Associated Bank appoints Twin Cities market president, Paul Schmidt

Rhea-AI Summary

Associated Banc-Corp has appointed Paul Schmidt as the new Twin Cities market president, a strategic move aimed at enhancing their Engage Local initiative. With $2.5 billion in deposits in Minnesota, Schmidt aims to leverage the area's robust economy for growth. Bringing nearly 40 years of banking experience, he will oversee approximately 200 colleagues across 17 locations. This initiative is part of the company's broader strategy to strengthen its local presence and respond to community needs while enhancing core lending capabilities.

Positive

• Appointment of Paul Schmidt as Twin Cities market president expected to bring strong leadership.
• Engage Local initiative aims to enhance community engagement and business growth.
• Schmidt's extensive experience may lead to improved operational efficiency.

Negative

• Concerns about continuity due to management changes.
• Experience gap noted as Schmidt takes on an expanded role.

Market primed for accelerated growth through new, Engage Local initiative

MINNEAPOLIS, July 14, 2022 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today announced the appointment of Paul Schmidt to the role of Twin Cities market president. The company also announced plans for the expansion of its market commitment and accelerated growth through its new Engage Local initiative.

"With approximately $2.5 billion in deposits¹, Minnesota is Associated Bank's third-largest footprint. Given its strong economy and diverse set of industries, this market has tremendous opportunity for growth," said Andy Harmening, president and CEO, Associated Bank. "I can't think of a better person to serve as our market president and lead these efforts than Paul Schmidt. As a veteran of the commercial finance business and highest-ranking colleague in the Twin Cities, he knows and is committed to the success of this market."

Schmidt joined Associated Bank in 2015 and has nearly 40 years of banking experience. In addition to the role of market president, he will continue to serve as the company's head commercial real estate and facilities and as a member of the executive leadership team.

His appointment comes following the successful implementation of multiple corporate-level initiatives focused on the expansion of the company's core lending capabilities, growth of its core businesses and people-first, digital-forward strategies.

"These strategic plans are already well into the execution phase, and we are seeing encouraging results across the board," said Harmening. "Now, we are charting the future of our business on a regional level, with our new Engage Local initiative."

In this expanded role, Schmidt will provide leadership for the market, which includes approximately 200 colleagues across 17 locations. Associated has operated in the market since the mid-90s and offers a full array of consumer, wealth management, commercial banking and commercial real estate products and services to the bank's customer base.

Schmidt will also lead the Twin Cities regional leadership team in prioritizing efforts for the market. This ground-up approach takes areas of the business that are important to the company – sales, marketing, charitable giving, volunteerism and culture – and empowers colleagues to bring them to life at the local level.

"To grow the business, we must respond to – and ideally, anticipate our colleague, customer and community needs," said Schmidt. "Given our size and strength in the market, we are well positioned to focus on opportunities to grow our business while making Associated Bank a stronger partner for our customers and the community."

Associated Bank launched its Engage Local initiative in the greater Twin Cities market in the second quarter.

More information is available in the Associated Bank newsroom.

¹$2.5 billion in deposits as of the FDIC data published annually  

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $35 billion and is Wisconsin's largest bank holding company. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from more than 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, 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

Investor Contact: Ben McCarville
Vice President | Director of Investor Relations
920-491-7059 | Ben.McCarville@AssociatedBank.com

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SOURCE Associated Banc-Corp

FAQ

Who is the new Twin Cities market president for Associated Banc-Corp?

Paul Schmidt has been appointed as the new Twin Cities market president for Associated Banc-Corp.

What is the Engage Local initiative by Associated Banc-Corp?

The Engage Local initiative aims to enhance community engagement and drive business growth in the local market.

What are the financial metrics of Associated Banc-Corp in Minnesota?

Associated Banc-Corp has approximately $2.5 billion in deposits in Minnesota, making it a significant player in the region.

What impact will Paul Schmidt's appointment have on Associated Banc-Corp?

Schmidt's extensive banking experience is expected to strengthen leadership and operational efficiency in the Twin Cities market.