Associated Bank’s board authorizes issuing $500M in stock

Special to The Freeman

March 19, 2014

GREEN BAY – Associated Banc-Corp on Tuesday announced its board has authorized issuing up to $500 million in common stock.

The bank said it has no immediate plans to buy a bank or another firm.

Green Bay-based Associated, the largest bank with headquarters in Wisconsin, said it has authorized the repurchase of up to $120 million of its common stock. According to a statement, about $56 million remains from a previous buyback, which was authorized by the board last summer.

According to Associated, $39 million in stock that the bank repurchased in the first quarter of this year was intended to neutralize the effect of stock grants that are part of its compensation plan.

“As anticipated, Associated also announced that the Office of the Comptroller of the Currency has formally terminated the consent order dated Feb. 23, 2012 relating to the Bank Secrecy Act/Anti-Money Laundering Compliance Program for Associated's subsidiary, Associated Bank, N.A.,” the statement said.