Associated Bank

What Associated Bank does

Associated Banc-Corp (NYSE: ASB), operating primarily through its subsidiary Associated Bank, N.A., is a publicly traded regional bank holding company headquartered in Green Bay, Wisconsin, with approximately $50 billion in total assets, a $4.8 billion market capitalization as of June 2026, and over 200 banking locations serving six Midwestern states (Wisconsin, Illinois, Minnesota, Missouri, Iowa, and Nebraska). The bank offers a full suite of consumer, commercial, and wealth products: deposit accounts and Visa/Mastercard-branded cards, mortgage origination (where it has been the leading Midwest lender by HMDA volume for over a decade), HELOCs and personal loans, commercial real estate and C&I lending, treasury management and capital markets, franchise banking, and private wealth/trust/investment management. It serves small/mid-market businesses, large commercial enterprises, individual consumers, and high-net-worth households through a hybrid model of physical branches, dedicated relationship managers and mortgage loan officers, and the Associated Bank Digital mobile and online platform.

The bank generates revenue primarily through net interest income (record $1.2 billion in 2025, up 15% year-over-year) on a loan portfolio of $31.8 billion and deposit base of $35.7 billion as of Q1 2026, supplemented by transaction fees from commercial banking, mortgage origination and servicing, merchant services, and subscription/recurring revenue from wealth management fees. Pricing is unit-based for mortgages (fixed/ARMs, HELOCs, construction) and asset-based for commercial lending, with subscription-style account fees on consumer checking tiers (Access, Balanced, Choice, plus affinity variants tied to the Milwaukee Brewers, Green Bay Packers, and Milwaukee Film). The technology stack combines a core regional banking platform with a mobile app, Zelle/Apple Pay/Google Pay/Mastercard integrations, and a FICO Auto Score 10 credit risk infrastructure. Distribution spans 200+ branches, ~60 mortgage loan officers, commercial banking teams (with dedicated Sun Belt expansion in Kansas City in March 2025 and Dallas in May 2026), and private wealth advisors concentrated in Minneapolis and other major metros.

Recent strategic posture emphasizes a five-year transformation that grew assets from $33B to $50B and commercial lending by 43% to $12.3B. The bank completed a $604 million all-stock merger with American National Corporation in April 2026, expanded commercial banking into Dallas, launched a national Franchise Banking vertical, and grew private wealth in the Twin Cities — while issuing $100 million in fresh buyback authorization in April 2026 on top of a 52-year consecutive dividend record. Q1 2026 revenue was $387.2M, and management has guided to 17-19% loan and deposit growth and 8-10% income growth in 2026.

Name

Associated Bank

Legal name

Associated Banc-Corp

Website

https://associatedbank.com

Company type

Public

Founded year

1867

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Associated Banc-Corp (NYSE: ASB) is a $50B-asset regional bank holding company headquartered in Green Bay, Wisconsin, serving consumers, small/mid-market businesses, large commercial enterprises, and high-net-worth clients across six Midwestern states through 200+ branches, mortgage, commercial, private wealth, and digital banking channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Green Bay

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income from loan portfolio including commercial, consumer, and residential mortgages minus interest paid on deposits. Primary revenue driver with record $1.2 billion in 2025, up 15% year-over-year.
2. Commercial Banking: Commercial and industrial lending, commercial real estate financing, equipment finance, and treasury management services generating fee income and interest spread.
3. Mortgage Banking: Mortgage loan origination for home purchases and refinancing, generating origination fees and servicing income. Leading lender in the Midwest for over a decade.
4. Private Wealth Management: Wealth advisory, planning, investment management, and trust services for high-net-worth individuals and families.
5. Corporate Sponsorships and Partnerships: Naming rights, sponsorship deals, and partnership revenue from entertainment venues, sports teams, and community events.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels10 records

Core offering

Associated Bank is a Midwest regional bank offering consumer banking (checking, savings, mortgages, credit cards, HELOCs, personal loans), commercial banking (C&I lending, commercial real estate, treasury management, capital markets, equipment finance), and private wealth management (investment management, trust and estate administration, brokerage, retirement plans). It serves individual consumers, small to mid-sized businesses, large commercial enterprises, and high-net-worth clients across six Midwestern states through more than 200 branches and digital platforms.

