Associated Bank Announces Community Commitment of $2 Billion
Associated Bank (NYSE: ASB) announced a $2 billion Community Commitment Plan (CCP) for 2024-2026. This plan focuses on empowering communities in Wisconsin, Minnesota, and Illinois through various financial services and resources. Key highlights include $1.006 billion in residential mortgages and $9 million in down payment assistance for low-to-moderate-income (LMI) and minority borrowers, $377 million in small business loans, $600 million in community development loans and investments, and $8 million in CRA-qualified grants and in-kind donations. The initiative aims to enhance affordable housing, small business growth, workforce development, sustainability, and racial/social equity, reflecting the bank's ongoing dedication to community support.
- Commitment of $2 billion, enhancing community support.
- Allocation of $1.006 billion in residential mortgages for LMI and minority borrowers.
- Provision of $9 million in down payment assistance.
- Funding of $377 million in small business loans.
- Investment of $600 million in community development loans.
- Allocation of $8 million in CRA-qualified grants and in-kind donations.
- Focus on affordable housing, small business development, and workforce development.
- No specific details on the financial impact of the CCP on Associated Bank's balance sheet.
- Potential risks associated with high commitment to LMI and minority borrowers if economic conditions worsen.
- The plan's success is heavily dependent on the effective implementation of community projects.
The three-year community commitment will help uplift and enable customers to succeed across the bank's footprint
Highlights of the 2024-2026 CCP include:
in residential mortgages and$1.00 6 billion in down payment assistance for low-to-moderate-income (LMI) and minority borrowers and/or majority-minority geographies.$9 million in loans to support small businesses with revenues of$377 million or less, loans less than$5 million in LMI communities and communities of color, and all Small Business Administration (SBA) loans.$5 million in community development loans and investments to support affordable housing development, small business growth and lending to nonprofits that support LMI communities.$600 million in Community Reinvestment Act (CRA)-qualified grants and/or in-kind donations.$8 million
"Our renewed community commitment of
"At Associated, we work to uplift our colleagues, customers and communities by providing sound financial services and resources, and the giving of our time through colleague volunteerism," said LaDonna Reed, Director of Community Accountability, Associated Bank. "By extending our commitment, we continue to ensure that our LMI communities and communities of color have access to financial resources that will help them grow and prosper."
Each year, through the CCP, Associated Bank and the Associated Bank Foundation donate millions of dollars in charitable grants to local nonprofit organizations with the majority of that total supporting community development programs. Areas of focus for funding include:
- Affordable housing
- Small business development
- Workforce development
- Sustainability
- Racial/social equity
A copy of the 2024-2026 CCP can be found at https://www.associatedbank.com/pdf/CommunityCommitmentPlan.pdf
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of
Associated Bank Contact: Marilka Velez
Senior Director of Marketing
920-491-7518
marilka.velez@associatedbank.com
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SOURCE Associated Banc-Corp
FAQ
What is the total value of Associated Bank's Community Commitment Plan for 2024-2026?
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