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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) declared a quarterly cash dividend of $0.20 per common share on July 26, 2022, payable on September 15, 2022, to shareholders of record by September 1, 2022. Additionally, dividends for the Series E and Series F Perpetual Preferred Stocks were announced, amounting to $0.3671875 and $0.3515625 respectively, also payable on September 15, 2022. This highlights the company’s commitment to returning value to shareholders.
On July 21, 2022, Associated Banc-Corp (NYSE: ASB) reported a net income of $84 million ($0.56 per share) for Q2 2022, a rise from $71 million in Q1 2022 but a decline from $86 million in Q2 2021. Key highlights include a $1.2 billion increase in total commercial loans and a $766 million rise in consumer loans. Deposits also grew by $171 million to $28.6 billion. The net interest margin improved by 29 basis points to 2.71%. However, noninterest expenses rose by $8 million to $181 million.
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.
Associated Banc-Corp (NYSE: ASB) will release its second quarter 2022 financial results on July 21, 2022, after market close. The company will host a conference call at 4:00 p.m. Central Time on the same day to discuss these results with investors and analysts. Interested parties can access the live webcast through the Investor Relations section of the company's website. Associated Banc-Corp has total assets of $35 billion and operates over 200 banking locations across the Midwest.
Associated Banc-Corp (NYSE: ASB) has announced key executive appointments to enhance its growth strategy. Derek Meyer will take on the role of Chief Financial Officer starting August 1, 2022, succeeding Christopher J. Del Moral-Niles. Bryan Carson will become Chief Product and Marketing Officer on July 18, 2022. CEO Andrew Harmening emphasized that these additions will support value creation and drive the bank's digital transformation efforts.
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.
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