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About Associated Banc-Corp (NYSE: ASB)
Headquartered in Green Bay, Wisconsin, Associated Banc-Corp is a prominent Midwest bank holding company and one of the top 50 publicly traded financial institutions in the United States. With a history rooted in community banking, the company operates nearly 200 banking locations across Wisconsin, Illinois, and Minnesota, while also maintaining a presence in Indiana, Michigan, Missouri, New York, Ohio, and Texas through its loan production offices. Associated Banc-Corp is the largest bank holding company based in Wisconsin, reflecting its deep ties to the region and its commitment to serving local communities.
Core Business Segments
Associated Banc-Corp operates through three primary business segments:
- Corporate and Commercial Specialty: This segment focuses on providing tailored financial services to corporate clients, including commercial lending, treasury management, and specialized industry solutions.
- Community, Consumer, and Business: This segment serves individual and small business customers, offering a broad range of products such as personal banking, mortgages, small business loans, and wealth management services.
- Risk Management and Shared Services: This segment supports the company’s operations through risk management, compliance, and shared service functions, ensuring operational efficiency and regulatory adherence.
Revenue Model and Financial Services
The company generates the majority of its revenue through interest income derived from loans and deposits, supplemented by noninterest income from services such as wealth management, treasury operations, and fees. Its diversified portfolio includes commercial loans, residential mortgages, and consumer lending products, catering to a wide range of customer needs.
Strategic Initiatives
Associated Banc-Corp has demonstrated a commitment to strategic growth and operational efficiency. Recent initiatives include balance sheet repositioning to optimize capital allocation, investments in digital banking platforms to enhance customer experience, and a focus on expanding its commercial banking team to deepen market penetration. These efforts align with the company’s vision of becoming the most admired Midwestern financial services provider, distinguished by value-added solutions and exceptional customer service.
Market Position and Competitive Landscape
Operating in a competitive Midwest banking sector, Associated Banc-Corp differentiates itself through its regional focus, comprehensive service offerings, and emphasis on customer satisfaction. It faces competition from both regional banks and larger national institutions. However, its strong community ties, industry-leading customer satisfaction scores, and strategic investments position it as a resilient player in the financial services industry.
Commitment to Community and Sustainability
Associated Banc-Corp is deeply committed to community engagement and sustainable practices. The company actively supports local economic development, affordable housing initiatives, and financial literacy programs. As an Equal Housing Lender and Equal Opportunity Lender, it prioritizes inclusivity and accessibility in its services.
Conclusion
With a robust regional presence, diversified business model, and strategic focus on growth and customer satisfaction, Associated Banc-Corp is a key player in the Midwest banking landscape. Its commitment to operational excellence, digital innovation, and community engagement underscores its long-term value proposition for customers and stakeholders alike.
Associated Banc-Corp (NYSE: ASB) will release its fourth quarter 2021 financial results on January 20, 2022, after market close. A conference call for investors and analysts is scheduled for 4:00 p.m. Central Time on the same day. Interested participants can access the live call via the Investor Relations website or by calling 877-407-8037 (domestic) or 201-689-8037 (international). The company holds total assets of $34 billion and operates over 200 banking locations across several states.
On November 1, 2021, Associated Banc-Corp (NYSE: ASB) announced significant executive leadership changes. Timothy J. Lau, head of community markets, plans to retire in Q2 2022 after over 30 years with the bank. Denis Hogan will also retire on December 31, 2021, but will continue to serve as an ambassador for the Northeast Wisconsin Advisory Board. Dennis DeLoye has been appointed as executive vice president and Northeast Wisconsin regional president, bringing 30 years of banking experience. These leadership transitions are expected to bolster the bank's community market strategy and growth in business banking.
The Board of Directors of Associated Banc-Corp (ASB) announced a quarterly cash dividend of $0.20 per common share, payable on December 15, 2021. Additionally, dividends of $0.3671875 and $0.3515625 will be paid for the Series E and Series F preferred stocks, respectively, on the same date. The Board also approved a $100 million share repurchase program, providing flexibility for stock buybacks subject to regulatory limits, aimed at enhancing shareholder value.
Associated Banc-Corp (NYSE: ASB) reported net income of $85 million, or $0.56 per share for Q3 2021, reflecting stability compared to $86 million in Q2 2021 but up from $40 million in Q3 2020. Average loans fell by $215 million to $23.9 billion, while average deposits rose by $604 million to $28.1 billion. Net interest income was $184 million, increasing by $4 million from the prior quarter. The bank launched a new Auto Finance vertical and improved its return on average tangible common equity to over 12.7%.
Associated Banc-Corp (NYSE: ASB) will raise its minimum hourly wage from $15 to $17, effective November 21, 2021, impacting about 35% of its workforce. This wage increase, primarily for entry-level positions, is part of a broader strategy to ensure competitive wages, with additional adjustments for higher-level roles. The bank has received accolades for customer satisfaction and is committed to enhancing employee benefits, which include comprehensive healthcare and educational assistance. This move aligns with their focus on talent development and retention.
Associated Banc-Corp (NYSE: ASB) will present at the BofA Securities 2021 Banking and Financials Conference on November 10, 2021, at 3:20 p.m. ET. Management will also meet with investors during the event. An investor presentation will be accessible beforehand on Associated Banc-Corp's website. As Wisconsin's largest bank holding company, Associated Banc-Corp boasts total assets of $34 billion and offers financial services across multiple states including Wisconsin, Illinois, and Minnesota. More details can be found at investor.associatedbank.com.
Associated Banc-Corp (NYSE: ASB) announced the launch of Associated Bank Auto Finance, an indirect auto lending service available through eligible dealerships in 13 states, including Michigan, Indiana, and New York, with a planned expansion to Wisconsin, Minnesota, and Illinois in 2022. The service will be led by Craig Stickney, bringing a team with over 100 years of combined experience. This initiative aims to enhance consumer financing options, offering service 362 days a year.
Associated Banc-Corp (NYSE: ASB) will announce its third quarter 2021 financial results on October 21, 2021, after market close. A conference call for investors and analysts is scheduled for 4:00 p.m. CT on the same day. Interested parties can access the live webcast through the Investor Relations section of the company's website or dial in using the provided phone numbers. Associated Banc-Corp is Wisconsin's largest bank holding company, with total assets of $34 billion and over 200 banking locations serving multiple states.
Associated Banc-Corp (NYSE: ASB) announced strategic expansions in lending and digital capabilities to enhance growth. Key initiatives include the launch of a new Auto Finance vertical and an Equipment Finance vertical slated for early 2022. The expansion will deepen relationships with manufacturing clients and improve customer experience. Additionally, the company is bolstering its Commercial Middle Market lending and Wealth strategy by recruiting experienced talent. These advancements aim to deliver higher shareholder returns and position the bank for accelerated revenue growth.
Associated Banc-Corp (NYSE: ASB) announced its participation in the 2021 Barclays Global Financial Services Conference on September 13, 2021, at 2:45 p.m. ET. Management will also engage with investors throughout the event. An investor presentation will be accessible before the conference on the company’s website, highlighting its position as Wisconsin's largest bank holding company with total assets of $34 billion. The bank operates over 220 locations across multiple states, providing comprehensive financial services.
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