Associated Bank Welcomes Heath Sorenson as Executive Vice President and Managing Director, Associated Trust Company

Rhea-AI Summary

Associated Banc-Corp (NYSE: ASB) has announced the appointment of Heath Sorenson as Executive Vice President and Managing Director of Associated Trust Company. Effective February 1, 2025, Sorenson will assume the role of CEO, succeeding John Thayer, who will transition to Executive Vice President and Senior Leadership Advisor. Sorenson brings over 25 years of wealth management experience and will lead Personal, Corporate and Institutional Trust Services, Investment Management, Retirement Plan Solutions, and Trust Administration/Operations.

The transition follows Thayer's nearly 25-year tenure, during which he unified the bank's wealth management operations and led a team of over 300 professionals to generate nearly $150M in revenue within three years. Sorenson, who joined on December 9, will report to Jayne Hladio, Executive Vice President and Associated Private Wealth President.

Positive

• Previous leadership achieved $150M revenue within three years
• Strategic appointment of experienced executive with 25+ years in wealth management
• Structured leadership transition plan in place for February 2025

Negative

• None.

News Market Reaction

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On the day this news was published, ASB declined 1.56%, reflecting a mild negative market reaction.

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Sorenson will transition into the role of executive vice president, managing director and CEO, Associated Trust Company on February 1, 2025

GREEN BAY, Wisc., Dec. 11, 2024 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated") announced today the appointment of Heath Sorenson, MBA, CFP®, CFIRS™, CTOP, to executive vice president, managing director, Associated Trust Company. Effective February 1, 2025, Sorenson will become executive vice president, managing director and chief executive officer, Associated Trust Company and John Thayer, current chief executive officer and executive vice president of Associated Trust Company, will transition into the role of executive vice president and senior leadership advisor, Associated Trust Company.

Sorenson joined Associated Private Wealth on December 9, reporting to Jayne Hladio, executive vice president, and Associated Private Wealth president. He will assume responsibility for leading and managing the Associated Trust Company's delivery of comprehensive wealth management solutions. This includes strategy, revenue growth, technology, risk, operations, and compliance of Associated Trust Company. Sorenson will lead Personal, Corporate and Institutional Trust Services, Investment Management, Retirement Plan Solutions, and Trust Administration/Operations.

"Heath's deep wealth management experience and talents strengthen our ability to grow through enhanced client experience, sales, operational efficiency, and high-performance teambuilding," said Hladio. "His fiduciary and suitability knowledge of trust and investment advisory boards, committees, governance, and regulatory agencies complements our people-first, 'One Associated' approach to advocating for our clients and communities."

Sorenson possesses broad and deep wealth management knowledge with more than 25 years of experience, most recently with Midland States Bank as chief operating officer of Midland Wealth Management, Midland Wealth Advisors, LLC, and president of Midland Trust Company. He has led acquisition efforts in expansion markets and wealth verticals. Prior experience includes senior vice president of Investments and Capital Market Operations at AMCORE/BMO, registered principal/branch manager at Raymond James, and vice president/manager of Loan Servicing.

"I am excited to join Associated Bank Private Wealth and Associated Trust Company to build on the incredible growth momentum Jayne Hladio and the team have underway," said Sorenson. "My wife, Tiggi, and I look forward to meeting clients and engaging with the community given our familiarity with the Midwest as life-long residents."

Thayer joined Associated Bank in 2000, as chief investment officer, and became head of Private Wealth in 2021. In his nearly 25-year tenure with the bank, Thayer unified previously separate businesses into one wealth management entity. Leading a team of more than 300 professionals, he crafted the business' inaugural financial, operational, and growth strategies that drove nearly $150M in revenue within three years. Thayer guided the business through multiple crises and regulatory shifts while developing and recruiting excellent talent and establishing a new leadership team.

"John's exceptional leadership contributions have helped Associated Trust Company grow into a regional powerhouse by deepening relationships, elevating our offerings, and creating value for our clients," said Hladio. "We value John's leadership in building this team and creating a Private Wealth culture dedicated to delivering excellence in our fast-changing industry. His advocacy continues as we proceed. We deeply appreciate John's years of service and look forward to his future contributions."

Sorenson has a bachelor's degree in accountancy from the University of Illinois Urbana-Champaign, and an MBA from Northern Illinois University. Sorenson completed Northwestern University's financial planning curriculum and earned the Certified Financial Planner™ (CFP®) practitioner designation. In addition, Sorenson is a Certified Fiduciary & Investment Risk Specialist™ (CFIRS™) and a Certified Trust Operations Professional (CTOP).

Sorenson's primary offices will be in Wisconsin and Illinois.

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. More information about Associated Banc-Corp is available at www.associatedbank.com.

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

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SOURCE Associated Banc-Corp

FAQ

When will Heath Sorenson become CEO of Associated Trust Company (ASB)?

Heath Sorenson will become CEO of Associated Trust Company on February 1, 2025.

What revenue did Associated Trust Company (ASB) generate under John Thayer's leadership?

Under John Thayer's leadership, the business generated nearly $150M in revenue within three years.

What positions will Heath Sorenson hold at Associated Bank (ASB)?

Heath Sorenson will serve as Executive Vice President, Managing Director, and CEO of Associated Trust Company.

What areas will Heath Sorenson oversee at Associated Bank (ASB)?

Sorenson will oversee Personal, Corporate and Institutional Trust Services, Investment Management, Retirement Plan Solutions, and Trust Administration/Operations.

What is John Thayer's new role at Associated Bank (ASB)?

John Thayer will transition to the role of Executive Vice President and Senior Leadership Advisor at Associated Trust Company.