Associated Banc-Corp

Associated Banc-Corp is a regional bank holding company headquartered in Green Bay, Wisconsin. Its principal operating subsidiary is Associated Bank, National Association, a nationally chartered bank that provides retail banking, commercial banking, commercial real estate lending, private banking, wealth management, and other specialized financial services. The company primarily serves Wisconsin, Illinois, and Minnesota, while also maintaining loan-production offices in several other states. The institution traces its heritage to community banks established in the nineteenth century. The First National Bank of Neenah was founded in 1861, followed by Kellogg Citizens National Bank of Green Bay in 1874 and Manitowoc Savings Bank in 1884. These institutions formed the basis of a banking alliance that was consolidated into Associated Banc-Corp on May 1, 1970. The company subsequently expanded through acquisitions, affiliate mergers, branch additions, and the integration of financial-services businesses. During the 1980s and 1990s, Associated built a broader Wisconsin franchise while entering Illinois and Minnesota. Acquisitions included banks and financial companies in De Pere, Pound, Wausau, northeastern Wisconsin, Sturgeon Bay, Illinois, Stevens Point, Shawano, and Minnesota. In the early 2000s, the group consolidated and rebranded affiliated banks under the Associated Bank name, creating a more unified customer-facing network. Further expansion followed through the acquisition of First Federal Capital Bank in western Wisconsin, State Financial Services in the Milwaukee area, First National Bank of Hudson, Bank Mutual, branches obtained from Huntington National Bank, and First National Bank of Staunton in Illinois. Associated also developed capabilities beyond conventional deposit-taking and lending. Its offerings have included private banking, investment management, trust services, employee-benefits consulting, insurance-related services, and commercial financial advice. Some insurance and benefits activities were later divested or reorganized, including the 2020 sale of Associated Benefits & Risk Consulting to USI Insurance Services. Wealth-management capabilities were strengthened through the acquisition of Whitnell & Co. in 2017. The company received $525 million through the U.S. Troubled Asset Relief Program during the financial crisis and repaid that capital in 2011. It later issued $435 million of common stock in 2010 to support growth. Associated began trading on the New York Stock Exchange under the ASB ticker in 2014. In 2018 it acquired Bank Mutual, expanding its Wisconsin presence, and in 2019 it added 32 Wisconsin branches formerly operated by Huntington. Its operating model has also evolved as customers increasingly use digital and self-service channels: in 2022 the company consolidated 13 branches and announced a smaller-format micro-branch concept. Associated Banc-Corp remains a Midwest-focused banking group rather than a nationwide consumer bank. Its network has included more than 220 banking locations serving over 100 communities in Wisconsin, Illinois, and Minnesota, supported by approximately 4,200 employees according to the cited reference material. As of October 19, 2023, the company was reported to have approximately $42 billion in assets and to be the largest bank holding company based in Wisconsin. Associated Bank is regulated by the Office of the Comptroller of the Currency and participates in the Federal Deposit Insurance Corporation, Federal Reserve Bank of Chicago, and Federal Home Loan Bank of Chicago systems.

Associated Banc-Corp's institutional history begins with three community banks in Wisconsin. The First National Bank of Neenah dates to 1861, Kellogg Citizens National Bank in Green Bay to 1874, and Manitowoc Savings Bank to 1884. These predecessor institutions later formed a banking alliance that was consolidated into Associated Banc-Corp on May 1, 1970. The alliance provided a platform for combining local banking franchises while retaining a strong Wisconsin orientation. Associated expanded during the late twentieth century through a sequence of bank and financial-company acquisitions. In 1989 it acquired Associated De Pere Bank, followed by Farmers State Bank of Pound and F&M Financial Services in 1991. Wausau Financial and Northeast Wisconsin Financial Services joined in 1992. The banking operation adopted the Associated Bank name in 1993 and continued expanding through the acquisition of First National Bank of Sturgeon Bay, GN Bancorp of Illinois, Mid-American National Bancorp of Illinois, Centra Financial of Wisconsin, First Financial Corporation of Stevens Point, Citizens Bank of Shawano, and Windsor Bancshares of Minnesota between 1993 and 1999. In the early 2000s, the company increasingly emphasized a unified banking identity. In 2001 it changed its name to Associated Bank, National Association, and merged and rebranded several affiliate banks in Wisconsin. Signal Financial Corporation of Minnesota was acquired in 2002. Affiliate operations in Stevens Point and Rockford were merged and rebranded in 2003. The acquisition of First Federal Capital Bank in 2004 extended the franchise into western and southwestern Wisconsin, while later mergers and acquisitions expanded Associated's presence in Minneapolis, Chicago, Milwaukee, and northern Illinois. First National Bank of Hudson was acquired in 2007. The 2008 financial crisis marked a significant capital event. Associated received $525 million through TARP, the federal program created to support financial institutions during the crisis. The company repaid that investment in 2011. In 2010 it also issued $435 million of common stock to support continued growth. Associated redeveloped Green Bay's Regency building into the Associated Center in 2012, reinforcing the city as its headquarters. In 2013 Forbes named the company among its 100 Most Trustworthy Companies, and in 2014 Associated moved its common-stock listing to the New York Stock Exchange under the ASB ticker. The company broadened its financial-services platform in the middle of the 2010s. It acquired Ahmann & Martin Co., a risk and employee-benefits consulting firm, in 2015 and purchased Milwaukee Center, a 28-story office building, in 2016 for future expansion. Whitnell & Co., a wealth-management family-services firm, was acquired in 2017. In 2018 Associated acquired Bank Mutual and also added Diversified Insurance Solutions and Anderson Insurance & Investment Agency. These transactions strengthened its banking, wealth, insurance, and employee-benefits capabilities, although Associated later sold Associated Benefits & Risk Consulting to USI Insurance Services in 2020. Retail and commercial banking expansion continued with the acquisition of 32 Wisconsin branches from Huntington National Bank in 2019 and First National Bank of Staunton in Illinois in 2020. Leadership changes accompanied this period: William R. Hutchinson became board chairman in 2009, Philip B. Flynn became president and CEO that year, John (Jay) B. Williams became chairman in 2020, and Andy Harmening became president and CEO in 2021. In 2022 Associated consolidated 13 branches across Wisconsin and Illinois and announced a micro-branch format of approximately 600 square feet. This reflected an effort to adapt the physical network to changing customer behavior while maintaining local market coverage. The company is described as operating more than 220 banking locations in Wisconsin, Illinois, and Minnesota, with additional loan-production offices in Indiana, Michigan, Missouri, New York, Ohio, and Texas. Reference material states that it had approximately $42 billion in assets and about 4,200 employees as of the cited 2023 date. In 2025, the reference material reports that Associated acquired American National Bank in Omaha, Nebraska.

1. 2025American National Bank acquisition

   Reference material reports the acquisition of American National Bank in Omaha, Nebraska.

   Source
2. 2022Branch network restructuring

   Associated consolidated 13 branches and announced a micro-branch operating model.

   Source
3. 2021Andy Harmening becomes CEO

   Andy Harmening was appointed president and chief executive officer.

   Source
4. 2020USI acquisition of Associated Benefits & Risk Consulting

   Associated sold its benefits and risk consulting business to USI Insurance Services.

   Source
5. 2018Bank Mutual acquisition

   Associated acquired Bank Mutual, increasing its Wisconsin banking presence.

   Source
6. 2014New York Stock Exchange listing

   Associated began trading on the NYSE under the ticker ASB.

   Source
7. 2011TARP capital repaid

   The company repaid the $525 million TARP investment.

   Source
8. 2008TARP capital received

   Associated received $525 million through the Troubled Asset Relief Program.

   Source
9. 2004First Federal Capital Bank acquired

   The transaction expanded Associated's reach into western and southwestern Wisconsin.

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10. 1993Associated Bank name adopted

    The principal banking operation changed its name to Associated Bank, National Association, of Green Bay.

    Source
11. 1970Associated Banc-Corp formed

    Three Wisconsin community banks consolidated their banking alliance into Associated Banc-Corp on May 1.

    Source
12. 1861First National Bank of Neenah founded

    The oldest of the three principal predecessor institutions was established in Neenah, Wisconsin.

    Source

A relationship-oriented regional bank focused on consumers, middle-market businesses, commercial real estate, and wealth-management clients in the Upper Midwest.

• Retail bankingConsumer banking

  Associated Bank's retail business serves individual and household customers through deposit accounts, everyday banking, consumer credit, residential lending, and related financial services. The offering is delivered through branches, digital channels, and smaller-format locations. Its customer-facing network is concentrated in Wisconsin, Illinois, and Minnesota.

• Commercial bankingBusiness banking

  Commercial banking is a core Associated business serving companies and institutions with deposits, credit, treasury-related services, and relationship-based financial advice. The franchise has particular relevance to middle-market businesses and communities in the Upper Midwest, supported by local banking offices and loan-production offices outside its main three-state branch footprint.

• Commercial real estate lendingCommercial finance

  Associated provides financing and banking services for commercial real estate borrowers. This activity complements its broader commercial platform and supports property owners, developers, investors, and other business clients. The company identifies commercial real estate lending as one of its principal specialized banking businesses.

• Private banking and wealth managementWealth management

  The private-banking and wealth-management platform serves affluent individuals, families, business owners, and organizations with customized banking, trust, investment, and financial-planning services. Associated expanded this capability through the 2017 acquisition of Whitnell & Co. and through affiliated trust and investment entities.

• Specialized financial servicesDiversified financial services

  Associated has operated or acquired specialized businesses connected with investment management, trust services, employee benefits, insurance, and risk consulting. Some of these activities have been reorganized or divested; notably, Associated Benefits & Risk Consulting was sold to USI Insurance Services in 2020.

• Milwaukee Brewers banking partnership

  Wisconsin

  Associated is identified as a banking partner of the Milwaukee Brewers, linking the brand to a prominent Wisconsin sports property and its regional community audience.

  Source
• University of Wisconsin-Madison Athletics partnership

  Wisconsin

  The company is described as a banking partner of University of Wisconsin-Madison Athletics, supporting visibility across the institution's sports programs.

  Source
• Minnesota Wild banking partnership

  Minnesota

  Associated is identified as a banking partner of the Minnesota Wild, extending its sports-marketing presence into one of its core operating states.

  Source
• Wisconsin Athletic Hall of Fame partnership

  Wisconsin

  The company is described as the bank of the Wisconsin Athletic Hall of Fame, reinforcing its regional heritage and community positioning.

  Source

• 2025Acquire American National BankM&A

  Reference material reports an expansion beyond Associated's traditional Wisconsin, Illinois, and Minnesota concentration.

  What changed. Associated acquired American National Bank in Omaha, Nebraska.

  Source
• 2022Restructure the branch networkStrategy

  Changing customer behavior and the increasing use of digital banking led Associated to reassess its physical distribution model.

  What changed. The company consolidated 13 Wisconsin and Illinois branches and announced a micro-branch model with an initial footprint of approximately 600 square feet.

  Aftermath. The initiative was intended to preserve market access with a smaller physical format.

  Source
• 2020Divest Associated Benefits & Risk ConsultingM&A

  Associated reviewed the role of insurance and employee-benefits businesses within its banking-centered portfolio.

  What changed. The company sold Associated Benefits & Risk Consulting to USI Insurance Services.

  Aftermath. The divestiture reduced Associated's direct exposure to that insurance and benefits operation.

  Sale consideration. $266 million (2020)

  Source
• 2018Acquire Bank MutualM&A

  Associated sought to increase its scale in Wisconsin through bank consolidation.

  What changed. Associated acquired Bank Mutual of Milwaukee.

  Aftermath. The transaction expanded the company's Wisconsin banking presence.

  Source
• 2014Move equity listing to the NYSEStrategy

  Associated pursued a major-market exchange listing for its publicly traded shares.

  What changed. The company joined the New York Stock Exchange and adopted the ASB trading symbol.

  Source
• 2010Raise common equity to support growthStrategy

  Associated sought additional capital while continuing its post-crisis growth strategy.

  What changed. The company issued $435 million of common stock.

  Aftermath. The capital was described as supporting continued growth.

  Common-stock offering. $435 million (2010)

  Source
• 2008Accept federal crisis-era capitalStrategy

  During the U.S. financial crisis, Associated participated in the Troubled Asset Relief Program.

  What changed. The company received $525 million in TARP capital.

  Aftermath. Associated repaid the capital in 2011.

  TARP capital received. $525 million (2008)

  Source

• 2025Associated Banc-Corp acquires American National Bank

  Reference material states that Associated acquired American National Bank in Omaha, Nebraska.

  M&A
  Source
• 2023Associated Banc-Corp reports approximately $42 billion in assets

  Reference material described Associated as Wisconsin's largest bank holding company, with approximately $42 billion in assets as of October 19, 2023.

  Other
  Source
• 2022Associated consolidates branches and introduces micro-branch model

  The company consolidated 13 Wisconsin and Illinois branches and announced a smaller-format micro-branch concept.

  Other
  Source
• 2021Andy Harmening appointed president and CEO

  Andy Harmening became president and chief executive officer of Associated Banc-Corp.

  Leadership change
  Source
• 2020Associated Banc-Corp sells benefits and risk consulting unit

  Associated sold Associated Benefits & Risk Consulting to USI Insurance Services for $266 million.

  M&A
  Source
• 2019Associated Banc-Corp adds Huntington branches

  Associated acquired 32 Wisconsin branches from The Huntington National Bank.

  M&A
  Source
• 2018Associated Banc-Corp acquires Bank Mutual

  The acquisition expanded Associated's Wisconsin banking presence.

  M&A
  Source
• 2014Associated Banc-Corp begins NYSE trading

  The company joined the New York Stock Exchange and began trading under the ASB ticker.

  Other
  Source
• 2011Associated Banc-Corp repays TARP investment

  Associated repaid the $525 million TARP capital it had received during the financial crisis.

  Other
  Source
• 2008Associated Banc-Corp receives TARP capital

  The company received $525 million from the U.S. Troubled Asset Relief Program during the financial crisis.

  Other
  Source

1. Associated Banc-Corp
2. Associated Bank official website