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The struggling Anchor (ABCW) in Madison has commitments of $175 million of fresh capital, but creditor Associated Banc-Corp (ASBC) refused to sign off on the deal, according to bankruptcy court documents. Anchor then filed for Chapter 11 to facilitate it recapitalization.
August 14 -
Associated Banc-Corp (ASBC) in Green Bay, Wis., announced second-quarter earnings of $47 million, up 12% from a year earlier thanks to higher net interest income and mortgage banking revenue.
July 19 -
Associated Banc-Corp of Green Bay, Wis., has made significant strides in its bid to become more efficient, but CEO Philip Flynn admits it has much more work to do.
April 19 -
Associated Banc-Corp of Green Bay, Wis., announced a double-digit increase in fourth-quarter profit that was spurred by increased lending.
January 17 -
Associated Banc-Corp in Green Bay, Wis., announced plans to close a dozen branches a day before it is scheduled to release its third-quarter results.
October 17
Associated Banc-Corp (ASBC)
The $24 billion-asset company's net interest income increased 3.6% to $167 million.
"Overall we are pleased with our 2013 financial results and accomplishments. We were able to continue to grow our balance sheet, increase total revenues, modestly reduce expenses, and grow bottom line earnings," Associated President and Chief Executive Philip Flynn said in a press release Thursday. "We remain focused on delivering increased value to our shareholders."
The net interest margin tightened nine basis points to 3.23%. However, replacement of higher-cost deposits with cheaper Federal Home Loan Bank funding added three basis points to the margin. Noninterest income for the company, headquartered in Green Bay, Wisc., climbed 2.6% to $75.9 million.
Associated's total noninterest expense increased 1.8% to $179.5 million. In the fourth quarter personnel expenses increased by $3 million, including $2 million of severance costs. Business development and advertising expenses increased $2 million from the third quarter.
Associated's provision for loan losses dropped by a third, to $2 million. Net charge offs decreased 73.9% to $5.4 million.
