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October 10, 2013

Associated Bank pays out $13 million, locally moves mortgage office

Here's a couple news tidbits about Associated Bank this week. One's a national deal and the other's about the downtown Rochester Associated branch:

As part of a $13 million lawsuit settlement, affected Associated Bank customers received automatic payments deposited into their accounts on Wednesday.

FULL DISCLOSURE: I received a settlement payment of $7.64 from Associated on Wednesday.

Qualified recipients, who are no longer Associated Bank customers, will receive a check by mail.

Customers did not need to file a claim to receive a payment. The payments were assigned automatically to customers who were improperly charged overdraft fees from 2004 and 2012.

While admitting no liability, the Wisconsin-based bank agreed to pay $13 million  to settle a class action lawsuit that accuses the bank of manipulating checking-account overdraft fees.

Green Bay, Wis.,-based Associated has 270 offices in Wisconsin, Illinois and Minnesota, including five branches in Rochester.

Closer to home, Associated Bank moved its mortgage personnel this week from the the second floor of its downtown branch to the main level. I believe that leaves that level empty or almost empty. That's interesting given the recent sale of that building.

´┐╝associatedmortgageofficeBloom International Realty recently paid $7.7 million to three ownership groups for their portions of the Associated Bank Building at 206 S. Broadway.

On Sept. 16, Bloom paid $4 million to Associated Bank, which owned three floors. Local real estate investors Dave Bahr and Dr. Fred Carlson received $2.7 million for the three floors they owned. R & A Partnership, a group that includes some principals of the Dunlap & Seeger law firm, were paid $1 million for the fifth floor. The firm has offices on that floor as well as some on the fourth floor.

The tenants, which include the bank, the Dunlap & Seeger law firm, Exhibitor Magazine Group, Mayo Clinic, Cardon Outreach, the O'Brien & Wolf law firm, Minnesota Public Radio and others, were told they need to vacate the building at least by 2015.

Comments

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There is alot of dirt being moved across from Century High School to the south. Anyone know what's going in there?

CJ - I believe that site is where a new batch of townhomes will be built. I'll check to see if that's correct or if it is something else.

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