WASHINGTON — The Treasury said Thursday it expects to gain net proceeds of $3.4 million after pricing warrants to purchase shares in Associated Banc-Corp., one of the financial institutions it rescued during the financial crisis.
The Treasury priced 3.98 million warrants to purchase common stock in the Green Bay, Wis., bank in a secondary public offering, which is expected to close Dec. 6. The government invested $525 million in Associated Banc-Corp. through the Troubled Asset Relief Program.
The bank has already repaid that funding, as well as $68 million in dividends. The Treasury received the warrants for investments made under the government rescue program, created in 2008 to save financial institutions from the mushrooming Wall Street crisis.
