Jeramey Jannene
Eyes on Milwaukee

Associated Closing Southside Branch, Five Others

Closures span Wisconsin and Illinois.

By - Aug 11th, 2023 01:30 pm
Associated Bank at 3847 S. Howell Ave. Photo by Jeramey Jannene.

Associated Bank at 3847 S. Howell Ave. File photo by Jeramey Jannene.

The largest Wisconsin-based bank is shuttering six of its approximately 200 branches.

Associated Bank will close five branches in Wisconsin and one in Chicago. The only city of Milwaukee closure is a stand-alone branch at 3847 S. Howell Ave. in the city’s Tippecanoe neighborhood. Customers are advised to use a branch in St. Francis at 3719 S. Kinnickinnic Ave.

“The consolidations align with an industry-wide trend, which includes consumers’ adaption to digital banking, a smaller branch footprint and lower frequency of walk-in traffic,” said a company spokesperson. “Associated will work with impacted colleagues to find a new role within the company, where positions are available.”

The branches will be closed starting Nov. 17.

One other branch in the Milwaukee area will close. The South Milwaukee at 2815 S. Chicago Ave. will be consolidated into the branch Oak Creek branch at 7940 S. 6th St.

Additional Wisconsin branches closing include those in Allouez, Menomonie and Manitowish Waters. The Chicago branch closing is part of a consolidation of two branches in The Loop.

Associated operated the S. Howell Avenue branch since 2018, when it acquired Bank Mutual. FDIC records indicate the branch dates back to 1940. City assessment records say the building was constructed in 1979. The bank owns the 0.52-acre property, located just north of E. Howard Avenue.

The Green Bay-based bank has now closed branches in three consecutive years.

“The analysis of branch locations, their transaction trends and strategic fit, is an ongoing process at Associated and throughout the banking industry,” said a spokesperson. “These consolidations reflect a recent evaluation of our retail footprint to ensure our network is ideally positioned for future success, especially as it pertains to evolving customer banking preferences and the changing regulatory and competitive environment.”

On July 20, the company reported $84 million in earnings in the second quarter of 2023.  It had $32 billion in deposits and $41 billion in total assets. Associated has locations in Wisconsin, Illinois and Minnesota.

In addition to its Green Bay headquarters, the bank has several hundred employees in the recently-renovated Associated Bank River Center tower in downtown Milwaukee. After the closure, it will have 12 full-service branches in Milwaukee and several others in surrounding communities.

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