Associated Banc-Corp Explained

Associated Banc-Corp
Type:	Public
Foundation:	(First National Bank of Neenah)
Locations:	Over 220 Branches
Key People:	John (Jay) B. Williams (chairman) Andy Harmening (president & CEO)
Revenue:	$1.2 billion (2022)
Net Income:	$183 million (2023)
Assets:	$41.0 billion (2023)
Equity:	$4.2 billion (2023)
Num Employees:	4,200 (2022)

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.^{[1] [2]} 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.^[3]

History

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^[4]
• 1998 – Acquired Citizens Bank, NA of Shawano, Wisconsin
• 1999 – Acquired Windsor Bancshares of Minnesota^[5]
• 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^[6]
• 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^[7]
• 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^[8]
• 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^[9]
• 2011 – Repaid $525 Million share of the $700 Billion Troubled Asset Relief Program (TARP) fund^[10]
• 2012 – Redeveloped the Downtown Green Bay Regency building, to create the new Associated Center as its headquarters^[11]
• 2013 – Named one of the 100 Most Trustworthy Companies by Forbes^[12]
• 2014 – Joined the New York Stock Exchange and began trading under the ticker "ASB"^[13]
• 2015 – Acquired Ahmann & Martin Co., a risk and employee benefits consulting firm^[14]
• 2016 – Purchased the 28-story Milwaukee Center office building to allow for future expansion of the company^[15]
• 2017 – Acquired Whitnell & Co., a wealth management family services firm^[16]
• 2018 – Acquired Bank Mutual of Milwaukee, Wisconsin^[17]
• 2018 – Acquired Diversified Insurance Solutions, a Milwaukee based employee benefits insurance agency^[18]
• 2018 – Acquired Anderson Insurance & Investment Agency, a Minneapolis based workers compensation insurance agency^[19]
• 2019 – Acquired 32 Wisconsin branches from The Huntington National Bank^[20]
• 2020 – Acquired the First National Bank of Staunton, Illinois^[21]
• 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;^[22] announced first "micro branch" following new micro office model^[23]

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.

Sports sponsorships

Associated Bank has been the bank of the Green Bay Packers since 1919.^[24] It is a banking partner of the Milwaukee Brewers,^[25] the University of Wisconsin-Madison Athletics,^[26] and the Minnesota Wild.^[27] It is also the bank of the Wisconsin Athletic Hall of Fame.^[28]

Bibliography

• Web site: Slumping oil prices pare Associated Banc-Corp earnings . . Paul . Gores . 2016-01-11 .
• Web site: Banks Are Laughable, Except for Ours . . Andrew Adam . Newman . 2014-11-10 .

External links

• Associated Benefits and Risk Consulting

Notes and References

1. Web site: Corporate Profile Associated Banc-Corp. 2021-10-21. investor.associatedbank.com.
2. Web site: Large Holding Companies. 2021-05-28. www.ffiec.gov.
3. Web site: Fourth Quarter Investor Presentation. q4cdn.com. 9 April 2023. November 4, 2022.
4. News: Associated Banc-Corp Sets Merger With First Financial. The New York Times. June 21, 2016 . May 15, 1997. News. Bloomberg.
5. News: Associated Banc-Corp buys Minnesota bank. September 15, 2016 . October 1, 1998.
6. News: Associated Bank buys Signal Financial. June 21, 2016 . September 10, 2001.
7. Order Approving the Acquisition of a Savings Association. Federal Reserve. March 22, 2016 . August 16, 2004.
8. News: Company Overview of The First National Bank of Hudson. September 15, 2016 . September 15, 2016.
9. News: Associated Banc-Corp raises about $416 mln in offering. November 2, 2016. January 12, 2010.
10. News: Associated Banc-Corp looks to a post-TARP future. June 21, 2016 . September 24, 2011.
11. Web site: Associated Bank Comes Home. March 26, 2012. City of Green Bay, Wisconsin. March 21, 2016. https://web.archive.org/web/20170314003823/http://greenbaywi.gov/EconomicDevelopment/associated-bank-comes-home/. March 14, 2017. dead.
12. Associated Bank named one of the top 100 Most Trustworthy Company's by Forbes . Associated Banc-Corp . April 15, 2013 . April 15, 2013.
13. News: Associated Bank marks move to New York Stock Exchange. June 21, 2016 . February 24, 2015.
14. News: Associated Banc-Corp to buy Minnesota insurance broker . Paul Gores . Milwaukee Journal Sentinel . March 21, 2016 . January 16, 2015.
15. News: Associated Bank Purchases Milwaukee Center for $60.5M . Haisten Willis . REBusiness Online. November 1, 2016 . April 6, 2016.
16. News: Associated Banc-Corp completes purchase of wealth management family services firm Whitnell & Co. . October 3, 2017 . October 3, 2017.
17. News: Associated Banc-Corp closes on $482 million deal to acquire Bank Mutual . February 1, 2018 . February 1, 2018.
18. Web site: Associated Banc-Corp to acquire Diversified Insurance Solutions. February 15, 2018. May 1, 2019.
19. Web site: Associated Banc-Corp completes purchase of Anderson Insurance & Investment Agency, Inc.. June 1, 2018. May 1, 2019.
20. Web site: Associated Banc-Corp to acquire Wisconsin banking operations of The Huntington National Bank. December 11, 2018. May 1, 2019.
21. Web site: Associated Banc-Corp closes acquisition of First Staunton Bancshares, Inc.. February 14, 2020. February 20, 2020.
22. Web site: Associated Bank closing branches around Wisconsin, Illinois . Sari . Lesk . 2022-08-30 . Milwaukee Business Journal . 2022-08-31 .
23. Web site: Associated Bank to open 'micro branch' in downtown Milwaukee . Sari . Lesk . 2022-06-16 . Milwaukee Business Journal . 2022-08-31 .
24. News: Associated Bank signs Packer receivers for marketing campaign . Paul Gores . March 21, 2016 . September 1, 2015 . Milwaukee Journal Sentinel.
25. Milwaukee Brewers and Associated Bank expand partnership. March 26, 2015 . March 26, 2015 . Associated Banc-Corp.
26. Associated Bank and UW Athletics Deepen Partnership. January 19, 2016 . January 19, 2016 . Associated Banc-Corp.
27. Associated Bank and Minnesota Wild Announce Partnership. March 21, 2016 . November 17, 2015 . Minnesota Wild Hockey Club.
28. Associated Bank becomes bank of Wisconsin Athletic Hall of Fame. March 22, 2016 . February 16, 2016 . WBTV.