Wisconsin-based Associated Banc-Corp has agreed to acquire Illinois-based First Staunton Bancshares, the parent of The First National Bank in Staunton, in an all-cash deal worth around $76.3m.

Under the agreement, First National Bank will merge with Associated subsidiary Associated Bank, N.A.

Associated Bank has a customer base of over one million in 120 communities across eight states, while First National Bank caters to more than 30,000 customers in the Metro East region of the St. Louis Metropolitan Area.

The deal is pending regulatory approvals and anticipated to be wrapped up in the first quarter of next year.

It already obtained the go-ahead from the boards of the two parties.

First National Bank COO and director Gina Lotter and chief lending officer Brian Ury will move to Associated Bank as part of the deal.

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At Associated Bank, the pair will be responsible for client retention and employee engagement and work as ambassadors for the bank’s community involvement.

Associated president and CEO Philip Flynn said: “Both of our organisations are built around customer-centric strategies and understand the importance of delivering increasing value to both the customers and the communities we serve.

“This acquisition provides the opportunity to increase our Illinois presence and improve the scale of our operations. This ultimately positions us to make further investments in the St. Louis metro market and deliver increased network value to our customers and shareholders.”