Associated Banc-Corp (ASB) Form 4: Director Adds Shares Through Dividends

Rhea-AI Filing Summary

Michael J. Haddad, a director of Associated Banc-Corp (ticker shown as ASB), reported purchases of Common Stock on 09/15/2025. The filing shows 34.95 shares acquired via dividend reinvestment at a price of $26.2269 and 45 shares recorded as dividend equivalent units payable in shares at $25.92, bringing his direct beneficial ownership to 9,138.287 shares. He also holds 5,750 shares indirectly through a trust with voting rights. The Form 4 was signed by an attorney-in-fact on 09/17/2025. These entries reflect routine insider activity from dividend reinvestment and restricted stock unit-related dividend equivalents rather than open-market purchases or sales.

Positive

• Director increased direct holdings via dividend reinvestment and dividend-equivalent units to 9,138.287 shares
• Indirect holdings with voting rights remain in place: 5,750 shares, indicating continued alignment with shareholders
• Transactions are routine (dividend reinvestment and RSU-related dividend equivalents), not sales or unexpected dispositions

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider accumulation from dividend reinvestment and dividend-equivalent units; immaterial to valuation but signals continued insider alignment.

The transactions reported by a company director consist of modest share increases via dividend reinvestment and dividend-equivalent units tied to RSUs. The combined direct holding after the reported activity is 9,138.287 shares, with an additional 5,750 shares held indirectly in a trust with voting rights. The prices reported ($26.2269 and $25.92) reflect the accounting of reinvested dividends and unit valuation rather than active market buys. For a large-cap bank, these incremental increases are typically immaterial to market capitalization but indicate the director is retaining and receiving compensation in equity.

Corporate Governance Expert

TL;DR: Insider reported standard equity compensation and dividend reinvestment activity; governance implications are routine and non-adverse.

The Form 4 shows the director's use of dividend reinvestment and dividend-equivalent units that convert to shares on vesting. The filing discloses direct and indirect holdings and confirms voting rights on the trust-held shares. There is no sale or disposition reported and no indication of a 10% ownership stake or other change in control. From a governance standpoint, this is consistent with typical compensation alignment practices and raises no red flags regarding insider liquidity or sudden ownership shifts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Haddad Michael J

(Last) (First) (Middle)

C/O ASSOCIATED BANC-CORP

433 MAIN STREET

(Street)

GREEN BAY WI 54301

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ASSOCIATED BANC-CORP [ ASB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock $0.01 Par Value	09/15/2025		J(1)	V	34.95	A	$26.2269	9,093.287	D
Common Stock $0.01 Par Value	09/15/2025		A(2)		45	A	$25.92	9,138.287	D
Common Stock $0.01 Par Value								5,750	I	By Trust (with voting rights)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were purchased with reinvested dividends in the reporting person's brokerage account.

2. Dividend equivalent units, which vest on the first anniversary of the grant of the restricted stock units to which they relate, are payable solely in shares of common stock upon vesting (subject to deferral if so elected by the Insider).

	/s/ Lynn M. Floeter, attorney-in-fact for Michael J. Haddad	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Michael J. Haddad report on the Form 4 for Associated Banc-Corp (ASB)?

He reported acquisition of 34.95 shares via dividend reinvestment at $26.2269 and 45 dividend-equivalent units payable in shares at $25.92 on 09/15/2025.

How many shares does Haddad beneficially own after the reported transactions?

The filing shows 9,138.287 shares directly and 5,750 shares indirectly (held by a trust with voting rights).

What is the nature of the dividend-equivalent units reported on the Form 4?

The filing states dividend-equivalent units vest on the first anniversary of the related RSU grant and are payable solely in common stock upon vesting.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Lynn M. Floeter, attorney-in-fact for Michael J. Haddad on 09/17/2025.

Does the Form 4 indicate any sales or dispositions by the insider?

No. The reported entries are acquisitions; there are no sales or dispositions recorded in this filing.