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Associated Banc-Corp (ASB) is like:

• U.S. Bancorp for the Upper Midwest.

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• Lending Services: Provides a variety of loans to individuals and businesses, including commercial, real estate, residential mortgages, home equity, personal, auto, and business loans.
• Deposit Accounts & Cash Management: Offers diverse deposit products like checking, savings, money market accounts, and CDs, alongside services for efficient cash flow and liquidity management.
• Investment & Wealth Management: Delivers investment brokerage, advisory services, trust administration, institutional asset management, and investable products such as annuities and IRAs.
• Specialized Financial Risk Management: Furnishes solutions to manage financial risks including interest rate fluctuations, foreign exchange exposure, and commodity hedging.
• Payment & Transaction Services: Supports everyday transactions with credit, debit, and prepaid cards, online banking, bill pay, and money transfer capabilities.

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Associated Banc-Corp (ASB) serves a broad and diversified customer base across different segments, rather than having a few identifiable "major customers." Based on its operations, its customers can be categorized as:

• Individuals and Consumers: This category includes customers seeking personal banking solutions such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto loans, checking and savings accounts, credit and debit cards, online banking, and investment advisory services.
• Commercial and Small Businesses: This category encompasses various businesses that utilize ASB for commercial loans, lines of credit, commercial real estate financing, construction loans, asset-based lending, cash management solutions, specialized financial services (like interest rate risk management and foreign exchange), and business checking and deposit products.
• Institutional and Fiduciary Clients: This includes entities requiring services such as the administration of pension, profit-sharing, and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management.

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Andrew J. Harmening, President and Chief Executive Officer

Andrew J. Harmening joined Associated Bank in 2021 as President and Chief Executive Officer and is also a member of the Company's Board of Directors. He brings over 25 years of banking experience, having previously served as Senior Executive Vice President and Consumer & Business Banking Director at Huntington Bank from 2017 to 2021, where he was recognized for leading the bank's digital and omni-channel strategy. Prior to Huntington, he was Vice Chairman of the consumer banking division of Bank of the West from 2015 to 2017 and spent nine years in various roles within small business and commercial banking at U.S. Bank. He began his career as a branch manager at Fifth Third Bank. Harmening holds an MBA from the University of Cincinnati and a bachelor's degree from DePauw University.

Derek S. Meyer, Executive Vice President, Chief Financial Officer

Derek S. Meyer assumed the role of Executive Vice President and Chief Financial Officer at Associated Bank in August 2022, overseeing the company's financial management. He possesses over 30 years of experience in the banking sector, with a background spanning 21 years in finance and 12 years in retail and commercial roles. Before joining Associated, Meyer served as Corporate Treasurer of Huntington Bank for 22 years, where he held various senior leadership positions and was responsible for critical finance functions including treasury, financial planning and analysis, stress testing, and mergers and acquisition due diligence.

Julio Manso, Executive Vice President, Chief Human Resources Officer

Julio Manso has served as Executive Vice President, Chief Human Resources Officer of Associated and Associated Bank, National Association since June 2, 2025. Prior to joining Associated, he was Executive Vice President of Human Resources, Consumer Bank, at KeyBank, N.A., a role he held since May 2022. He also served as Executive Vice President, Human Resources – Technology, Operations, Servicing and Digital at KeyBank from November 2020 to April 2023. Earlier in his career, he was Managing Director, Human Resources, Head of Talent at Chase Consumer and Community Bank from April 2019 to October 2020.

Phillip Trier, Executive Vice President, Head of Corporate and Commercial Banking

Phillip Trier joined Associated Bank in December 2023 as Executive Vice President, Head of Corporate and Commercial Banking, and is a member of the executive leadership team. In this role, he is responsible for overseeing corporate and commercial banking, equipment finance and leasing, sponsor finance, loan syndications, and treasury management sales and service. Trier previously spent 23 years at U.S. Bank, where he held several positions of increasing responsibility, most recently serving as the Midwest Region Executive, leading commercial banking across 11 states.

Steven Zandpour, Executive Vice President, Head of Consumer and Business Banking

Steven Zandpour was appointed Executive Vice President, Head of Consumer and Business Banking of Associated and Associated Bank, National Association, effective July 1, 2025. He initially joined Associated in January 2024 as Executive Vice President, Director of Consumer and Business Banking. Before his time at Associated, Zandpour served as Head of Specialty Sales at BMO U.S. from February 2019 to January 2024. His prior experience at BMO U.S. also includes roles as Regional President for Chicago (June 2016 to February 2019) and Regional President for Arizona and Florida (July 2014 to June 2016).

