing the added conveniences of our services and an enhanced portfolio of our products to Associated Bank."
Transaction Details
ASB (NYSE: ASB) and Whitnell have a long association of several years allowing each to be familiar with each other's businesses and are aware how their services can complement the other. The transaction is expected to close in October 2017 and is subject to regulatory approvals and other closing conditions.
Once the transaction is completed, Whitnell will become a subsidiary of ASB and continue its business and operations under its own name, i.e. Whitnell & Co.
William E. Thonn, the current President and CEO of Whitnell, will continue to lead the firm in the same position even after the completion of the transaction and will join the Board of ASB as Director. Whitnell brings with him the expertise in family office services. The acquisition will allow ASB to cater to the needs of its high-net-worth clients - business owners, executives, and affluent families, who are looking for unique and customized solutions to help manage and conserve wealth for future generations.
The acquisition is expected to increase ASB's assets under management (AUM) and related run-rate revenue by more than 10%. Presently, Whitnell has an AUM of approximately $1 billion. ASB expects that the acquisition will not impact its earnings for FY17. However, the transaction is expected to be accretive to ASB's earnings in FY18.
In a separate matter, ASB announced that it would disclose its financial performance for Q3 2017 on Thursday, October 19, 2017, after the market closes.
About Whitnell & Co.
Oak Brook, Illinois-based Whitnell was founded by Donald P. Kelly, former Chairman of Beatrice Corp, along with two experienced investment professionals - Bill White and Mike Brunell in the year 1988. The Company offers a wide range of multi-family office services centered around financial planning, wealth management and generational wealth transfer to affluent families in Midwest. Whitnell is also a Registered Investment Advisor (RIA) with the US Securities and Exchange Commission (SEC), which allows it to offer truly objective and customized advice that is best suited to its clients. The Company works on a fee-only revenue model and hence its revenues are directly linked to the success of the advice and services offered to its clients. The services offered by them include Financial planning, Investment management, Family Office Services, Retirement planning, Risk and insurance planning, Tax planning, Charitable planning, Estate planning, etc. The Company is supported by more than 25 professionals.
About Associated Banc-Corp. (NYSE: ASB)
Green Bay, Wisconsin-based Associated Banc-Corp is a leading Midwest banking franchise, offering a full range of banking services and other financial products and services. It is also one of the top 50 publicly traded bank holding Companies in the US. ASB has over 200 banking locations catering to over 100 communities across Wisconsin, Illinois, and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio, and Texas. ASB is supported by approximately 4,350 employees who serve over one million customers. ASB has nearly $30 billion in total assets, $21 billion in loans, $22 billion in deposits, and $3 billion total shareholders' equity.
Last Close Stock Review
On Monday, September 11, 2017, the stock closed the trading session at $21.80, rising 1.16% from its previous closing price of $21.55. A total volume of 1.36 million shares have exchanged hands, which was higher than the 3-month average volume of 961.17 thousand shares. Associated Banc-Corp's stock price rallied 10.66% in the previous twelve months. The stock is trading at a PE ratio of 15.68 and has a dividend yield of 2.20%. At Monday's closing price, the stock's net capitalization stands at $3.30 billion.
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