Welcome to our dedicated page for Associated Banc news (Ticker: ASB), a resource for investors and traders seeking the latest updates and insights on Associated Banc stock.
Associated Banc-Corp operates as a Wisconsin-based bank holding company serving consumers, businesses, municipalities, developers, not-for-profits and financial institutions through Associated Bank. News about ASB commonly covers operating and financial results, loan and deposit trends, credit performance, investor presentations and updates across commercial, community banking, consumer banking and risk-management activities.
Company updates also include specialty banking expansion, private banking and wealth-related initiatives, community investment programs tied to affordable housing, capital-structure disclosures and governance matters. Associated’s business mix includes corporate and commercial specialty banking, community and business banking, and shared risk-management services across its Midwest banking franchise.
Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 7.75% to 7.50%, effective December 19, 2024. This adjustment affects Associated Bank, N.A., the company's banking subsidiary.
Associated Banc-Corp (NYSE: ASB) has announced the appointment of Steven Zandpour to its Executive Leadership Team, effective January 1, 2025. Zandpour, 48, will serve as executive vice president and deputy head of Consumer and Business Banking, reporting to David Stein. He joined Associated Bank in January 2024, focusing on consumer and small business growth across major metropolitan markets.
In his expanded role, Zandpour will be responsible for all revenue growth in the Consumer and Business Banking division, including Consumer Lending. Prior to Associated, he served as U.S. head of Specialty Sales at BMO in Chicago and spent 14 years at Fifth Third Bank in Illinois. Zandpour holds an MBA from Notre Dame and a BS in economics from the University of Iowa.
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.
Associated Banc-Corp (NYSE: ASB) has announced the appointment of two new members to its Board of Directors: Kristen M. Ludgate and Owen J. Sullivan. Ludgate, 62, currently serves as Chief People Officer at HP Inc. and previously held the position of Chief Human Resources Officer at 3M Company. Sullivan, 67, recently retired as President and Chief Operating Officer of NCR, where he served from 2018 to 2023. Ludgate will serve on Associated's Compensation and Benefits Committee, while Sullivan joins the Enterprise Risk Committee.
Associated Banc-Corp (NYSE: ASB) has announced strategic balance sheet repositioning transactions to accelerate organic growth. The company has sold $1.3 billion of investment securities and plans to sell $0.7 billion in mortgage loans in Q1 2025. The transactions are expected to result in an after-tax loss of approximately $253 million, leading to a net loss in Q4 2024.
The company plans to reinvest $1.5 billion into investment securities and increase wholesale funding capacity by paying down FHLB advances. CEO Andy Harmening stated this repositioning supports their organic strategy by enhancing earnings profile, boosting capital, and providing additional loan growth capacity.
Associated Banc-Corp (NYSE: ASB) has announced the pricing of a public offering of 12 million shares of common stock at $25.00 per share, aiming to raise $300 million in gross proceeds. The underwriters have a 30-day option to purchase up to an additional 1.8 million shares. The offering is expected to close on November 18, 2024. The proceeds will support organic growth, capital generation, and potential balance sheet optimization strategies, including investments in Associated Bank, N.A. BofA Securities and J.P. Morgan are serving as joint book-running managers.
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.
Associated Banc-Corp (NYSE: ASB) announced a decrease in its prime rate from 8.00% to 7.75%, effective November 8, 2024. The rate change affects Associated Bank, N.A., the company's banking subsidiary.
Associated Banc-Corp (NYSE: ASB) has announced its participation in the 2024 Piper Sandler East Coast Financial Services Conference in Naples, FL, scheduled for November 13-15, 2024. The company's management team will engage with investors during the event. Fourth quarter investor materials will be accessible before the conference through the company's Investor Relations website section at investor.associatedbank.com.
Associated Banc-Corp (NYSE: ASB) announced two key appointments to its Executive Leadership Team effective November 1, 2024. Phillip Trier, 46, will become executive vice president, head of Corporate and Commercial Banking, while Gregory Warsek, 60, will serve as executive vice president, deputy head of Commercial Real Estate and Facilities. The appointments come as part of a leadership restructuring, with Paul Schmidt stepping down from the ELT in March 2025 but remaining as Twin Cities market president until his planned retirement at the end of 2025. Additionally, John Utz will transition to head of Specialized Industries and Capital Markets while maintaining his role as Milwaukee market president.