Key Developments: Associated Banc-Corp (ASBC.O)
12.39USD
9 Feb 2010
$0.01 (+0.08%)
$12.39
--
$12.71
$12.36
1,364,100
2,363,805
$19.09
$8.92
Latest Key Developments
Associated Banc-Corp Completes Sale Of $500 Million Of Common Stock
Associated Banc-Corp announced that it has closed its previously announced underwritten public offering of 44,843,049 shares of its common stock at $11.15per share. The number of shares sold includes 5,849,093 shares as a result of the exercise of the underwriters` over allotment option. The net proceeds from the offering were approximately $478.3 million after deducting underwriting discounts and commissions and the estimated expenses of the offering payable by Associated Banc-Corp. The Company intends to use the net proceeds of this offering, which will qualify as tangible common equity and Tier 1 capital, to further capitalize Associated Bank, National Association in order to support continued growth and for working capital and other general corporate purposes. Credit Suisse Securities (USA) LLC served as the sole bookrunning manager for the offering. Robert W. Baird & Co. Incorporated, Citi, Keefe, Bruyette & Woods, Inc., RBC Capital Markets Corporation, Sandler O`Neill & Partners, L.P. and UBS Securities LLC served as co-managers for the offering.
Associated Banc-Corp Announces Pricing of $435 Million Common Stock Offering
Associated Banc-Corp announced that it priced its underwritten public offering of 38,993,956 shares of common stock at $11.15 per share on January 11, 2010. Associated Banc-Corp has granted the underwriters a 30-day option to purchase up to an additional 5,849,093 shares of common stock to cover over-allotments, if any. Credit Suisse Securities (USA) LLC served as the sole book running manager for the offering. Associated Banc-Corp estimates that the net proceeds from the offering will be approximately $415.9 million after deducting underwriting discounts and estimated offering expenses. Associated Banc-Corp intends to use the net proceeds of this offering to provide additional capital to Associated Bank, National Association to support continued growth, and for working capital and other general corporate purposes.
Associated Banc-Corp Announces $400 Million Common Stock Offering
Associated Banc-Corp announced that it has commenced an underwritten public offering of up to$400 million of its common stock. Associated Banc-Corp intends to use the net proceeds of this offering to provide additional capital to Associated Bank, National Association to support continued growth, and for working capital and other general corporate purposes. Associated Banc-Corp intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares sold in the offering to cover over-allotments, if any. Credit Suisse Securities (USA) LLC is the sole bookrunning manager for the offering.
Associated Banc-Corp Announces Appointment of Philip B. Flynn As President And Chief Executive Officer; Selects William R. Hutchinson As Chairman
Associated Banc-Corp announced that its Board of Directors has appointed Philip B. Flynn as President and Chief Executive Officer of Associated Banc-Corp and a Director of Associated Banc-Corp effective December 1, 2009. Flynn will also serve as President and Chief Executive Officer and as a Director of Associated Bank, National Association. Flynn replaces Paul S. Beideman who announced his plans to retire from Associated Banc-Corp earlier this year. Beideman will continue to serve as a member of the Board of Directors and as Chief Executive Officer of Associated Banc-Corp until December 1, 2009. Associated Banc-Corp also announced that the Board of Directors elected William R. Hutchinson as its Chairman effective December 1, 2009. Beideman will remain at Associated until February 1, 2010.
Associated Banc-Corp Shares Drop After Entering Pact With Regulator-DJ
Dow Jones reported that shares of Associated Banc-Corp dropped after the Company said that it has entered an informal agreement with its primary regulator. The Company said that it has entered a memorandum of understanding with the Office of the Comptroller of the Currency that requires it to develop processes to improve the risk management of its loan portfolio and maintain specific capital levels.
Associated Banc-Corp Declares Quarterly Cash Dividend
Associated Banc-Corp announced that it has declared a regular quarterly cash dividend of $0.05 per share, payable on November 16, 2009, to shareholders of record on November 6, 2009.
Associated Banc-Corp Announces Retirement Of Paul S. Beideman As CEO
Associated Banc-Corp announced that it has retained a national executive search firm to conduct a search for a CEO. The Board expects to hire a new CEO before year end 2009. Concurrently, Paul S. Beideman announced that he will retire as Chairman, director and CEO upon the hiring of his successor and will remain at Associated until February 1, 2010 to facilitate the CEO transition.
Fitch Downgrades Associated Banc-Corp's Long-term IDR To BBB; Outlook Negative
Fitch Ratings announced that it has downgraded the long-term Issuer Default Rating (IDR) for Associated Banc-Corp to BBB from BBB+ and its principal bank subsidiaries to BBB from A-. Fitch has also downgraded the Company's Individual Rating to C from B/C and the principal subsidiaries' Individual Rating to C from B. The Rating Outlook remains Negative. The Negative Outlook reflects the possibility that asset quality deterioration could escalate beyond Fitch's current expectations should the economic downturn persist longer or deeper than anticipated.
Associated Banc-Corp Declares Quarterly Cash Dividend
Associated Banc-Corp announced that it has declared a regular quarterly cash dividend of $0.05 per share, payable on August 17, 2009, to shareholders of record on August 6, 2009.
Associated Banc-Corp Announces Departure Of Lisa B. Binder From President Role-Form 8-K
Associated Banc-Corp reported in its Form 8-K that effective May 15, 2009, Lisa B. Binder resigned from her position as a member of the Board of Directors and as President and Chief Operating Officer of the Company.
FACTBOX-Biggest changes in Nasdaq short interest
NEW YORK, Jan 27 (Reuters) - Short interest on the Nasdaq rose 2.3 percent in the first half of January, the exchange said on Wednesday, suggesting an uptick in bearish sentiment in the stock market. For story please see [ID:nNLLRCE62Z]
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