The provided documentation details the history, services, and financial performance of Associated Banc-Corp (ASB) and its affiliated entities, including ASB Capital Management and American State Bank. ASB operates as a financial institution offering a range of services to both individual and institutional clients. ASB Capital Management focuses on investment management, while Associated Bank provides commercial and personal banking solutions. The documentation spans a period from 2005 to 2022, outlining key events such as mergers, acquisitions, financial support received during the 2008 financial crisis, and partnerships with sports organizations.
Historical Development and Corporate Structure
Associated Banc-Corp has undergone significant changes through mergers and acquisitions since 2005. In 2005, the company merged and rebranded affiliate banks in Minneapolis and Chicago. The same year, it acquired State Financial Services of Hales Corners, Wisconsin, expanding its reach into Northern Illinois. Further expansion occurred in 2007 with the acquisition of First National Bank of Hudson, Wisconsin.
The year 2008 marked a period of financial instability, during which Associated Banc-Corp received $525 million as part of the Troubled Asset Relief Program (TARP) fund. This funding was later repaid in 2011. Leadership changes occurred in 2009 with the appointments of William R. Hutchinson as Chairman of the Board of Directors and Philip B. Flynn as President and CEO.
Continued growth was supported by a $435 million common stock offering in 2010. In 2012, the company redeveloped the Downtown Green Bay Regency building into the Associated Center, serving as its headquarters. Associated Banc-Corp was recognized as one of the 100 Most Trustworthy Companies by Forbes in 2013 and began trading on the New York Stock Exchange under the ticker "ASB" in 2014.
Subsequent acquisitions include Ahmann & Martin Co. (a risk and employee benefits consulting firm) in 2015, Whitnell & Co. (a wealth management family services firm) in 2017, and Bank Mutual of Milwaukee in 2018. A buyout of 32 Wisconsin branches occurred in 2019, and plans to take over First Staunton Bancshares were also announced that year. More recently, in 2022, Associated Bank closed branches in Wisconsin and Illinois while simultaneously opening a “micro branch” in downtown Milwaukee.
Investment Management Services
ASB Capital Management operates as an institutional investment management firm, serving pension plans, unions, corporations, insurance companies, endowments, foundations, and charitable organizations. It is described as one of the largest firms of its kind in the Washington, D.C. area. The firm is divided into two divisions: ASB Investment Management and ASB Real Estate Investments.
ASB Investment Management specializes in equity and fixed income management, with approximately $31.8 billion in assets under management as of September 30, 2025. ASB Real Estate Investments focuses on real estate investments in major U.S. markets, concentrating on industrial, multifamily, office, retail, and self-storage properties. This division manages gross assets totaling $6.0 billion as of the same date.
Retail and Commercial Banking Services
American State Bank, established in 1911, provides personalized commercial and personal banking services. Associated Bank offers a variety of products designed to meet diverse financial needs. These include:
- Visa® Max Cash Secured Card: A card designed to help build credit and earn rewards.
- Checking Accounts: Three different checking account solutions are available, designed to fit various lifestyles. These accounts offer features such as fee avoidance, overdraft protection, and credit monitoring. Family Banking options are also available.
- Savings and Loan Products: Options for starting savings or growing existing funds are available, with accounts that can be opened with as little as $10. Fixed, adjustable, and government loans are offered through an easy online application process.
- Home Equity Loans: Opportunities to leverage home equity with payments potentially limited to interest-only.
- Platinum Visa Card: Offers rewards, convenience, and security, with special introductory rates.
- Loans: Loans are available up to $25,000.
- Wealth Management: Tailored expertise is provided for business and wealth management.
Associated Bank emphasizes customer service, stating that customers are their first priority, whether they are employees or clients. The bank also highlights the ease of reaching out for assistance and provides a link to its disclosures page for terms and conditions.
Partnerships and Community Involvement
Associated Banc-Corp has actively engaged in partnerships with various organizations. These include the Milwaukee Brewers baseball team, with whom the bank has expanded its partnership. The bank also has partnerships with UW Athletics and the Minnesota Wild Hockey Club. Additionally, Associated Bank serves as the official bank of the Wisconsin Athletic Hall of Fame.
Financial Performance and Regulatory Response
The documentation indicates that Associated Banc-Corp experienced financial challenges during the 2008 economic downturn, necessitating a $525 million investment from the TARP fund. However, the company successfully repaid this funding in 2011. A report from the Milwaukee Journal Sentinel in 2016 noted that slumping oil prices had negatively impacted the company’s earnings.
Recent Developments
Recent activity includes branch closures in Wisconsin and Illinois in 2022, alongside the opening of a “micro branch” in Milwaukee. These actions suggest a strategic shift in the bank’s physical presence and a focus on innovative service delivery models.
Conclusion
Associated Banc-Corp has evolved significantly through strategic acquisitions, partnerships, and adaptation to economic challenges. The company provides a comprehensive suite of financial services, ranging from institutional investment management to personal banking solutions. Its commitment to community involvement and customer service is also highlighted in the provided documentation. The data indicates a dynamic organization responding to market conditions and seeking to maintain a strong position in the financial services sector.