Associated Banc-Corp (NYSE: ASB)

Associated Banc-Corp is a bank holding company that provides banking and financial services through its primary subsidiary, Associated Bank, and various nonbanking affiliates. The company operates predominantly in the upper Midwest, serving individuals and businesses across Wisconsin, Illinois, Minnesota, and Missouri with a full suite of traditional and specialty financial products. Associated Banc-Corp focuses on relationship-driven banking, emphasizing personalized service and long-term client engagement in its core markets.

Associated Banc-Corp generates revenue primarily through interest income from loans and leases, fee-based services, and wealth management offerings. Its core lending activities include commercial real estate, commercial and industrial loans, residential mortgages, and consumer loans. Noninterest income is derived from service charges on deposit accounts, trust and investment management fees, cardholder services, and mortgage banking activities. The company serves a diverse customer base of individuals, small businesses, middle-market enterprises, and larger corporate clients seeking traditional banking and specialized financial solutions.

The company operates through the following reportable segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services.

• The Corporate and Commercial Specialty segment focuses on serving middle-market and large corporate clients with specialized lending products, including commercial real estate, asset-based lending, equipment financing, and treasury management services. This segment also provides capital markets solutions and syndicated lending to support complex corporate financial needs.

• The Community, Consumer, and Business segment delivers traditional banking products and services to individual consumers, small businesses, and local communities. This includes retail deposit accounts, consumer loans, residential mortgages, small business lending, and branch-based financial advice delivered through its network of banking offices.

• The Risk Management and Shared Services segment encompasses enterprise-wide functions that support the operating segments, including finance, risk management, compliance, technology, human resources, and administrative operations. This segment does not generate direct revenue but provides essential infrastructure and oversight to ensure regulatory compliance, operational efficiency, and risk control across the organization.

Associated Banc-Corp holds a leading position among bank holding companies headquartered in Wisconsin, ranking as the largest by total assets as of December 31, 2025. The company competes with regional and national banks, credit unions, nonbank financial institutions, and fintech firms offering similar products in its footprint. Its competitive advantages stem from its deep community relationships, localized decision-making, and a broad product mix that allows it to serve both retail and commercial clients effectively under a single organization.

Associated Banc-Corp serves individuals, families, small businesses, middle-market companies, and larger corporate clients across its four-state footprint. The company does not disclose specific customer names in its filing, but its client base includes a broad mix of retail banking customers, commercial enterprises, and institutional clients relying on its lending, deposit, and wealth management services.