About Associated Banc-Corp

Associated Banc-Corp operates as the bank holding company for Associated Bank that provides a broad array of banking and nonbanking products and services to individuals and businesses. As of December 31, 2023, the company owned one nationally chartered commercial bank headquartered in Green Bay, Wisconsin, which serves local communities across the upper Midwest; one nationally chartered trust company headquartered in Milwaukee, Wisconsin; and 12 limited purpose banking and nonbanking subsidiaries either located in or conducting business primarily in the company’s state branch footprint (Wisconsin, Illinois, and Minnesota) that are closely related or incidental to the business of banking or financial in nature. The company, through the bank and various nonbanking subsidiaries, operates through banking branches, serving more than 100 communities, primarily within the company’s state branch footprint. Segments The company’s business is primarily relationship-driven and is organized into three reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. The Community, Consumer, and Business segment consists of lending and deposit solutions to individuals and small to mid-sized businesses. The Risk Management and Shared Services segment includes key shared Corporate functions and the company’s activity. Corporate and Commercial Specialty The Corporate and Commercial Specialty segment serves a wide range of customers, including private clients, larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions, as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals, private clients, and small to mid-sized businesses. Delivery of services is provided through the company’s corporate and commercial units, the company’s CRE unit, as well as its specialized industries and commercial financial services units. Within this segment, the company provides the following products and services: lending solutions, such as commercial loans and lines of credit, CRE financing, construction loans, letters of credit, leasing, ABL & equipment finance, and, for the company’s larger clients, loan syndications; deposit and cash management solutions, such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; specialized financial services, such as interest rate risk management, and foreign exchange solutions; fiduciary services, such as administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management; and investable funds solutions, such as savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount and online investment brokerage; investment advisory services; and trust and investment management accounts. During the first quarter of 2021, the company sold its wealth management subsidiary, Whitnell. Community, Consumer, and Business The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. Delivery of services is provided through the company’s various consumer banking and community banking units. Within this segment, the company provides the following products and services: lending solutions, such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto finance loans, business loans, and business lines of credit; and deposit and transactional solutions, such as checking, credit and debit cards, online banking and bill pay, and money transfer services. Loans Commercial and Business Lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based and equipment financing. Commercial Real Estate - Investor: CRE-investor is consisted of loans secured by various non-owner occupied or investor income producing property types. Real Estate Construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the company and have prior successful project experience. Residential Mortgages: Residential mortgage loans are primarily first lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g., private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the company’s state branch footprint. The company generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. Home Equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. Indirect Auto: The company purchases retail auto sales contracts via a network of approved auto dealerships across 14 states throughout the Northeast, Mid-Atlantic, and the Midwestern United States. The auto dealerships finance the sale of automobiles as the initial lender and then assign the contracts to the company pursuant to dealer agreements. Other Consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. Investment Securities Portfolio As of December 31, 2023, the company’s investment securities were U.S. Treasury securities; obligations of state and political subdivisions (municipal securities); residential mortgage-related securities, such as FNMA/FHLMC and GNMA; commercial mortgage-related securities, such as FNMA/FHLMC and GNMA; asset backed securities, such as FFELP and SBA; and other debt securities. Deposits As of December 31, 2023, the company’s deposits were noninterest-bearing demand deposits, savings deposits, interest-bearing demand deposits, money market deposits, brokered CDs, and other time deposits. Supervision and Regulation As a registered bank holding company under the Bank Holding Company Act of 1956, as amended, the company is regulated, supervised, and examined by the Federal Reserve. The bank and the company’s nationally-chartered trust company subsidiary are regulated, supervised and examined by the OCC. The OCC has primary supervisory and regulatory authority over the operations of the bank and the company’s trust company subsidiary. As part of this authority, the bank and the company’s trust company subsidiary are required to file periodic reports with the OCC and are subject to regulation, supervision and examination by the Office of the Comptroller of the Currency (OCC). The bank, the company’s only subsidiary that accepts insured deposits, is also subject to examination by the FDIC. The company is subject to the enforcement and rule-making authority of the Consumer Financial Protection Bureau regarding consumer financial products. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the requirements of the Board of Governors of the Federal Reserve System (Federal Reserve), the company, as a bank holding company, is required to serve as a source of financial strength to the bank and to commit resources to support the bank. The bank is a member of the FDIC and pays an insurance premium to the FDIC based upon its assessment rates on a quarterly basis. Deposits are insured up to applicable limits by the FDIC and such insurance is backed by the full faith and credit of the United States Government. Section 29 of the FDI Act and FDIC regulations thereunder limit the ability of an IDI, such as the bank, to accept, renew or roll over brokered deposits unless the institution is well-capitalized under the prompt corrective action framework described above, or unless it is adequately capitalized and obtains a waiver from the FDIC. Transactions between the company’s national banking subsidiary and its related parties or any affiliate are governed by Sections 23A and 23B of the Federal Reserve Act. The bank is subject to periodic CRA (Community Reinvestment Act) reviews by the OCC. The bank received a ‘Satisfactory’ CRA rating in its most recent evaluation. The company is subject to a number of the U.S. federal, state, local and foreign laws and regulations relating to consumer privacy and data protection. Under privacy protection provisions of the Gramm-Leach-Bliley Act of 1999 (GLBA) and its implementing regulations and guidance, the company is limited in its ability to disclose certain non-public information about consumers to nonaffiliated third parties. In addition to complying with the Bank Secrecy Act (BSA), the bank is subject to the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Patriot Act). The bank is also subject to a variety of other regulations with respect to the operation of its businesses, including but not limited to the Dodd-Frank Act, which among other restrictions placed limitations on the interchange fees charged for debit card transactions, Truth in Lending Act, Truth in Savings Act, Equal Credit Opportunity Act, Electronic Funds Transfer Act, Fair Housing Act, Home Mortgage Disclosure Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Expedited Funds Availability (Regulation CC), Reserve Requirements (Regulation D), Insider Transactions (Regulation O), Privacy of Consumer Information (Regulation P), Margin Stock Loans (Regulation U), Right To Financial Privacy Act, Flood Disaster Protection Act, Homeowners Protection Act, Servicemembers Civil Relief Act, Real Estate Settlement Procedures Act, Telephone Consumer Protection Act, Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003, Children’s Online Privacy Protection Act, and the John Warner National Defense Authorization Act. In addition to regulation, supervision and examination by federal banking agencies, the company and certain of its subsidiaries, including those that engage in securities brokerage, dealing and investment advisory activities, are subject to other federal and applicable state securities laws and regulations, and to supervision and examination by other regulatory authorities, including the U.S. Securities and Exchange Commission, Financial Industry Regulatory Authority, New York Stock Exchange, Department of Labor, and others. History Associated Banc-Corp was founded in 1861. The company was incorporated in Wisconsin in 1964.