Associated Banc-Corp

{{Short description|American bank holding company}}

{{Use mdy dates|date=April 2023}}

{{Infobox company|

| name = Associated Banc-Corp

| logo = Associated Bank logo.svg

| type = Public

| traded_as = {{ubl|{{NYSE|ASB}}|S&P 400 component}}

| caption =

| foundation = {{Start date and age|1861}} (First National Bank of Neenah)

| hq_location = {{nowrap|Green Bay, Wisconsin, U.S.}}

| locations = Over 220 Branches

| area_served = {{ubl|Wisconsin|Illinois|Minnesota|Missouri|Indiana|Ohio|Michigan|Texas}}

| key_people = John (Jay) B. Williams
(chairman)
Andy Harmening
(president & CEO)

| revenue = {{increase}} $1.2 billion (2022)

| net_income = {{increase}} $183 million (2023)

| assets = {{increase}} $41.0 billion (2023)

| equity = {{increase}} $4.2 billion (2023)

| num_employees = 4,200 (2022)

| industry = {{ubl|Financial services|Regional banks|Bank holding company}}

| products = {{ubl|Retail banking|Commercial banking|Specialized lending|Commercial real estate lending|Private banking|Wealth management|Asset management|Investment banking}}

| website = {{url|https://www.associatedbank.com/}}

}}

Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 220 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.

As of October 19, 2023, it had $42 billion in assets and is the largest bank holding company based in Wisconsin.{{Cite web|title=Corporate Profile {{!}} Associated Banc-Corp|url=https://investor.associatedbank.com/corporate-profile/default.aspx|access-date=2021-10-21|website=investor.associatedbank.com}}{{Cite web|title=Large Holding Companies|url=https://www.ffiec.gov/npw/Institution/TopHoldings|access-date=2021-05-28|website=www.ffiec.gov}} Associated Bank is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency within the Department of the Treasury. Associated Bank is a member of the Federal Deposit Insurance Corporation, the Federal Reserve Bank of Chicago, and the Federal Home Loan Bank of Chicago. The company has approximately 4,200 employees.{{cite web |url=https://s25.q4cdn.com/751560512/files/doc_presentations/2022/11/ASB-4Q-2022-Investor-Deck-Final.pdf|title=Fourth Quarter Investor Presentation|website=q4cdn.com|access-date=9 April 2023|date=November 4, 2022}}

History

{{refimprove section|date=August 2022}}

The Associated Banc-Corp holding company was formed on May 1, 1970, when three community banks formed a banking alliance that consolidated into Associated Bank. The three founding community banks were: The First National Bank of Neenah, founded in 1861; Kellogg Citizens National Bank, Green Bay, founded 1874; and Manitowoc Savings Bank, founded in 1884.

