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State Financial Services Corp, Milwaukee,Wisconsin & Associated Banc-Corp	Update Date: 01/28/09
Date Announced: 03/21/05
Value (million $USD): 276.3 million U.S. Dollar

Status: Completed

TRANSACTION DETAILS
Date Announced	03/21/05
Date Originally Announced	03/21/05
Format	Merger	Acquisition techniques	Stock Swap
Attitude	Friendly	Agency	Federal Banking Authority; State Banking Authority
Value	276.3 million U.S. Dollar	Advisor Fees	State Financial Services Corp agreed to pay Sandler O'Neil a fee of $0.2 mil for the rendering of its opinion and a reasonable and customary compensation for its financial advisory services.

SYNOPSIS

US - Associated Banc-Corp, Green Bay, Wisconsin (AB) definitively acquired all the outstanding common stock of State Financial Services Corp, Milwaukee, Wisconsin (SF), in a stock swap transaction valued at $276.265 mil. AB offered 1.2 common shares per SF share. Based on AB's closing stock price of $31.85 on March 18, the last full trading day prior to the announcement, each SF share was valued at $38.22. The transaction was subject to the approval of state financial shareholders.

TARGET
Name	State Financial Services Corp, Milwaukee,Wisconsin (SFSW)
Industries	Offices of bank holding companies
City	Milwaukee
State	WI
Nation	United States
Incorporated in	n/a
Public Status	Public
Business Description	Bank holding company
Advisors	Sandler O'Neill Partners L.P.
Target Sales	80.4 million U.S. Dollar

ACQUIROR
Name	Associated Banc-Corp (ASBC)
Industries	State banks,member fed reserve; Security brokers, dealers, and flotation companies; Investment advice; Offices of bank holding companies
City	Green Bay
State	WI
Nation	United States
Incorporated in	WI
Public Status	Public
Business Description	Associated Banc-Corp, located in Green Bay, Wisconsin, is a bank holding company. It offers banking and non-banking financial services to individuals, businesses and municipalities in Wisconsin, Minnesota, Illinois, Arizona, California, Nevada, and Vermont. It operates two segments, Banking and Wealth Management. Its Banking segment offers checking and savings accounts, money market deposits, IRA accounts, and certificates of deposits. Its Wealth Management segment provides fiduciary, investment management, advisory, and corporate agency services. The company was founded in 1964.
Advisors	UBS Investment Bank
Acquiror Sales	978.4 million U.S. Dollar

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