Yahoo Finance Associated Bank Announces Community Commitment of $2 Billion
The three-year community commitment will help uplift and enable customers to succeed across the bank's footprint
GREEN BAY, Wis., May 15, 2024 /PRNewswire/ -- Associated Banc-Corp (NYSE: ASB) ("Associated") today announced its $2 billion Community Commitment Plan ("CCP") that will uphold its dedication to the communities it supports and empowers. The 2024-2026 CCP marks Associated's fourth three-year commitment since 2016, which has resulted in $9 billion contributed to communities across Wisconsin, Minnesota and Illinois.
Highlights of the 2024-2026 CCP include:
$1.006 billion in residential mortgages and $9 million in down payment assistance for low-to-moderate-income (LMI) and minority borrowers and/or majority-minority geographies.
$377 million in loans to support small businesses with revenues of $5 million or less, loans less than $5 million in LMI communities and communities of color, and all Small Business Administration (SBA) loans.
$600 million in community development loans and investments to support affordable housing development, small business growth and lending to nonprofits that support LMI communities.
$8 million in Community Reinvestment Act (CRA)-qualified grants and/or in-kind donations.
"Our renewed community commitment of $2 billion demonstrates how we help all of our communities grow and thrive," said Andy Harmening, President and CEO, Associated Bank. "We are proud to help create more vibrant, equitable and thriving communities across our footprint."
"At Associated, we work to uplift our colleagues, customers and communities by providing sound financial services and resources, and the giving of our time through colleague volunteerism," said LaDonna Reed, Director of Community Accountability, Associated Bank. "By extending our commitment, we continue to ensure that our LMI communities and communities of color have access to financial resources that will help them grow and prosper."
Each year, through the CCP, Associated Bank and the Associated Bank Foundation donate millions of dollars in charitable grants to local nonprofit organizations with the majority of that total supporting community development programs. Areas of focus for funding include:
Affordable housing
Small business development
Workforce development
Sustainability
Racial/social equity
A copy of the 2024-2026 CCP can be found at https://www.associatedbank.com/pdf/CommunityCommitmentPlan.pdf
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (NYSE: ASB) has total assets of $41 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC. More information about Associated Banc-Corp is available at www.associatedbank.com.
Associated Bank Contact: Marilka Velez
Senior Director of Marketing
920-491-7518
marilka.velez@associatedbank.com
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SOURCE Associated Banc-Corp