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1. Cybersecurity Risk: Associated Banc-Corp faces an increasing risk from sophisticated cyberattacks, which can lead to reputational damage, regulatory fines, and adverse financial impacts. The shift to remote work, for example, has increased cybersecurity vulnerabilities. The company acknowledges that successful cyberattacks could significantly impact its financial condition.
2. Credit Risk and Interest Rate Risk: The bank is exposed to significant risks related to asset quality and net interest margins, both of which are critical for maintaining earnings, capital adequacy, and sustainable growth, particularly during potential economic downturns. Changes in interest rates can adversely affect the company's earnings and cash flows.
3. Regulatory and Compliance Risk: As a financial institution, Associated Banc-Corp operates within a highly regulated environment. Changes in legal and regulatory frameworks can restrict its business activities, increase operating costs, reduce demand for its products, or result in litigation. New governmental policies, such as those aimed at increasing competition in the financial services sector, could also make acquisitions more challenging and introduce additional compliance requirements.

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The clear emerging threats for Associated Banc-Corp include the rapid growth of fintech companies and digital-first challenger banks, which offer agile, often lower-cost, and more convenient digital alternatives to traditional banking services such as deposits, payments, and personal and small business lending. Additionally, the increasing entry of large technology companies (e.g., Apple, Google, Amazon) into financial services poses a threat by leveraging their vast user bases and technological capabilities to offer payment solutions, consumer lending, and other financial products directly to customers, thereby circumventing traditional banks.

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For Associated Banc-Corp (ASB), the addressable markets for its main products and services in the U.S. are as follows:

• Commercial Lending: The outstanding commercial loans in the U.S. banking industry were approximately $2,785 billion as of February 25, 2026.
• Residential Mortgages: The total outstanding residential real estate loans by U.S. commercial banks amounted to approximately $2,689.77 billion as of February 25, 2026. For new originations, the total single-family mortgage origination volume in the U.S. is projected to reach $2.2 trillion in 2026.
• Consumer Lending: The total outstanding consumer loans in the U.S. were approximately $1,873 billion as of February 25, 2026. Within this category, credit card and revolving loans were approximately $1,068.75 billion, and auto loans were approximately $507.69 billion as of the same date.
• Deposits: The total deposits in the U.S. banking system were approximately $19.75 trillion as of December 1, 2025.
• Wealth Management, Fiduciary, and Investable Funds Solutions: Null

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Here are the expected drivers of future revenue growth for Associated Banc-Corp (ASB) over the next 2-3 years:

1. Commercial & Industrial (C&I) Loan Growth: Associated Banc-Corp anticipates continued robust growth in its Commercial & Industrial loan portfolio. The company achieved over $1.2 billion in C&I loan growth in 2025 and projects C&I loan growth of 9% to 10% in 2026. This growth is expected to be fueled by strong pipelines and deepening customer relationships.
2. Strategic Geographic Expansion: The acquisition of American National Corporation, which received regulatory approvals and is set to close on April 1, 2026, is a significant driver, providing immediate entry into the Omaha market and strengthening the bank's presence in the Twin Cities. Additionally, Associated Banc-Corp plans to accelerate growth through investments and increased marketing spend in key metropolitan markets such as the Twin Cities, Omaha, Kansas City, and Dallas in 2026.
3. Core Customer Deposit Growth: The company is focused on attracting and retaining core customer deposits, driven by organic household growth and strategic initiatives. Core customer deposits increased significantly in 2025, and management projects a 5% to 6% growth rate for core customer deposits in 2026, which provides a stable and lower-cost funding base to support asset growth.
4. Growth in Non-Interest Income: Associated Banc-Corp expects continued growth in non-interest income, particularly from capital markets activity, wealth management fees, and card fees. Non-interest income saw a 21% increase year-over-year in Q3 2025 and is projected to grow by 4% to 5% in 2026. Product upgrades are also planned to enhance product offerings and attract customers.
5. Digital Transformation and AI Integration: Investments in digital offerings and the integration of artificial intelligence (AI) across various business lines, including wealth planning, are expected to enhance customer service, drive deposit acquisition through technology and product segmentation, and improve operational efficiency, thereby contributing to revenue growth.

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Share Repurchases

• On January 27, 2026, the Board of Directors authorized a new share repurchase program of up to $100 million of Associated Banc-Corp's common stock.
• This authorization is in addition to any remaining authority from previous programs.

Share Issuance

• Associated Banc-Corp's shares outstanding increased from approximately 149.60 million in 2021 to 166 million in 2026.

Outbound Investments

• In December 2025, Associated Banc-Corp announced an agreement to acquire American National Corporation for $604 million, with the transaction expected to close in the second quarter of 2026.
• In 2021, the company sold its wealth management subsidiary, Whitnell & Co.
• In 2020, Associated Banc-Corp divested its insurance business, Associated Benefits & Risk Consulting.

Capital Expenditures

• Associated Banc-Corp invested approximately $35 million in digital initiatives since 2022.
• These investments focused on launching a modernized digital platform, adding account opening and product offer capabilities, introducing real-time digital account opening for business customers, enhancing security, and incorporating financial wellness tools.
• The company completed all major investments from Phase 2 of its strategic plan in March 2025.