  • 1989 – Acquired the Associated De Pere Bank of De Pere, Wisconsin
  • 1991 – Acquired Farmers State Bank of Pound, Wisconsin, and F&M Financial Services
  • 1992 – Acquired Wausau Financial and Northeast Wisconsin Financial Services
  • 1993 – Changed name to Associated Bank, NA of Green Bay, Wisconsin
  • 1993 – Acquired First National Bank of Sturgeon Bay of Sturgeon Bay, Wisconsin
  • 1995 – Acquired GN Bancorp of Illinois
  • 1996 – Acquired Mid-American National Bancorp of Illinois
  • 1997 – Acquired Centra Financial of Wisconsin
  • 1997 – Merged with First Financial Corporation of Stevens Point, Wisconsin{{Cite news|url=https://www.nytimes.com/1997/05/15/business/associated-banc-corp-sets-merger-with-first-financial.html|title= Associated Banc-Corp Sets Merger With First Financial|work= The New York Times|accessdate=June 21, 2016 |date=May 15, 1997|last1= News|first1= Bloomberg}}
  • 1998 – Acquired Citizens Bank, NA of Shawano, Wisconsin
  • 1999 – Acquired Windsor Bancshares of Minnesota{{Cite news|url=http://www.bizjournals.com/milwaukee/stories/1998/09/28/daily4.html|title= Associated Banc-Corp buys Minnesota bank|accessdate=September 15, 2016 |date=October 1, 1998}}
  • 2001 – Changed name to Associated Bank, NA; merged and re-branded existing affiliate banks in Milwaukee, Wisconsin; Neenah, Wisconsin; Manitowoc, Wisconsin; Wausau, Wisconsin; and Madison, Wisconsin
  • 2002 – Acquired Signal Financial Corp. of Minnesota{{Cite news|url=http://www.bizjournals.com/twincities/stories/2001/09/10/daily9.html|title= Associated Bank buys Signal Financial|accessdate=June 21, 2016 |date=September 10, 2001}}
  • 2003 – Merged and re-branded affiliates: Associated Card Services Bank in Stevens Point, Wisconsin, and Associated Bank Illinois in Rockford, Illinois
  • 2004 – Acquired First Federal Capital Bank of La Crosse, Wisconsin, expanding into Western and Southwest Wisconsin{{Cite press release |url=http://www.federalreserve.gov/boarddocs/press/orders/2004/200408162/attachment.pdf|title=Order Approving the Acquisition of a Savings Association|publisher=Federal Reserve|accessdate=March 22, 2016 |date=August 16, 2004}}
  • 2005 – Merged and re-branded affiliate banks in Minneapolis, Minnesota, and in Chicago, Illinois
  • 2005 – Acquired State Financial Services of Hales Corners, Wisconsin, and expanded to Northern Illinois
  • 2007 – Acquired First National Bank of Hudson, Wisconsin{{Cite news|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=31206228|title= Company Overview of The First National Bank of Hudson|accessdate=September 15, 2016 |date=September 15, 2016}}
  • 2008 – Received $525 Million share of the $700 Billion Troubled Asset Relief Program (TARP) fund
  • 2009 – Appointed William R. Hutchinson as Chairman of the Board of Directors and Philip B. Flynn as President and CEO
  • 2010 – Issued $435 million of common stock in an offering to support continued growth{{Cite news|url=https://www.reuters.com/article/associatedbanccorp-idUSSGE60B0HS20100112/|title=Associated Banc-Corp raises about $416 mln in offering|accessdate=November 2, 2016|date=January 12, 2010}}
  • 2011 – Repaid $525 Million share of the $700 Billion Troubled Asset Relief Program (TARP) fund{{Cite news|url=http://www.jsonline.com/business/130485863.html/|title=Associated Banc-Corp looks to a post-TARP future|accessdate=June 21, 2016 |date=September 24, 2011}}
  • 2012 – Redeveloped the Downtown Green Bay Regency building, to create the new Associated Center as its headquarters{{cite web|url=http://greenbaywi.gov/EconomicDevelopment/associated-bank-comes-home/|title=Associated Bank Comes Home|date=March 26, 2012|publisher=City of Green Bay, Wisconsin|access-date=March 21, 2016|archive-url=https://web.archive.org/web/20170314003823/http://greenbaywi.gov/EconomicDevelopment/associated-bank-comes-home/|archive-date=March 14, 2017|url-status=dead}}
  • 2013 – Named one of the 100 Most Trustworthy Companies by Forbes{{Cite press release |url=http://newsroom.associatedbank.com/News-Releases/Associated-Banc-Corp-Named-to-Forbes-Magazine-s-2013-List-of-America-s-100-Most-Trustworthy-Compani-394.aspx |title=Associated Bank named one of the top 100 Most Trustworthy Company's by Forbes |publisher=Associated Banc-Corp |accessdate=April 15, 2013 |date=April 15, 2013}}
  • 2014 – Joined the New York Stock Exchange and began trading under the ticker "ASB"{{Cite news|url=http://www.greenbaypressgazette.com/story/money/2015/02/24/associated-bank-marks-move-new-york-stock-exchange/23969307/|title= Associated Bank marks move to New York Stock Exchange|accessdate=June 21, 2016 |date=February 24, 2015}}
  • 2015 – Acquired Ahmann & Martin Co., a risk and employee benefits consulting firm{{Cite news |url=http://www.jsonline.com/business/associated-banc-corp-to-buy-minnesota-insurance-broker-b99427675z1-288873151.html |author=Paul Gores |title=Associated Banc-Corp to buy Minnesota insurance broker |newspaper=Milwaukee Journal Sentinel |accessdate=March 21, 2016 |date=January 16, 2015}}
  • 2016 – Purchased the 28-story Milwaukee Center office building to allow for future expansion of the company{{Cite news |url=http://rebusinessonline.com/associated-bank-purchases-milwaukee-center-for-60-5m/|author=Haisten Willis |title=Associated Bank Purchases Milwaukee Center for $60.5M |publisher=REBusiness Online|accessdate=November 1, 2016 |date=April 6, 2016}}
  • 2017 – Acquired Whitnell & Co., a wealth management family services firm{{Cite news |url=https://www.bizjournals.com/chicago/prnewswire/press_releases/Illinois/2017/10/03/CG05896 |title=Associated Banc-Corp completes purchase of wealth management family services firm Whitnell & Co. |accessdate=October 3, 2017 |date=October 3, 2017}}
  • 2018 – Acquired Bank Mutual of Milwaukee, Wisconsin{{Cite news |url=https://www.jsonline.com/story/money/business/2018/02/01/associated-banc-corp-closes-482-million-deal-acquire-bank-mutual/1086363001/ |title=Associated Banc-Corp closes on $482 million deal to acquire Bank Mutual |accessdate=February 1, 2018 |date=February 1, 2018}}
  • 2018 – Acquired Diversified Insurance Solutions, a Milwaukee based employee benefits insurance agency{{Cite web|url=http://investor.associatedbank.com/file/Index?KeyFile=392214813|title=Associated Banc-Corp to acquire Diversified Insurance Solutions|date=February 15, 2018|access-date=May 1, 2019}}
  • 2018 – Acquired Anderson Insurance & Investment Agency, a Minneapolis based workers compensation insurance agency{{Cite web|url=http://investor.associatedbank.com/file/Index?KeyFile=393739605|title=Associated Banc-Corp completes purchase of Anderson Insurance & Investment Agency, Inc.|date=June 1, 2018|access-date=May 1, 2019}}
  • 2019 – Acquired 32 Wisconsin branches from The Huntington National Bank{{Cite web|url=http://investor.associatedbank.com/file/Index?KeyFile=396055741|title=Associated Banc-Corp to acquire Wisconsin banking operations of The Huntington National Bank|date=December 11, 2018|access-date=May 1, 2019}}
  • 2020 – Acquired the First National Bank of Staunton, Illinois{{Cite web|url=http://newsroom.associatedbank.com/releases/associated-banc-corp-closes-acquisition-of-first-staunton-bancshares-inc|title=Associated Banc-Corp closes acquisition of First Staunton Bancshares, Inc.|date=February 14, 2020|access-date=February 20, 2020}}
  • 2020 – Appointed John (Jay) B. Williams as Chairman of the Board of Directors
  • 2020 – Sold Associated Benefits & Risk Consulting (ABRC) to USI Insurance Services LLC (USI) for $266 million
  • 2021 – Appointed Andy Harmening as President and CEO
  • 2022 – Consolidated 13 branches in Wisconsin and Illinois;{{cite web |url=https://www.bizjournals.com/milwaukee/news/2022/08/30/associated-bank-closing-branches-around-wisconsin.html |title=Associated Bank closing branches around Wisconsin, Illinois |first=Sari |last=Lesk |date=2022-08-30 |work=Milwaukee Business Journal |accessdate=2022-08-31 }} announced first "micro branch" ({{convert|600|ft2}}) following new micro office model{{cite web |url=https://www.bizjournals.com/milwaukee/news/2022/06/16/associated-bank-micro-branch-downtown-milwaukee.html |title=Associated Bank to open 'micro branch' in downtown Milwaukee |first=Sari |last=Lesk |date=2022-06-16 |work=Milwaukee Business Journal |accessdate=2022-08-31 }}

