Associated Banc-Corp announces pricing of common stock offering

GREEN BAY, Wis., Nov. 14, 2024 — Associated Banc-Corp (“Associated”) (NYSE: ASB) today announced the pricing of a public offering of 12,000,000 shares of its common stock, $0.01 par value (the “Common Stock”), at a public offering price of $25.00 per share, for aggregate gross proceeds of $300 million.

In addition, Associated Banc-Corp has granted the underwriters an option to purchase up to an additional 1,800,000 shares of its Common Stock for 30 days following the date of this pricing. The offering is expected to close on November 18, 2024, subject to the satisfaction of customary closing conditions.

Associated expects to use the net proceeds from this offering for general corporate purposes to support continued organic growth and capital generation, which may include investments in Associated Bank, N.A. and potential balance sheet optimization strategies.

BofA Securities and J.P. Morgan are acting as joint book-running managers for the offering.

The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333-280004) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the “SEC”), and a final prospectus supplement to be filed with the SEC.

Copies of the registration statement, the preliminary prospectus supplement and the accompanying base prospectus relating to the Common Stock offering can be obtained without charge by visiting the SEC’s website at www.sec.gov, or by contacting BofA Securities, 201 North Tryon Street, Charlotte, NC 28255 or by email at [email protected] or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at [email protected] and [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the Common Stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $42 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.

FORWARD-LOOKING STATEMENTS
Statements made in this document which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding the proposed offering and the intended use of proceeds. Such forward-looking statements may be identified by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “estimate,” “should,” “will,” “intend,” “target,” “outlook,” “project,” “guidance,” or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company’s most recent Form 10-K and subsequent SEC filings.

Investor Contact:
Ben McCarville, Vice President, Director of Investor Relations       
920-491-7059

Media Contact:
Andrea Kozek, Senior Manager, Public Relations
920-491-7518

SOURCE Associated Banc-Corp

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