Associated Banc-Corp in Green Bay, Wis., has been hit with a downgraded Community Reinvestment Act rating.

The $29 billion-asset company said in a regulatory filing Thursday that the "needs to improve" rating will likely restrict its ability to make acquisitions and open branches. The downgrade, which followed an exam that covered a period between 2006 and 2010, will likely eliminate Associated's ability to receive expedited capital decisions.

The downgrade stems from Associated's mortgage lending practices to minorities and low-income communities, which was addressed in a 2015 agreement with the Department of Housing and Urban Development. Associated said in a statement that it has "significantly enhanced its services."

The lower CRA raring also reflects certain debt-protection products that Associated offered through third-party vendors. Associated said in its statement that it discontinued those products "several years ago."

The restrictions will remain in effect until a new rating is assigned, which is expected to take place next year. Associated said it expects an improved grade at that time.

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