ASSOCIATED BANC-CORP Business Summary

Associated Banc-Corp (ASB) is a prominent regional bank holding company that generates revenue primarily through net interest income from its $31.2 billion loan portfolio and noninterest income derived from capital markets, wealth management, and service fees. The company operates through three reportable segments: Corporate and Commercial Specialty, which provides sophisticated lending and treasury solutions to large enterprises; Community, Consumer, and Business, focusing on retail banking and small-to-mid-sized business relationships; and Risk Management and Shared Services. ASB is currently executing a multi-year strategic expansion, highlighted by the 2026 acquisition of American National Corporation, which significantly bolsters its presence in the Omaha and Twin Cities markets. Its primary direct competitors include Old National Bancorp, Columbia Banking System, and Valley National Bancorp, with ASB positioning itself as a high-touch "super-community" bank that offers the localized service of a community lender alongside the digital and product capabilities of a national institution. While the company traces its origins to 1861, its modern era is led by a management team with extensive pedigree from top-tier regional banks. President and CEO Andrew J. Harmening, who took the helm in 2021, previously served as a senior executive at Huntington Bank and has over 25 years of experience in consumer and commercial banking. The executive team includes EVP and CFO Derek S. Meyer, another Huntington veteran, and EVP and Chief Information Officer Terry L. Williams, who leads the firm’s technology and digital transformation initiatives. The Board of Directors is chaired by John "Jay" Williams and features notable members such as Gale Klappa (Executive Chairman of WEC Energy Group) and Cory Nettles. The company is a publicly traded entity with significant institutional backing from major asset managers including BlackRock, Vanguard, and Pzena Investment Management, reflecting strong market confidence in its 2026 growth targets and record 2025 financial performance.