Attached files
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EX-4.2 - EX-4.2 - ASSOCIATED BANC-CORP | c66177exv4w2.htm |
EX-5.2 - EX-5.2 - ASSOCIATED BANC-CORP | c66177exv5w2.htm |
EX-5.1 - EX-5.1 - ASSOCIATED BANC-CORP | c66177exv5w1.htm |
EX-3.1 - EX-3.1 - ASSOCIATED BANC-CORP | c66177exv3w1.htm |
EX-5.3 - EX-5.3 - ASSOCIATED BANC-CORP | c66177exv5w3.htm |
EX-4.4 - EX-4.4 - ASSOCIATED BANC-CORP | c66177exv4w4.htm |
8-K - FORM 8-K - ASSOCIATED BANC-CORP | c66177e8vk.htm |
EXHIBIT 99.1
News Release | ||||
Contact: | Contact: | |||
Janet L. Ford | Autumn M. Latimore | |||
Senior Vice President | Senior Vice President | |||
Investor Relations Director | Public Relations Director | |||
414-278-1890 PHONE | 414-278-1860 PHONE | |||
414-380-9082 CELL | ||||
janet.ford@associatedbank.com | autumn.latimore@associatedbank.com |
FOR IMMEDIATE RELEASE
Associated Banc-Corp Completes the Repurchase of All of its Remaining TARP Preferred Stock
GREEN BAY, Wis. September 14, 2011 Associated Banc-Corp (Nasdaq: ASBC) announced today
that it has completed the repurchase of the remaining 262,500 shares of the Series A Preferred
Stock that it issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program
(TARP) Capital Purchase Program. Earlier today, Associated paid the U.S. Treasury $262.5 million,
plus an accrued dividend of $1.1 million. Associated funded the repurchase of the TARP shares from
its recently completed public offerings of $130 million of 5.125% Senior Notes due 2016 and $65
million of Depositary Shares of 8% Perpetual Preferred Stock, Series B, and cash on hand. The
repayment today is an acceleration of the previously announced target repayment date of September
28, 2011.
We are pleased with investor response to our debt and preferred stock offerings last week and
proud that we finished repurchasing the TARP preferred stock consistent with the commitment we made
earlier this year to our shareholders to repay the TARP funds as soon as possible and in the most
shareholder-friendly manner possible, said President and CEO Philip B. Flynn.
As each institutions repayment of TARP is subject to the approval of its bank regulator, we
believe the regulatory approval for our final repayment is a continued indication of the companys
financial strength, said Flynn. Our pro forma capital ratios following the senior notes and the
preferred stock offerings and the TARP repayment continue to exceed the requirements of our
regulators and standards for well-capitalized banks. This strong capital position provides us with
flexibility as we continue to execute our strategic plans for growth.
Associated Banc-Corp has paid a total of $68.2 million in dividends to the U.S. Treasury since
November 2008, when the company received the funds under the Capital Purchase Program.
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The following table outlines the companys reported capital ratios as of June 30, 2011 and adjusted
to reflect the net proceeds from the issuance of $130 million of senior notes and $65 million of
depositary shares, and the repurchase of the TARP Series A Preferred Stock:
As of June 30, 2011 | ||||||||
As Adjusted | ||||||||
for Notes | ||||||||
and Depositary Shares | ||||||||
Issuance | ||||||||
and Series A | ||||||||
Preferred | ||||||||
Actual | Repurchase(1) | |||||||
Tier 1 common equity to
risk-weighted assets (2) |
12.61 | % | 12.57 | % | ||||
Tier 1 risk-based capital ratio |
16.03 | % | 14.55 | % | ||||
Total risk-based capital ratio |
17.50 | % | 16.03 | % |
(1) | Assumes issuance of the notes and the depositary shares at the public offering prices and repurchase of the Series A Preferred Stock for an aggregate repurchase price of approximately $263.6 million ($262.5 million liquidation amount of the Series A Preferred Stock plus approximately $1.1 million of accrued and unpaid dividends). | |
(2) | Tier 1 common capital ratio = Tier 1 capital excluding qualifying perpetual preferred stock and qualifying trust preferred securities divided by risk-weighted assets. This is a non-GAAP financial measure. |
ABOUT ASSOCIATED BANC-CORP
Associated Banc-Corp (Nasdaq: ASBC) has total assets of $22 billion and is one of the top 50
financial services holding companies operating in the United States. Headquartered in Green Bay,
Wis., Associated has approximately 270 banking locations serving more than 150 communities in
Wisconsin, Illinois and Minnesota. The company offers a full range of banking services and other
financial products and services. More information about Associated Banc-Corp is available at
www.associatedbank.com.
FORWARD LOOKING STATEMENTS
Statements made in this document that are not purely historical are forward-looking statements, as
defined in the Private Securities Litigation Reform Act of 1995. This includes any statements
regarding managements plans, objectives, or goals for future operations, products or services, and
forecasts of its revenues, earnings, or other measures of performance. Forward-looking statements
are based on current management expectations and, by their nature, are subject to risks and
uncertainties. These statements may be identified by the use of words such as believe, expect,
anticipate, plan, estimate, should, will, intend, or similar expressions. Outcomes
related to such statements are subject to numerous risk factors and uncertainties including those
listed in the Companys most recent Annual Report filed on Form 10-K as updated by the Companys
most recent Form 10-Q.
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