Product overview

Associated Bank operates as a unified multi-channel banking platform with distinct personal, business, commercial, and wealth divisions. The core digital banking experience is delivered through Associated Bank Digital (mobile app and online banking), which serves as the hub for account management, payments, and financial tools. Personal banking centers on checking, savings, credit cards, and lending products including home mortgages (where the bank holds a leading position in the Midwest), HELOCs, and personal loans. Business banking provides specialized checking, financing, and merchant services. Commercial banking offers treasury management, capital markets, and specialized industry financing. Wealth management encompasses private banking, trust services, investment management, and institutional services. Recent additions include Franchise Banking (launched April 2026) and expanded affordable lending programs. The bank completed its acquisition of American National Corporation in April 2026, expanding its Midwest footprint into Omaha and Twin Cities markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Associated Bank Digital Mobile and online banking platform providing account management, bill pay, funds transfers, Zelle payments, mobile deposit, credit monitoring, and security features for retail and small business customers.
• Personal Checking Accounts Tiered personal checking accounts including basic and premium options plus affinity checking accounts co-branded with sports teams and local organizations for retail consumers.
• Savings Accounts and CDs Savings products including standard savings, relationship savings, money market accounts, certificates of deposit, and health savings accounts for retail customers.
• Credit Cards Visa-branded consumer credit card portfolio offering cash back, rewards, travel, low interest, secured, and co-branded card options for retail customers.
• Home Loans (Mortgages) Residential mortgage lending including fixed-rate, adjustable-rate, jumbo, FHA, VA, Rural Housing, construction, and refinancing loans for homebuyers and homeowners across the Midwest.
• HELOC (Home Equity Line of Credit) Home equity line of credit offering flexible revolving access to home equity with interest-only payment options for homeowners.
• Personal Loans Unsecured consumer loans up to $25,000 for debt consolidation, home improvements, and major purchases.
• Business Checking Business checking accounts in multiple tiers including basic, balanced, choice, analyzed, and zero balance account options for small and mid-sized businesses.
• Business Financing Business lending solutions including term loans, lines of credit, SBA government-guaranteed loans, and the Community Uplift Loan Program serving underserved communities.
• Commercial Banking Comprehensive commercial banking including treasury management, commercial financing (real estate, equipment finance, leveraged finance, asset-based lending), capital markets (interest rate derivatives, FX, loan syndications), and specialized industry financing for large commercial clients.
• Private Wealth Management Wealth management services including private banking, investment management, trust and estate administration, financial planning, brokerage, risk management, and institutional services for high-net-worth individuals, families, and institutions.
• Franchise Banking Industry-specific specialty banking vertical serving franchise owners and operators nationally with tailored lending and deposit solutions, launched April 2026.
• Affordable Lending Programs Affordable mortgage and down payment assistance programs including PATH grants, CARE program, HomeReady (Fannie Mae), and VA loans targeted at first-time and low-to-moderate-income homebuyers.
• Merchant Services Payment processing solutions for businesses to accept card payments, manage receivables, and optimize cash flow.
• Employee Benefits Administration Employer-sponsored benefit account administration including HSA, FSA, HRA, Lifestyle Spending Account (LSA), COBRA administration, and ESOP lending for businesses.

Quantifiable outcome

• 314% increase in net income from $112 million in 2024 to $463 million in 2025
• +5 more outcomes

Named customers8 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature2 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Pabst Theater GroupcoreGTM or Marketing Partner · 2 June 2026Five-year partnership extension through 2031 maintaining Associated Bank's role as official bank of Milwaukee-based theater group. New venues (Vivarium, The Fitzgerald) added; 10% bar discount for Associated Bank cardholders plus existing merchandise discounts, free coat check, and exclusive ticket pre-sales.
• Medical College of Wisconsin Cancer CenterminorGTM or Marketing Partner · 28 May 2026Title sponsor of 2026 Audaxity bike ride fundraising for cancer research. Inaugural 2025 event drew 1,074 participants riding 12,796 miles and raised over $1 million, with 100% of funds staying local for adult, pediatric, and rare cancer research.

Scale indicators21 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Fifth Third Bancorp: Fifth Third is a Cincinnati-based regional bank with comparable Midwest footprint (Ohio, Illinois, Michigan, Indiana, Kentucky, Tennessee, Florida) and similar mix of consumer, commercial, and wealth banking; the most directly comparable publicly traded Midwest regional bank peer to Associated Banc-Corp.
• KeyCorp: Cleveland-based regional bank with a Midwest-heavy commercial banking franchise; comparable size tier, similar client mix (commercial, consumer, wealth), and direct competitive overlap in Wisconsin, Illinois, and Ohio markets.
• Huntington Bancshares: Columbus, Ohio-based regional bank with overlapping Midwest presence (Ohio, Michigan, Indiana, Illinois, Wisconsin, Minnesota, West Virginia) and similar consumer/commercial banking model; competes head-to-head with Associated Bank in several Midwestern MSAs.
• Wintrust Financial Corporation: Chicago-based community and commercial bank with a similar Illinois/Wisconsin Midwest footprint, comparable size tier, and strong community-banking orientation; closely comparable in customer mix and product breadth.
• Comerica Incorporated: Mid-cap commercial-focused regional bank with strong Texas and Midwest presence; particularly relevant given Associated Bank's Dallas expansion was led by Brandon White, a former 16-year Comerica executive.

Broad incumbents

• BMO Financial Group: Canadian bank operating BMO Harris in the U.S. Midwest (Wisconsin, Illinois, Minnesota, Indiana, Missouri, Kansas); a larger incumbent competitor with overlapping retail and commercial banking footprint and comparable mid-market commercial focus.
• U.S. Bancorp: Minneapolis-headquartered national bank with $650B+ in assets and a deep Midwest presence across all six states where Associated Bank operates; a larger incumbent competitor in commercial, mortgage, and wealth services.
• Regions Financial Corporation: Birmingham-based regional bank with commercial and consumer banking operations across the South and Midwest; offers a comparable full-service regional bank model with overlapping commercial and wealth management capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/associatedbank
• YouTubeyoutube.com/user/AssociatedBankNA
• Facebookfacebook.com/associatedbank
• LinkedInlinkedin.com/company/associated-bank
• Instagraminstagram.com/associatedbank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Associated Bank