Associated Bank Announces Community Commitment of $3.37 Billion

Rhea-AI Summary

Associated Banc-Corp announced a landmark $3.37 billion Community Commitment Plan on April 7, 2021, representing a 40% increase from its previous plan. This three-year initiative aims to support communities across Wisconsin, Minnesota, and Illinois through various financial services and investments. Key commitments include $2.4 billion for residential mortgages, $350 million for small business loans, and $600 million for community development. The plan is a continuation of previous successful efforts, aiming to enhance access to financial products for low-to-moderate-income and minority communities.

Positive

• $3.37 billion Community Commitment Plan shows increased investment in community support.
• $2.4 billion allocated for residential mortgages to low-to-moderate-income borrowers.
• $350 million in small business loans to stimulate economic growth.
• Continued focus on community development with $600 million in loans and investments.

Negative

• None.

GREEN BAY, Wis., April 7, 2021 /PRNewswire/ -- Associated Bank, N.A. today announced its $3.37 billion Community Commitment Plan (Plan) focused on helping the communities it serves across Wisconsin, Minnesota and Illinois. This is a 40 percent increase from the 2018-2020 Plan and the organization's most significant commitment to date. The Plan sets forth the company's three-year commitment to help communities grow and prosper through sound financial services, volunteerism and community investment.

Highlights of Associated's commitments include:

• $2.4 billion in residential mortgages and $15 million in down payment and closing cost assistance to support low-to-moderate-income (LMI) and minority borrowers and/or majority-minority geographies.
• $350 million in small business loans to support the growth of businesses with revenues of $1.6 million or less, companies in need of loans of $1.6 million or less in LMI or minority census tracts, and businesses leveraging SBA loan programs.
• $600 million in community development loans and investments supporting economic development, affordable housing, small business growth and lending to nonprofits that support LMI communities.
• $8 million in Community Reinvestment Act (CRA)-qualified philanthropic grants and/or in-kind donations.
• 14,000 hours of CRA-qualified volunteer time.

"Associated Bank is committed to playing an active role in helping our communities grow and prosper. We are proud to continue increasing our efforts and investments for the greater good. It is core to who we are and how we work," said Philip B. Flynn, Associated Bank president and CEO. "We have immersed ourselves in our communities, working with Community Advisory Councils in each of our major markets to address the most systemic economic development and equity issues."

A significant part of Associated Bank focuses on building a more inclusive and equitable environment by enhancing the workforce, strengthening its markets, and fostering a culture of belonging for its colleagues, customers and the communities they serve.

"Associated is committed to serving its community members. The basis of our approach is to ensure that minority and LMI communities have access to financial products and services and Associated Bank does that by giving our time through colleague volunteerism and strengthening our communities through our provision of financial resources," said LaDonna Reed, director of community accountability, Associated Bank.

The Plan is an extension and elevation of a similar three-year plan Associated Bank committed to in 2018. Some 2018-2020 results include: over 9,500 residential mortgages or approximately $1.8 billion in loans helping LMI and minority families obtain homeownership; more than $570 million in small business loan commitments; and more than $952 million in community development loans and investments to create affordable housing options, support community services and promote economic development in our markets.

A copy of the 2021-2023 Plan can be found at https://www.associatedbank.com/pdf/CommunityCommitmentPlan.pdf

ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $33 billion and is one of the top 50 publicly traded U.S. bank holding companies. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 220 banking locations serving more than 120 communities throughout Wisconsin, Illinois and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com. 

Media Contact: Jennifer Kaminski
Vice President | Public Relations Senior Manager
920-491-7576 | Jennifer.Kaminski@AssociatedBank.com

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SOURCE Associated Banc-Corp

FAQ

What is the amount of Associated Banc-Corp's new Community Commitment Plan?

The new Community Commitment Plan amounts to $3.37 billion.

How much is allocated for residential mortgages in the new plan?

The plan allocates $2.4 billion for residential mortgages.

When was the Community Commitment Plan announced?

The Community Commitment Plan was announced on April 7, 2021.

What are the key goals of the new Community Commitment Plan?

The plan focuses on supporting low-to-moderate-income and minority borrowers through mortgages, small business loans, and community investments.

How does Associated Banc-Corp plan to enhance community investment?

Associated Banc-Corp plans to enhance community investment through $600 million in community development loans and investments.