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Overview of Associated Banc-Corp (NYSE: ASB)
Associated Banc-Corp is a prominent bank holding company in the Midwest, renowned for its comprehensive suite of financial services and its strong operational footprint across the region. As a key player in the banking and commercial lending space, the company provides both banking and nonbanking products with an unwavering commitment to delivering personalized service and robust financial solutions. With a network of nearly 200 banking locations spanning Wisconsin, Illinois, Minnesota, and extended operations in several other states, Associated Banc-Corp successfully serves a diverse customer base comprising individuals, small to mid-size businesses, and commercial enterprises.
Core Business Segments and Operations
Operating through its subsidiaries, the company is organized into three distinct reportable segments that underline its diverse revenue model and operational depth:
- Corporate and Commercial Specialty: This segment focuses on sophisticated financial products tailored for businesses and commercial clients. It leverages expertise in commercial lending, treasury management, and specialized financing solutions to cater to the evolving needs of corporate customers.
- Community, Consumer, and Business: Catering to a broad spectrum of retail and small business customers, this segment offers a complete range of consumer products, including deposit accounts, personal loans, mortgages, and other essential banking services. Its extensive branch network ensures localized service and strong community ties.
- Risk Management and Shared Services: Providing the operational backbone for the organization, this segment ensures that risk is effectively managed across all business units while delivering critical back-office support and shared services that drive efficiency and maintain regulatory compliance.
Associated Banc-Corp (NYSE:ASB) held its 2022 Annual Meeting of Shareholders, re-electing key directors, including Andrew J. Harmening as CEO. Shareholders approved executive officer compensation and ratified KPMG LLP as the accounting firm for 2022. The Board declared a regular quarterly cash dividend of $0.20 per common share, payable on June 15, 2022, with a record date of June 1, 2022. Additionally, dividends of $0.3671875 and $0.3515625 were declared for Series E and Series F Preferred Stocks, respectively, also payable on June 15, 2022.
Associated Banc-Corp (NYSE: ASB) will participate in four investor events in May 2022, including the Stephens Inc. Chicago Bank Trip and the Wells Fargo Financial Services Investor Conference. These meetings are scheduled for May 11, 18-19, and 23-25 in locations such as Rosemont and Chicago, Illinois, and New York, New York. Investor materials for the second quarter will be available on the company's website prior to these events. As Wisconsin's largest bank holding company, Associated Banc-Corp has total assets of $35 billion and provides a wide range of financial services across multiple states.
Associated Banc-Corp (NYSE: ASB) announced plans to eliminate non-sufficient funds (NSF) fees and overdraft protection transfer fees starting early in Q3 2022. The changes will also include the removal of the continuous overdraft fee and a reduction in the daily limit of overdraft occurrences from 4 to 2, aiming to reduce the financial burden on customers by approximately 30%. CEO Andy Harmening emphasized the bank's commitment to transparency and customer needs in this evolving environment.
Associated Banc-Corp (NYSE: ASB) reported a first-quarter net income of $71 million, or $0.47 per share, down from $89 million a year earlier. Key highlights include a 1% increase in average loans to $24.1 billion and 1% growth in average deposits to $28.6 billion. The net interest margin improved by 2 basis points to 2.42%, while noninterest income fell by $7 million to $74 million. The bank announced plans for a 30% reduction in overdraft fees, aiming to enhance customer support.
Associated Banc-Corp (ASB) will release its first quarter 2022 financial results on April 21, 2022, after market close. The company will host a conference call for investors at 4:00 p.m. CT on the same day. Interested parties can access the call via the company's Investor Relations page or by dialing 877-407-8037. The company has total assets of $35 billion and operates over 200 banking locations across several states, including Wisconsin, Illinois, and Minnesota.
Associated Banc-Corp (NYSE: ASB) will present at the 2022 RBC Capital Markets Global Financial Institutions Conference on March 8, 2022, at 9:20 a.m. ET. The presentation will be accessible via the company's investor relations website prior to the event. With total assets of $35 billion, Associated Banc-Corp is the largest bank holding company in Wisconsin, offering extensive financial services throughout Wisconsin, Illinois, Minnesota, and several other states. Investors can expect insights into the company’s future operations and strategic goals during the conference.
The Board of Directors of Associated Banc-Corp (NYSE: ASB) has declared a $0.20 per common share quarterly cash dividend, payable on March 15, 2022, to shareholders of record by March 1, 2022. Additionally, a quarterly cash dividend of $0.3671875 per depositary share for the 5.875% Series E Perpetual Preferred Stock and $0.3515625 for the 5.625% Series F Perpetual Preferred Stock was announced, with the same payment and record dates. Associated Banc-Corp, with total assets of $35 billion, is Wisconsin's largest bank holding company.
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