[Form 4] ASSOCIATED BANC-CORP Insider Trading Activity

Rhea-AI Filing Summary

Judith P. Greffin, a director of Associated Banc-Corp (ASB), reported two non-derivative acquisitions on 09/15/2025. The Form 4 shows purchases of 45 shares and 110 shares of common stock at $25.92 per share, resulting in beneficial ownership totals reported as 17,743 and 17,853 shares after each transaction. The filing includes explanations that the transactions relate to dividend equivalent units tied to restricted stock units, which are payable solely in shares upon vesting or termination as described. The Form 4 was signed by an attorney-in-fact on 09/17/2025.

Positive

• Insider acquisition disclosed: The director reported acquisitions of 45 and 110 shares, demonstrating transparency under Section 16 filing requirements.
• Clear explanation provided: The Form 4 includes explicit notes that these are dividend equivalent units tied to restricted stock units payable in shares.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director reported modest purchases of 155 shares via dividend-equivalent units; transactions appear routine and non-material to valuation.

The reported transactions on 09/15/2025 record two non-derivative acquisitions totaling 155 shares at $25.92 each. The filings identify these as dividend equivalent units tied to restricted stock units, not open-market discretionary buys, and the incremental changes in beneficial ownership (from 17,743 to 17,853 shares) are small relative to typical issuer float sizes. For investors, these entries document compensation-related equity settlement mechanics rather than a material change in insider exposure.

Corporate Governance Expert

TL;DR: Disclosure is clear and timely; transactions are compensation-related and properly reported under Section 16 rules.

The Form 4 identifies the reporting person as a director and discloses two acquisition codes with explanatory notes indicating dividend equivalents on RSUs. The report was executed by an attorney-in-fact on 09/17/2025, consistent with procedural filings. There are no indications of late reporting or unusual derivative instruments in this submission; the activity appears to reflect standard equity compensation vesting and payment mechanics.

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^*

Greffin Judith P

(Last) (First) (Middle)

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		A(1)		45	A	$25.92	17,743	D
Common Stock $0.01 Par Value	09/15/2025		A(2)		110	A	$25.92	17,853	D

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. 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).

2. Fully vested dividend equivalents received on restricted stock units payable solely in shares of common stock following the date the Insider ceases serving as a director.

	/s/ Lynn M. Floeter, attorney-in-fact for Judith P. Greffin	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 Judith P. Greffin report on the ASB Form 4?

The Form 4 reports two acquisitions on 09/15/2025: 45 shares and 110 shares of Associated Banc-Corp common stock at $25.92 per share.

Are the reported shares part of compensation or open-market purchases for ASB?

The filing explains these are dividend equivalent units tied to restricted stock units and are payable solely in shares upon vesting or termination.

How many shares did the reporting person beneficially own after the transactions?

The filing shows beneficial ownership totals of 17,743 shares after the first reported acquisition and 17,853 shares after the second.

When was the Form 4 signed and filed for the ASB insider transaction?

The signature by an attorney-in-fact for Judith P. Greffin is dated 09/17/2025 and the transactions are dated 09/15/2025.

What price was reported for the acquired ASB shares?

Both reported acquisitions list a price of $25.92 per share.