Subsidiaries

During the 1990s and 2000s, Associated Banc-Corp merged all of its affiliated banks into Associated Bank, N.A., a wholly owned subsidiary.

Subsidiaries of Associated Bank, N.A. include: Associated Trust Company, N.A.; Associated Investment Corp; and Associated Community Development, LLC.{{citation needed|date=February 2018}}

Sports sponsorships

It is a banking partner of the Milwaukee Brewers,{{Cite press release |url=http://newsroom.associatedbank.com/releases/milwaukee-brewers-and-associated-bank-expand-partnership |title=Milwaukee Brewers and Associated Bank expand partnership|accessdate=March 26, 2015 |date=March 26, 2015 |publisher=Associated Banc-Corp}} the University of Wisconsin-Madison Athletics,{{Cite press release |url= http://newsroom.associatedbank.com/ads/associated-bank-and-uw-athletics-deepen-partnership |title=Associated Bank and UW Athletics Deepen Partnership|accessdate=January 19, 2016 |date=January 19, 2016 |publisher=Associated Banc-Corp}} and the Minnesota Wild.{{Cite press release |url=http://wild.nhl.com/club/news.htm?id=788290 |title=Associated Bank and Minnesota Wild Announce Partnership|accessdate=March 21, 2016 |date=November 17, 2015 |publisher=Minnesota Wild Hockey Club}} It is also the bank of the Wisconsin Athletic Hall of Fame.{{Cite press release |url=http://www.wbtv.com/story/31231822/associated-bank-becomes-bank-of-wisconsin-athletic-hall-of-fame |title=Associated Bank becomes bank of Wisconsin Athletic Hall of Fame|accessdate=March 22, 2016 |date=February 16, 2016 |publisher=WBTV}}

References

{{Reflist}}

Bibliography

  • {{cite web |url=http://www.jsonline.com/business/slumping-oil-prices-pare-associated-banc-corp-earnings-b99649522z1-364881151.html |title=Slumping oil prices pare Associated Banc-Corp earnings |work=Milwaukee Journal Sentinel |first=Paul |last=Gores |date=2016-01-11 }}
  • {{cite web |url=https://www.nytimes.com/2014/11/11/business/media/advertising-campaigns-poke-fun-at-banks.html |title=Banks Are Laughable, Except for Ours |work=The New York Times |first=Andrew Adam |last=Newman |date=2014-11-10 }}