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Associated Banc-Corp (NYSE: ASB) is a prominent bank holding company headquartered in Green Bay, Wisconsin. With total assets of $41 billion, it stands as the largest bank holding company based in Wisconsin and is recognized as one of the top 50 publicly traded U.S. bank holding companies. The company operates a robust Midwest banking franchise with over 200 banking locations that serve more than 100 communities throughout Wisconsin, Illinois, and Minnesota. Additionally, Associated Banc-Corp extends commercial financial services to Indiana, Michigan, Missouri, Ohio, and Texas through its loan production offices.
Associated Banc-Corp offers a comprehensive suite of financial products and services, catering to both individual and business needs. Its core business segments include Corporate and Commercial Specialty, Community, Consumer, and Business, and Risk Management and Shared Services. The company’s extensive range of services encompasses retail banking, commercial banking, mortgage banking, private banking, and wealth management solutions. Its flagship subsidiary, Associated Bank, N.A., is a member of the FDIC and is an Equal Housing Lender and Equal Opportunity Lender.
In recent developments, Associated Banc-Corp continues to expand and enhance its services under a people-led, digitally enabled strategic plan. This plan involves significant investments in technology, personnel, and product offerings to foster growth and improve customer experience. Notably, the company has strengthened its leadership team with strategic appointments, such as Phillip Trier as Executive Vice President of Commercial Banking Group and Steven Zandpour as Director of Retail Banking. These appointments are set to drive business development and service excellence across major metropolitan markets.
The company recently reported its financial results for the first quarter of 2024, showcasing a net income of $78 million, or $0.52 per common share. This performance reflects the company’s solid strategic execution, with stable loan and deposit growth and a strong capital position. Associated Banc-Corp's commitment to community service is exemplified by initiatives like the annual Day of Service and Stock the Box food drive, which mobilize thousands of employees to support local communities.
More information about Associated Banc-Corp is available at www.associatedbank.com.
Associated Banc-Corp (NYSE: ASB) has announced the addition of four senior relationship managers to strengthen its commercial banking team. This hiring initiative is part of the company's multi-year strategic growth plan aimed at expanding commercial capabilities and deepening client relationships across the Midwest. The new hires include: Stacy Quick (Minnesota market), bringing 20+ years of experience from US Bank; Kevin Kopaska (Iowa market) with 25+ years of experience from Wells Fargo; Mike Hauswirth (Minnesota market) with 30+ years of experience from US Bank; and Scott Rothenbush (Specialty Deposit and Payment Solutions) with 30+ years of banking experience from US Bank.
Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 7.75% to 7.50%, effective December 19, 2024. This adjustment affects Associated Bank, N.A., the company's banking subsidiary.
Associated Banc-Corp (NYSE: ASB) has announced the appointment of Steven Zandpour to its Executive Leadership Team, effective January 1, 2025. Zandpour, 48, will serve as executive vice president and deputy head of Consumer and Business Banking, reporting to David Stein. He joined Associated Bank in January 2024, focusing on consumer and small business growth across major metropolitan markets.
In his expanded role, Zandpour will be responsible for all revenue growth in the Consumer and Business Banking division, including Consumer Lending. Prior to Associated, he served as U.S. head of Specialty Sales at BMO in Chicago and spent 14 years at Fifth Third Bank in Illinois. Zandpour holds an MBA from Notre Dame and a BS in economics from the University of Iowa.
Associated Banc-Corp (NYSE: ASB) has announced the appointment of Heath Sorenson as Executive Vice President and Managing Director of Associated Trust Company. Effective February 1, 2025, Sorenson will assume the role of CEO, succeeding John Thayer, who will transition to Executive Vice President and Senior Leadership Advisor. Sorenson brings over 25 years of wealth management experience and will lead Personal, Corporate and Institutional Trust Services, Investment Management, Retirement Plan Solutions, and Trust Administration/Operations.
The transition follows Thayer's nearly 25-year tenure, during which he unified the bank's wealth management operations and led a team of over 300 professionals to generate nearly $150M in revenue within three years. Sorenson, who joined on December 9, will report to Jayne Hladio, Executive Vice President and Associated Private Wealth President.
Associated Banc-Corp (NYSE: ASB) has announced the appointment of two new members to its Board of Directors: Kristen M. Ludgate and Owen J. Sullivan. Ludgate, 62, currently serves as Chief People Officer at HP Inc. and previously held the position of Chief Human Resources Officer at 3M Company. Sullivan, 67, recently retired as President and Chief Operating Officer of NCR, where he served from 2018 to 2023. Ludgate will serve on Associated's Compensation and Benefits Committee, while Sullivan joins the Enterprise Risk Committee.
Associated Banc-Corp (NYSE: ASB) has announced strategic balance sheet repositioning transactions to accelerate organic growth. The company has sold $1.3 billion of investment securities and plans to sell $0.7 billion in mortgage loans in Q1 2025. The transactions are expected to result in an after-tax loss of approximately $253 million, leading to a net loss in Q4 2024.
The company plans to reinvest $1.5 billion into investment securities and increase wholesale funding capacity by paying down FHLB advances. CEO Andy Harmening stated this repositioning supports their organic strategy by enhancing earnings profile, boosting capital, and providing additional loan growth capacity.
Associated Banc-Corp (NYSE: ASB) has announced the pricing of a public offering of 12 million shares of common stock at $25.00 per share, aiming to raise $300 million in gross proceeds. The underwriters have a 30-day option to purchase up to an additional 1.8 million shares. The offering is expected to close on November 18, 2024. The proceeds will support organic growth, capital generation, and potential balance sheet optimization strategies, including investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers.
Associated Banc-Corp (NYSE: ASB) has announced a proposed public offering of 11.5 million shares of its common stock, with an additional option for underwriters to purchase up to 1.725 million shares within 30 days of pricing. The company plans to use the net proceeds for general corporate purposes, including supporting organic growth, capital generation, and potential investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers for the offering. The stock will be issued under an effective shelf registration statement with the SEC.
Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 8.00% to 7.75%, effective November 8, 2024. The rate change affects Associated Bank, N.A., the company's banking subsidiary.
Associated Banc-Corp (NYSE: ASB) has announced its participation in the 2024 Piper Sandler East Coast Financial Services Conference in Naples, FL, scheduled for November 13-15, 2024. The company's management team will engage with investors during the event. Fourth quarter investor materials will be accessible before the conference through the company's Investor Relations website section at investor.associatedbank.com.
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