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Acquisition
6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Acquisition
Acquisition
On February 17, 2015, the Corporation acquired Ahmann & Martin Co., a risk and employee benefits consulting firm based in Minnesota. The firm merged into Associated Financial Group, LLC the Corporation's insurance brokerage subsidiary. The Corporation's acquisition of Ahmann & Martin Co. enhances the Corporation's ability to offer clients unique, comprehensive solutions to meet their insurance and financial risk management needs. The transaction was valued at approximately $48 million with the opportunity to increase the consideration by $8 million should certain contingencies be met over a defined period.
The transaction was accounted for using the acquisition method of accounting and as such, assets acquired, liabilities assumed and consideration exchanged were recorded at their estimated fair value on the acquisition date. Goodwill from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired and is not deductible for tax purposes. As a result of the acquisition, the Corporation recorded goodwill of approximately $40 million and other intangible assets of approximately $12 million. Goodwill was assigned to the Corporation's Community, Consumer, and Business segment.
During the second quarter of 2015, the Corporation made acquisition valuation adjustments impacting certain assets acquired in connection with the acquisition of Ahmann & Martin Co. As a result of these adjustments, our consolidated balance sheet as of June 30, 2015 reflects a $70,000 increase in goodwill and a $500,000 increase in other intangible assets when compared to previously reported amounts. See Note 8 for additional information on goodwill and other intangible assets.