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.
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.