Associated Banc-Corp announces proposed common stock offering

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB) has announced a proposed public offering of 11.5 million shares of its common stock, with an additional option for underwriters to purchase up to 1.725 million shares within 30 days of pricing. The company plans to use the net proceeds for general corporate purposes, including supporting organic growth, capital generation, and potential investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers for the offering. The stock will be issued under an effective shelf registration statement with the SEC.

Positive

• Potential for increased capital generation and organic growth
• Strategic investment opportunities in Associated Bank, N.A.

Negative

• Significant shareholder dilution due to 11.5 million new shares being issued
• Additional potential dilution from 1.725 million optional shares

GREEN BAY, Wis., Nov. 14, 2024 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) today announced a proposed public offering of 11,500,000 shares of its common stock, $0.01 par value (the "Common Stock").

In addition, Associated Banc-Corp ("Associated") expects to grant the underwriters for the offering an option to purchase up to an additional 1,725,000 shares of its Common Stock sold in the offering for 30 days following the date of the pricing of the offering.

Associated expects to use the net proceeds from this offering for general corporate purposes to support continued organic growth and capital generation, which may include investments in Associated Bank, N.A. and potential balance sheet optimization strategies.

BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering.

The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333- 280004) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final prospectus supplement to be filed with the SEC.

Copies of the registration statement, the preliminary prospectus supplement and the accompanying base prospectus relating to the Common Stock offering can be obtained without charge by visiting the SEC's website at www.sec.gov, or by contacting BofA Securities, 201 North Tryon Street, Charlotte, NC 28255 or by email at dg.prospectus_requests@bofa.com or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Common Stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

ABOUT ASSOCIATED BANC-CORP

Associated Banc-Corp (NYSE: ASB) has total assets of $42 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 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. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.

FORWARD-LOOKING STATEMENTS

Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding the proposed offering and the intended use of proceeds. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," "target," "outlook," "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent SEC filings.

Media Contact: Andrea Kozek
Senior Manager, Public Relations
920-491-7518

 

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SOURCE Associated Banc-Corp

FAQ

How many shares is Associated Banc-Corp (ASB) offering in its 2024 stock offering?

Associated Banc-Corp is offering 11.5 million shares of common stock, with an additional option for underwriters to purchase up to 1.725 million shares.

What will Associated Banc-Corp (ASB) use the stock offering proceeds for?

The proceeds will be used for general corporate purposes, supporting organic growth, capital generation, and potential investments in Associated Bank, N.A.

Who are the book-running managers for Associated Banc-Corp's (ASB) 2024 stock offering?

BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering.