The provided source material details the history, services, and financial standing of Associated Banc-Corp (ASB) and its affiliated banks. ASB operates as a financial institution offering a range of services, including personal and commercial banking, investment management, and wealth management. As of October 19, 2023, the company held $42 billion in assets and is the largest bank holding company based in Wisconsin. The documentation outlines its formation, key acquisitions, and financial performance, alongside details of its various service offerings.
Origins and Early Development
Associated Banc-Corp’s origins trace back to May 1, 1970, with the formation of a banking alliance consolidating three community banks: The First National Bank of Neenah (founded 1861), Kellogg Citizens National Bank of Green Bay (founded 1874), and Manitowoc Savings Bank (founded 1884). This initial consolidation established the foundation for what would become Associated Bank. The company underwent a name change in 1993, becoming Associated Bank, NA of Green Bay, Wisconsin.
Throughout the 1980s and 1990s, Associated Bank pursued a strategy of expansion through acquisitions. In 1989, the Associated De Pere Bank of De Pere, Wisconsin, was acquired. Further expansion occurred in 1991 with the acquisitions of Farmers State Bank of Pound, Wisconsin, and F&M Financial Services. The following year, 1992, saw the acquisition of Wausau Financial and Northeast Wisconsin Financial Services. In 1993, alongside the name change, First National Bank of Sturgeon Bay of Sturgeon Bay, Wisconsin, was also acquired. The acquisition of GN Bancorp of Illinois in 1995 continued this growth trajectory.
Expansion and Financial Challenges (2000s)
The early 2000s marked a period of continued growth and geographic expansion for Associated Banc-Corp. In 2005, the company merged and rebranded affiliate banks in Minneapolis and Chicago. Also in 2005, State Financial Services of Hales Corners, Wisconsin, was acquired, extending operations into Northern Illinois. The acquisition of First National Bank of Hudson, Wisconsin, occurred in 2007.
However, the 2008 financial crisis presented significant challenges. Associated Banc-Corp received $525 million as part of the $700 billion Troubled Asset Relief Program (TARP) fund. This federal assistance was intended to stabilize the financial system during the crisis. William R. Hutchinson was appointed Chairman of the Board of Directors, and Philip B. Flynn was appointed President and CEO in 2009. In 2010, the company issued $435 million of common stock to support continued growth. Associated Banc-Corp successfully repaid its $525 million TARP fund share in 2011.
Recent Developments and Current Standing
Associated Bank continued to invest in its infrastructure and expand its service offerings in the 2010s. In 2012, the Downtown Green Bay Regency building was redeveloped to create the new Associated Center, serving as the company’s headquarters. The company was recognized as one of the 100 Most Trustworthy Companies by Forbes in 2013. Associated Banc-Corp joined the New York Stock Exchange in 2014, trading under the ticker symbol "ASB."
Further acquisitions followed, including Ahmann & Martin Co., a risk and employee benefits consulting firm, in 2015, and Whitnell & Co., a wealth management family services firm, in 2017. In 2018, Bank Mutual of Milwaukee was acquired. The purchase of the 28-story Milwaukee Center office building in 2016 was intended to facilitate future company expansion.
Currently, Associated Bank provides a range of financial products and services. These include checking and savings accounts, loans, and investment options. The bank offers three checking account solutions designed to cater to different lifestyles. Customers can open accounts with as little as $10. Associated Bank also provides fixed, adjustable, and government loans through an easy online application process. Home equity loans are available with payments as low as interest-only. Visa® Max Cash Secured Cards are offered to help customers build credit and earn rewards.
Investment Management Divisions
ASB Capital Management operates as one of the largest institutional investment management firms in the Washington, D.C. area. It functions through two primary divisions: ASB Investment Management and ASB Real Estate Investments.
ASB Investment Management focuses on providing high-quality institutional equity and fixed income management. As of September 30, 2025, this division manages assets totaling $31.8 billion. ASB Real Estate Investments specializes in real estate investment management, investing in major U.S. markets with a concentration on industrial, multifamily, office, retail, and self-storage properties. This division has $6.0 billion in gross assets under management as of the same date. ASB Capital Management serves a diverse client base, including pension plans, unions, corporations, insurance companies, endowments, foundations, and charitable organizations.
Financial Health and Customer Focus
Associated Savings Bank emphasizes financial health as a core principle, aiming to help customers achieve their financial goals, whether through saving, asset protection, or investment. The bank prioritizes its customers, stating that they are “always our first priority,” whether they are employees or customers. The bank highlights the ease of reaching out for assistance and emphasizes its commitment to providing personalized commercial and personal banking services, a tradition dating back to 1911.
Regulatory Oversight and Affiliations
Associated Bank operates as a nationally chartered bank, regulated by the Office of the Comptroller of the Currency within the Department of the Treasury. It is also a member of the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Bank of Chicago, and the Federal Home Loan Bank of Chicago. Deposits are FDIC-insured up to $250,000. Associated Bank provides digital applications for customer use, noting that while the bank does not charge a fee for downloading these applications, standard carrier message and data rates may apply.
Conclusion
Associated Banc-Corp has evolved from a regional alliance of community banks into a significant financial institution with a broad range of services and a substantial asset base. Through strategic acquisitions, adaptation to economic challenges, and a focus on customer service, ASB has established itself as a prominent player in the financial landscape, particularly within the Midwest. The company’s commitment to financial health, coupled with its diverse investment management divisions, positions it to continue serving a wide array of clients and contributing to the economic well-being of the communities it serves.