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Home > BizTimes Daily > Archives > November 21, 2008
Feds buy $525 million in Associated Banc-Corp stock
Published November 21, 2008 - BizTimes Daily
Associated Banc-Corp announced today it has sold $525 million of senior preferred shares and related common stock warrants to the U.S. Department of the Treasury under the federal government's voluntary Capital Purchase Program.
"The Treasury Department's investment is confirmation of the strength of Associated Banc-Corp," said Paul Beideman, chairman and chief executive officer of the parent company of Associated Bank.
The additional capital will increase the company's Tier 1 capital ratio to 12.22 percent from 9.22 percent as of Sept 30, and increase the firm's total capital ratio to 14.08 percent from 11.08 percent.
"The additional capital will support our customers' borrowing needs and other growth opportunities in our markets," Beideman said. "We believe our participation in the Capital Purchase Program will benefit our customers, shareholders and the communities we serve."
Associated Banc-Corp has total assets of $22 billion.
