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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) has announced participation in upcoming investor conferences, including the Raymond James U.S. Bank and Banking on Tech Conferences in Chicago on September 7-8, 2022, and the Barclays Global Financial Services Conference in New York from September 12-14, 2022. CEO Andy Harmening and CFO Derek Meyer will present on September 14 at 10:30 a.m. ET. Investors can access a live webcast of the presentation through the company's Investor Relations website. Third quarter materials will also be available prior to the events.
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.
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